You don’t have to be an enterprise-level client or go through a bank to access the convenience and time-saving benefits of FINSYNC’s Lockbox service. By FINSYNC No matter how hard you work to eliminate the wasted time and money of paper files, they always seem to find a way into your business. One struggle for many businesses is working with clients that still use paper checks. One of the most common ways large businesses handle this problem is through a lockbox: a PO box that is traditionally only available through a bank for firms doing a very high volume of inbound check processing.  With FINSYNC, small and mid-size businesses can benefit from a lockbox to receive checks and have them automatically deposited and applied to the correct invoice. FINSYNC’s Lockbox provides huge time savings, enables users to work abroad and still get paid, and allows companies to be completely digital even if their customers are old school. B2B Paper Checks are Still Common While Europe and Latin America have various standards that make B2B paper checks less common, they are still very common in the United States. This means that many businesses are forced to wait on “snail mail” to receive and process multiple checks, even if they operate under a paperless business model.  You could utilize a lockbox through your bank, but those types of services are typically only offered at offsite processing centers and available to enterprise-level clients. FINSYNC’s Lockbox is Available to Clients of All Shapes and Sizes FINSYNC’s lockbox is available to any size client and allows digital firms to work with traditional businesses. With lockbox, digital firms can easily have checks collected from traditional businesses and match deposits to invoicing. Simply request a payment using FINSYNC to give your customers a simpler, more secure way to pay you via bank draft (ACH), debit or credit card, or paper check sent to your FINSYNC PO Box (lockbox). Your customers will have their own free, secure payments inbox to review and accept your invoices, attachments and pay online. Forward Thinking Companies Use FINSYNC “Going green” is all the rage these days. As more and more companies turn to third-party payment processing and paperless offices, many businesses still need a way to collect and process paper checks from traditional clients. Lockbox by FINSYNC enables businesses to: 
  • Easily send invoices and attachments
  • Know when and how much you'll get paid
  • Accept every customer payment format
  • View real-time status of invoices and payments
  • Incentivize early payments with discounts and rebates
  • Streamline by allowing customers to store banking info online
  • Receive paid invoice funds directly in your synced bank account
With FINSYNC your business can save thousands of dollars and hundreds of hours in admin time each year. Lockbox is designed to help you streamline your financial operations and run a paperless office.  With Lockbox enabled, any customer that desires to pay by mail will see your Lockbox address on your invoices in their inbox as your remittance address. When a check arrives in your Lockbox, it is automatically deposited into your default income account.  With Lockbox it doesn’t matter if you work in the gig economy, you’re a digital nomad or work with corporate clients in the U.S., you can receive checks from businesses in the U.S. no matter where you are in the world.  FINSYNC Lockbox and accounts receivable helps you get in sync with your customers and get paid more quickly and efficiently. Lockbox is a win-win for both you and your clients. Not only does the software make it simple to pay and get paid, it eliminates the need to pay someone to go to the mailbox, shuffle checks and keep track of physical invoices.  With Lockbox you can send invoices immediately, get paid as soon as you receive your check and manage your small business finances from a single platform. It enables you to sync up your small business finances and harness the power of your financial data to give you a complete picture of your business.  If you’re a digital firm looking for ways to receive paper bills and convert them into e-bills, FINSYNC’s Lockbox is an easy-to-use solution.
When it comes time to pay a bill, most people just want to get it done and move on to the next thing. If you're a small business owner juggling all manner of responsibilities, you may be tempted to take the same approach — especially if you're already comfortable using handwritten checks or relying on Automated Clearing House (ACH) payments from your bank account.    With the bevy of money-sending applications that have emerged over the past decade, there's no need to settle for a decidedly outdated, slow and inefficient way of paying your business' bills. The ACH system in the United States originated in the 1960s.    Even if making payments from your bank account is more your speed, there are tools that can optimize your use of the ACH system to save time and give you a greater sense of control over your business' finances.    An Inefficient Approach   So where is the ACH system lacking? The biggest drawback is that it’s limited when it comes to remittance advice, which refers to the documentation that's transmitted along with funds to explain how to apply them.    ACH money transfers only allow for a small amount of data to be electronically transmitted. This is typically only a few characters, enough to show up as a brief, often abbreviated description on your bank statement. You've seen this before whenever you've looked at your bank statement and puzzled as to why half the name of a merchant appears missing.    This limitation makes ACH transfers an inefficient and time-consuming method for businesses to pay their bills as the lack of detail in the remittance advice makes it difficult to reconcile accounts.    Let's say you’re a software company that accepts ACH payments. You have to sift through invoices, find proof of payment and then cross reference those documents with your bank statement. This can be a frustrating process, as your bank statement may have many entries for similar amounts. Without complete information in the form of remittance advice, it can seem near impossible to sort through everything in a timely fashion.    A Better Way    In 2013, the Federal Reserve published a report aimed at garnering public opinion about the need in the U.S. for faster and more efficient payment options. In the report, the Fed noted how checks and payments made via the ACH system lacked key features sought by consumers, including being able to provide assurance that a payment would not be returned or reversed; timely notification to the payer and payee that the payment had been made; and masked account details, which eliminate the need for users to disclose bank account information to each other.    The Fed report also noted how ACH relies on systems that are not universally fast or efficient.    What solution did the central bank's report propose? A payment system that would combine convenience, safety and accessibility at low cost, with technology that would enable faster processing, enhanced convenience and the extraction and use of valuable information that accompanies payments, but the government has not acted on these recommendations.    Of course, much has changed in the past six years. Smartphones loaded with digital wallets and the advent of Fintech-powered, automated payment systems offer options and reliability that far surpass the speed and scope of ACH payments by themselves.    Data-Rich Payments    Small businesses, in particular, can benefit from a payment system that saves time and helps make cash flow more predictable.    Even the ACH system can be made more efficient when augmented through the use of applications that enable email notifications to be linked to transactions.    How is this useful? The emails, which can also be sent with attached files, such as an invoice or other document, make it possible for the payment to reach its destination with detail-rich remittance advice.    The information that’s typically included in remittance advice includes the name and address of the payor, the payee's name and address, the date, the amount being paid, any invoice number and an estimate for when the funds transfer will be completed. A system with attachments even allows the payment to include a copy of the original bill/invoice.    FINSYNC's integrated suite of financial services software includes a bill payer that makes quick work of online payments. It also features a payments "inbox" that provides vendors a secure way to receive payments and the details of the transaction — without sharing sensitive bank account information.    Perhaps most importantly, the use of a detail-rich payments platform can help you manage your business' cash flow. The remittance advice from your customers helps create a real-time snapshot of your receivables and outlays, and gives you a clear sense of future transactions.     Isn't it time to drop those envelopes for something that really pays off?
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