Business Banking
Process your payments through
Ocean Bank Lockbox Services
Payments Processing
Ocean Bank provides an efficient, safe and cost effective method for you to receive, deposit and post payment receipts for low to high volume remittance accounts. Transactions ranging from check only (typical business-to-business payments) and full page documents (letters, bills & invoices) to fully encoded payment coupons (such as loan payments, rental stubs and utility bills) are now automated, eliminating manual "hand key" data entry or photocopying of checks, while providing direct reporting to accounts receivable.
"We process payments, no exceptions!"
Ocean Bank's Lockbox Services offers several features that are unique within the payments processing industry. Each of these benefits is designed to address a specific issue that had previously prohibited automated processing for a particular type of transaction.
As a result of these features, Ocean Bank will be able to deliver services that may not be attainable through any other product or service.
Unique Features and Benefits
- Barcode:
While supporting traditional document encoding formats of MICR and OCR, Ocean Bank's Lockbox Services also utilizes Barcode. - Transaction Recall:
Ocean Bank's Lockbox Services creates and maintains a database of payers for each customer including account number, name, amount last paid and a recall index number. These recall index numbers, are created from scanning the MICR line of the payer's check. - Payment by Credit Card:
Ocean Bank's Lockbox Services allows for payment by credit card. The remittance document includes a place for the payer to enter credit card number and expiration date. An ASCII file containing credit card transactions is created and uploaded to you, for processing via your appropriate merchant authorization system. - Electronic Payment:
Ocean Bank's Lockbox Services accepts electronic payment transaction records from ACH or Electronic Data Interchange addendum records. - Consolidated Reporting:
Regardless of payment source, all transactions are combined and a consolidated transaction file is reported to the customer for automated posting to their receivables system. - Flexible Transaction Reporting:
Ocean Bank's Lockbox Services was designed with the understanding that customers would possess varying degrees of sophistication with regard to technology. - Customized Remittance Transaction Reporting:
Ocean Bank's Lockbox Services has the capability of customizing reports and customizing file layouts to fit your individual needs. - Exception Transaction Handling:
Because Ocean Bank's Lockbox Services maintains an on-line database of each commercial customer's payers, the system is able to maintain individual exception instructions. - Group Transactions:
Ocean Bank's Lockbox Services allows the processor to accept multiple remittance items tied to a single check.
