And once she corrects an error, the system will auto-match every future payment, even if it continues to come through with errors. The tool flags unknown or incorrect account numbers so she can fix or reject them. With eLockbox, Lucy quickly resolves issues. Because Lucy's company is registered by Deluxe eLockbox to receive digital payments, funds from online bill pay portals settle digitally instead of the bill pay service provider printing and mailing checks behind the scenes. Many use the bill pay service within their online banking site. So how does it work? Customers like Jake initiate payments through their favorite bill pay service. Lucy's payment errors also decrease with smart technology that auto-flags inaccurate account numbers for a quick fix. Because she doesn't have to key in data, she sees increased accuracy, which helps reduce misapplied payments and exceptions. Now, Lucy can receive payments up to five days sooner without the manual work.
But now Lucy has discovered Deluxe eLockbox, a solution that turns all those paper checks coming from bill pay systems into electronic funds. He doesn't realize that behind the scenes, the bill pay system prints a check and it gets mailed to Lucy. Jake pays invoices to Lucy's company using an online bill pay system. Manually processing paper checks adds a lot of time to her job.
