The inflow of payments and receivables is the lifeblood of any business. Southern Bank offers many collection solutions to improve your cash flow, reduce time spent on billing and collecting past due accounts, reduce postage costs, as well as crediting payments to your customers’ accounts.
Collect from your customers’ bank accounts and receive credit overnight with ACH Drafts. Using a Draft module on Southern Business Pro, your company can debit the account of any authorized customer with a few easy steps.
Some types of collections that work well for ACH Drafts are membership dues, rental fees, lease payments, insurance payments, church tithes and contract payments for a specific time period.
Streamline your receivables processing and crediting to customers’ accounts with our Lockbox Services. You’ll save on clerical expenses, speed up your deposit processes and reduce the amount of time your company’s payments spend in the mail.
With our Wholesale and Retail Lockbox services, your customers mail their payments addressed to your company’s special Post Office box in Philadelphia, PA. Couriers retrieve your mail Monday through Saturday and deliver it to our Lockbox Center where your payments are opened and processed according to your instructions and then deposited to your bank account.
Retail LockBox Service
With our Retail Lockbox service, your customers mail in a machine-readable remittance document, or coupon, with each payment. We capture information from the coupons and the associated checks and produce a custom report containing the data you require for crediting your accounts receivable. You can develop an automated upload of this information to update customer accounts, greatly reducing clerical time spent posting receipts. Your staff will focus on exception items only (such as payments without coupons or multiple payments with one check.)
Wholesale LockBox Service
With our Wholesale Lockbox service, NetQuery Imaging affords your staff secure internet access to everything they need to update your customer accounts.
- Checks, remittance coupons or invoices and customer correspondence are imaged
- Your staff can quickly access 180 days of payment information to service customer inquiries
- Images can be retrieved by amount, check number, payment date or a variety of other criteria
- Historical images can be provided on CD-ROM
Offer a whole new level of convenience for your customers with the ability to make their payments to you over the internet via a draft to their checking account. You’ll improve your collections and save on in-house expenses related to taking payments, preparing bank deposits and collecting past due accounts.