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U.S. Bank Check Collections
If your company accepts checks for payments, you will definitely want to consider our U.S. Bank Check Collection services. They range from outsourcing your payment processing to U.S. Bank, to converting paper checks to ACH items onsite, to expediting cash letter processing if you operate lockbox processing in-house. We will work with you to recommend the right payment processing solution for your business.
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Cash Letter
U.S. Bank operates one of the largest check collection services in the country, processing more than 315 million checks per month. We maintain state-of-the-art equipment and have an extensive check-clearing network. By delivering your pre-encoded check deposits directly to one or more of our check processing centers located in several states you can:
- Enhance funds availability by delivering checks at key deposit deadlines for your item mix.
- Benefit from flexible processing arrangements for multiple deposits throughout the day, including evenings and weekends, as well as extended deadlines for pre-sorted work.
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Electronic Cash Letter Deposit
If you process high volumes of payments, Electronic Cash Letter Deposit enables you to deposit all checks electronically. We then convert Automated Clearing House (ACH)-eligible checks to ACH payments and process images of ineligible checks (such as corporate checks and money orders) as substitute checks. With Electronic Cash Letter Deposit you can also:
- Make cash letter deposits electronically
- Streamline banking relationships
- Convert eligible checks to ACH debits
- Reduce the time it takes to prepare cash letter deposits
- Improve collection rates on returned items
- Receive robust information reporting
- Avoid the inevitable increase in check processing costs
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Electronic Check Service
Electronic Check Service converts checks to safe, efficient electronic transactions at the point of sale. Take advantage of existing credit card processing technology to lower your costs, save time and optimize your cash flow:
- Reduce check acceptance risk
- Accelerate funds availability
- Consolidate banking relationships
- Concentrate funds quicker and more accurately
- Increase collection rates
- Expedite end-of-day processing
Learn more about our latest solution for retailers
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Image Cash Letter
Organizations handling a large volume of check payments can transmit deposits electronically into their U.S. Bank account from one or multiple locations. With the largest check collection operation in the nation, U.S. Bank offers the most efficient and effective electronic clearing channels. Organizations achieve increased efficiency and may lower their costs by reducing or eliminating handling of checks and daily deposit runs.
- Enhance security by electronic clearing of checks in significantly less time than paper checks.
- Extend deposit deadlines to same-day ledger credit.
- Accelerate funds availability through electronic clearing of checks.
- Concentrate funds into single or multiple accounts regardless of geography.
- Access to simplified deposit reporting through U.S. Bank SinglePoint®, our integrated suite of treasury management services.
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On-Site Electronic Deposit
If your company receives check payments in a walk-up or dropbox environment, or by mail to branch offices, you can deposit all domestic checks electronically with U.S. Bank. You can now make ACH and image deposits to U.S. Bank by simply uploading a file from your PC. In addition, you can:
- Electronify check deposits at the point of collection
- Electronically deposit customer checks for multiple locations - including deposit of U.S. checks at international locations
- Streamline banking relationships
- Accelerate posting of payments to receivables system
- Reduce Days Sales Outstanding (DSO) by capturing valuable remittance data
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Property Management Lockbox
U.S. Bank Property Management Lockbox is tailored for community associations, master associations and property management companies. With this service, all of your residents mail their checks with a machine-readable coupon to one P.O. box. Funds may be split into the appropriate property checking accounts at the end of each processing day or credited to a single account.
- Benefit from the efficiencies of centralized payment processing without sacrificing the ability to credit funds to separate demand deposit accounts for each property.
- Receive an electronic data file for timely, simplified accounts receivable updating.
- Add new properties to your collection system quickly and easily.
- Receive images of lockbox checks and remittance coupons on CD-ROM with Image Property Management Lockbox. Benefits include sharp, detailed images, long-term storage and immediate access to searchable archives
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Retail Lockbox
If you receive a high volume of payments mailed with a standardized machine-readable coupon, use U.S. Bank Retail Lockbox for efficient and accurate processing. Our 10 Retail Lockbox sites are all bank-owned providing you additional benefits by processing directly with a bank.
- Convert your remittances into earning assets quickly and cost-effectively with our high-speed equipment.
- Receive an electronic data file for timely, simplified accounts receivable updating.
- Automate the processing of exception items and check-only payments with MICR Database Matching, Account Number Key, Perfect Payment and Web Exceptions.
- Reduce clerical time and expense associated with processing and depositing payments so you can focus on your business.
- Receive images of your lockbox checks and remittance coupons on CD-ROM or DVD for long-term storage.
You can also access remittance check and invoice images via the Internet at select lockbox sites. This allows you to:
- Respond quickly to customer inquiries.
- Make informed, timely decisions based on current payment information.
- Increase your productivity with our efficient storage and retrieval tools.
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Retail Lockbox Electronic Deposit (ARC)
Convert eligible paper remittance checks into a one-time electronic ACH debit transaction through our ARC-enhanced national network. ARC (Accounts Receivable Conversion) offers:
- Improved availability and cash flow forecasting
- Faster returns on ACH items
- Improved NSF collections
- Extended deposit windows
- Reduced credit losses
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Wholesale Lockbox
Let us expedite your business-to-business remittances with our Wholesale Lockbox service. Our 15 Wholesale Lockbox locations are all bank-owned providing you additional benefits by processing directly with a bank.
- Reduce your float with our frequent mail pick-ups and efficient processing procedures.
- Accelerate your funds availability with lockbox deposits timed to meet critical check clearing deadlines.
- Improve your financial decision-making and cash forecasting with up-to-date lockbox deposit information.
You can also receive images of your lockbox checks and invoices on CD-ROM for long-term storage or via the Internet for more immediate needs, or on an image transmission file for internal image archival purposes. (Available at select Lockbox sites.) This allows you to:
- Respond quickly to customer inquiries.
- Accelerate updates to your account receivables and make informed, timely decisions based on current payment information.
- Increase your productivity with our efficient storage and retrieval tools.
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| For more information on these services, please contact us. |
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