How exactly does Lockbox work?

• A Lockbox service is a solution offered by First Oklahoma Bank where payments, typically checks, are sent directly to a designated post office box. Our Lockbox partner collects these payments, processes them, and deposits them into your business account. This service accelerates the payment collection process, improves cash flow, and increases operational efficiency by outsourcing payment processing tasks to us.

What types of items can be processed through a Lockbox service?

• Both Lockbox and eLockbox solutions can process a wide range of payments, including checks and electronic checks (eChecks). Additionally, the technology can be applied to any scannable document for data extraction, including explanation of benefits (EOBs), corporate mail, customer satisfaction surveys, and more. Through optical character recognitions (OCR) and robotic process automation (RPA), the information is digitized and made available for analysis and application in your business.

What are the associated costs, and how are fees structured?

• The cost associated with Lockbox and eLockbox services is typically much lower than hiring a full-time employee for payment processing. Fees vary depending on factors such as transaction volume, service level, and additional features. Generally, costs may include setup fees, monthly maintenance fees, per-item processing fees, and transaction fees. While the exact pricing structure depends on your business needs, many companies find these services to be a cost-effective solution for efficient payment processing.

What’s the process of integrating a Lockbox solution with our existing financial systems?

• Implementing a Lockbox or eLockbox solution involves collaboration between your business and First Oklahoma Bank. The process includes setting up the service, establishing communication protocols, integrating with existing systems such as accounting software or ERPs, and testing to ensure seamless operation. Typically, all of this can be completed within 30 to 60 days.

What level of visibility and control do we have over payments processed through a Lockbox service?

• Lockbox and eLockbox solutions provide businesses with real-time visibility into incoming payments, transaction details, and reporting capabilities. Businesses can monitor payment statuses, track deposits, and access detailed reports for reconciliation and financial analysis.