Remittance Processing
Lockbox – What it can do for you:
Since the early 1990’s, the State Treasurer’s Office has operated a retail lockbox operation for agencies and schools to deposit state funds.
A retail lockbox can process the checks and capture data from the bottom of a coupon or stub so that you can credit the payment correctly in your payment system.
For check payments that are received with a payment coupon, our staff can perform the following services:
1. Pick up the mail from the post office box. Our runners make several trips each day to the post office to make certain that nothing remains in the post office overnight.
2. Open the mail and remove the contents. The envelopes that are received from each post office box are sliced open with our Opex Envelope opener, counted and the contents are removed.
3. Image the checks and make the bank deposit. The checks are encoded, endorsed, and deposited.
4. Capture and prepare the coupon data. The coupon data is captured, and files called extracts are prepared for your staff to download to your PC or software program.
5. Forward the paper to your office. We are happy to send your staff the original coupons, envelopes, or any other documents received in your lockbox.
6. Prepare your WVFIMS deposit. Our staff will enter your check deposit into the WVFIMS account that you designate.
7. Research any issues for your staff. Our staff is happy to research any issue or problem that relates to your lockbox items, and answer any question from your office’s designated contact.
What are the benefits?
Lockbox users report a high satisfaction with the service.
1. Your office personnel are free to concentrate on important issues and problems.
2. No one is strapped to their desk with a letter opener and tons of mail.
3. No more time spent adding up stacks of checks.
4. No more worries about getting large stacks of checks to the bank.
5. Your personnel can receive images of the checks that were deposited.
6. For state agencies, the money shows in your fund account and is available on the day the check is received by our office.
7. For local governments, your checks are deposited the day they are received by our
office. Your investment account is credited as soon as the bank makes the funds
available to us.
What does it cost?
Lockbox users need to pay for the following items:
1. Post Office Box Rental. This varies by size, but most users pay around 40 dollars a year.
2. Stub printing and mailing. If you are currently sending out invoices, this cost may not change.
3. Programming. If you plan to load the extract file directly into your computer system, there may be some initial programming costs.
4. Local governments pay a small per item fee.
Our users tell us this process is very cost effective for their operations.
How do we get started?
Contact Mike Buchanan, Assistant Director of Receipts Processing
304-341-0717
We have a form that will give us the information we need to get started.
Please give us a call and let’s see what our processing folks can do for you!
Forms:
Lockbox Application
Lockbox Requirements Agreement
Remittance Processing Brochure