Wholesale and Retail Lockbox Network
Wholesale Lockbox Network
Accelerate payment posting and collection while we help you improve your receivables process with our customizable Wholesale Lockbox Network solution. Take advantage of our use of advanced technology to help you automate receivables and benefit from faster remittance posting and same-day information. We offer comprehensive Wholesale Lockbox Network services from multiple lockbox sites across the country for your business-to-business payments.
How Wholesale Lockbox Network works:
- You direct payments to a unique Wholesale Lockbox address for Fifth Third Bank.
- Your mail is continuously retrieved throughout the day and delivered to the nearest Fifth Third Bank processing center.
- We process payments according to your specific instructions.
- The critical receivables information that you decide you need most is captured and transmitted daily with a detailed audit trail.
- The images of checks, remittances, and correspondence can be retrieved quickly and conveniently through our online portal, Fifth Third DirectSM.
You can count on:
- Streamlining processes which may lead to reduced expenses
- Accelerating payment processing and funds availability
- Decreasing mail float
When you need high-volume, low-dollar payments processed quickly and accurately, turn to Fifth Third Bank’s Retail Lockbox services. We have sophisticated imaging technology and processing sites uniquely positioned to optimize mail time and decrease float. Our sites operate 24 hours a day, seven days a week to help transform your customer payments into working capital faster. Plus, we provide you with reliable and timely information on every deposit.
How Retail Lockbox services work:
- Direct your receivables to a specially assigned post office box.
- Your mail is continuously retrieved and delivered to the nearest Fifth Third Bank processing center.
- Our high-speed extraction and advanced imaging technology speeds processing time and helps minimize collection float.
- Each business day, your critical receivables information is captured and transmitted with a detailed audit trail.
You can count on:
- Frequent mail pickups—363 days a year—to expedite your access to funds
- Access to specific check images to expedite dispute resolution
- Improved access to accounts receivable data
- Reliable, accurate, timely information on every deposit
- Expedited A/R reconciliation
- Data consolidation across sites
- No more paper receivables in your shop
Deposit and credit products provided by Fifth Third Bank, Member FDIC.