Wholesale lockbox processors often struggle with manual data entry because it can be time-consuming and error-prone. In a lockbox operation, customers send payments (such as checks or electronic transfers) to a designated post office box. The lockbox processor then retrieves these payments and deposits them into the customer’s account.
The lockbox processor needs to extract critical data from each payment, such as the amount, the customer’s name, and the account number, to process these payments. This data is typically entered manually into a computer system by a human operator.
There are several reasons why manual data entry can be challenging for wholesale lockbox processors:
- It can be repetitive and monotonous, leading to errors due to boredom or fatigue.
- The payment data can be challenging to read or interpret, particularly for handwritten documents.
- There can be a high volume of payments to process, making it difficult to keep up with the workload.
To address these challenges, wholesale lockbox processors must use intelligent automated data capture solutions. Automation solutions can scan and recognize key data elements, reducing the amount of manual data entry required and improving accuracy. Additionally, lockbox processors may invest in training and quality control measures to ensure that their operators can perform manual data entry tasks accurately and efficiently.
Here are some steps you can take to automate the process:
- Identify the key steps in the lockbox processor workflow. This could include receiving checks, opening envelopes, extracting check data, depositing funds, and reconciling accounts.
- Choose software that can automate the steps in the workflow. There are many options available that can help automate different aspects of the process. Learn more about Itemize’s AI-powered automation for wholesale lockbox.
- Configure the software to meet your specific needs. This may involve setting up rules for check data extraction, integrating with your bank’s deposit system, and creating reports for reconciliation purposes.
- Train employees on the new system. It’s essential to ensure that your team understands how to use the new software and can troubleshoot any issues.
- Monitor the system to ensure that it’s working correctly. Regularly review the system’s output to ensure that it’s accurate and that there are no errors.
By automating wholesale lockbox processor workflow steps, you can help improve the efficiency of your business and reduce the risk of errors.
With Itemize, clients have saved up to 60% while streamlining their wholesale lockbox processes. Find out if our automation platform is right for you, and get your one-on-one demo today.