SEDC’s Lockbox Service is a cost-effective remittance service that helps your utility reduce operational expenses, update customer accounts faster, and improve audit controls. With SEDC’s Lockbox Service, our Lockbox Team will process your utility’s mailed-in payments, update UPN, and complete bank deposits the same day payments are received. Additional reporting and research features combined with competitive pricing make our Lockbox Services the smart choice to process your utility’s mailed-in payments.
- Competitive pricing, with savings passed directly on to your utility
- Regular payment and return check files transmitted daily
- Additional reporting to provide a complete audit trail
- Funds are deposited electronically, directly into your utility’s account
- Mail goes to our address – no physical handling of mail or payments by your employees
- Pre-printed coupons contain customer’s account number, payment amount and due date
- Customer accounts are updated the same day the coupons are received and scanned
- Returned check information is processed and electronically transmitted to your utility
- Coupons and checks remitted to our lockbox are scanned and recorded on disks
Dramatically reduce the cost of payment processing.
Free up Customer Service personnel to handle more pressing customer issues.
Reduce operational expenses by an estimated 5¢ to 7¢ per payment by eliminating and/or reducing office overhead, employee expenses, office space, equipment maintenance and costly research time.
Improve your total funds availability time, as well as the accuracy of your payment information and receipts with electronic funds deposit.
Reduce the time it takes to resolve issues with our ability to quickly research any discrepancies through our electronic storage of all coupons and checks remitted to our lockbox.