U.S. Retail Lockbox Customers can Convert Accounts Receivables

Wachovia’s Treasury Services Division has introduced an Accounts Receivable Conversion (ARC) service for U.S. retail lockbox customers. The service converts eligible check payments to Automated Clearing House (ACH) debits when processing customer remittances. The bank said that its Retail Lockbox ARC service would provide expedited, predictable funds availability, that would enable organizations to more quickly and confidently deploy their funds. Retail Lockbox checks are scanned to identify transactions that are ACH eligible. Eligible transactions are then converted to ACH debits and routed through the ACH network for collection. Funds are deposited into the customer’s account the next day. ARC transactions returned for insufficient or uncollected funds can be automatically re-deposited or re-presented two additional times, whereas paper checks can only be re-presented once.

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