Coming Soon: Automate Check Processing with Integrated Lockbox

Is your insurance agency still accepting physical checks as a payment for agency bill policy premiums? We understand this can be a preferred method of payment for customers who value that personal connection with their agents, but we also thought, how can we support automated check processing?

That's why we're excited to discuss Integrated Lockbox for Applied Pay®. This solution is designed to streamline your workflows, eliminate manual data entry for check processing, and much more. Let's explore how the unique functionalities will help your agency automate customer checks faster than ever before.

What Does Integrated Lockbox Do for Insurance Agencies?

Processing paper checks can take on average between one and six business days. Even after the check has been validated by the bank and all the financial data is in order, the agency must begin the manual data entry process into the client's account in Applied Epic®. Regardless of the number of checks an agent must perform a manual check on, it's time-consuming. Plus, it creates more room for human error and decreases overall operational efficiency. Agencies should have smooth payment processing for physical checks that gives them results in real-time.

Integrated Lockbox eliminates this hassle by routing checks to centralized processing centers nationwide, where they're sorted, scanned, and digitized. Remote deposit capture (RDC) like Integrated Lockbox supports businesses as they work to streamline their workflows.

But what makes this solution stand out against the rest is what happens once the data is transferred into Applied Epic. Here's how Integrated Lockbox works:

1. Checks are routed to processing centers providing sorting, digitizing, and depositing functionalities.

2. Details of each deposit are sent to Applied Pay.

3. Data is transferred to Applied Epic where an activity is created, the transaction is completed, credits are applied to debits and an image of the check is attached.

The final step with Integrated Lockbox that connects Applied Pay with Applied Epic is a gamechanger. It has the power to completely change how a business operates by giving teams extra time in their day. Consider what you could accomplish with this time back. You could dedicate more effort to achieving your bigger picture goals or target certain pain points to make your workflow even more efficient.

Here are the benefits that agencies like yours can expect by using Integrated Lockbox for automated check processing:

• Lower risk of human errors and achieve greater accuracy for each check deposited.

• Elimination of manual tasks like receipting checks to Applied Epic and applying debits to credits, which streamlines processing of payments in Epic.

• Fund availability is sped up, making the process faster for providers and customers.

• Lower risk of check fraud or issues with correctly processing financial data.

• More time for you to focus on what matters, like increasing your profits and growing your business.

Integrated Lockbox's Key Capabilities

Let's look at the key capabilities of Integrated Lockbox and the powerful changes this processing solution can create for your agency.

Bank Data Transfers are Fast and Secure: Remember how we said that without automated check processing, checks can take one to six business days to be fully processed? With Integrated Lockbox, checks are processed in about one to two business days after they're received. The check data is then securely transferred from the check processor to Applied Pay.

Transactions are Automatic in Applied Epic: Automating four previously time-consuming steps will change the way your business works. Data received by Applied Pay is matched to the client's account in Applied Epic. From there, a transaction is generated, credits can be applied to debits, and a copy of the check is attached. This saves your team time and gives them that time back to improve customer service and workflow efficiency.

Branch and Merchant Management is Flexible: Assigning Lockbox accounts to various structure combinations in Applied Epic ensures that checks are matched to the correct accounts in the Applied Pay Portal. Your financial management becomes more organized, clear, and connected.