Payment Remittance Processing By CFR

As a critical component of our service, CFR utilizes a lockbox to expedite the handling and processing of payments. A lockbox is simply a Post Office Box designated to receive payment remitances only.

CFR’s Lockbox alleviates the burden of remittance processing, and allows your customers to send payments to an address featuring your company name and lockbox number. All remittances are collected directly from the post office for quick and accurate processing. Funds are then deposited directly for prompt payment posting at CFR.

CFR’s Lockbox allows you to have all payments and supporting documentation received imaged for electronic filing. Correspondence, remittance documents and deposit information are sent to you daily along with CFR transaction reports. This allows you to easily capture all payment details, so you can update your records accordingly.

CFR’s Lockbox frees you and your staff to concentrate on running your core business and serving your customers, rather than processing payments. As an added benefit, you will strengthen your internal audit control by separating invoicing from remittance processing. Funds are also available faster, as your checks are cleared through the Federal Reserve and other channels for quick availability.

You get to make sure your staff is properly focused to continually add value to your business. For example, are they spending too much time processing daily deposits or just doing things the way they have always been done? CFR’s Lockbox can greatly simplify remittance processing, giving you back time that otherwise would be lost to deposit slip preparation, entry recordation and trips to the bank.

Combining credit due diligence on new and existing customers, ongoing credit reporting of debtor payment performance and lockbox remittance processing, CFR delivers a turnkey solution that maximizes the productivity of your staff, secures immediate access to operating capital and encourages new ideas to better manage operations and control risk.