As we ring in the new year, it’s time to make resolutions. This year, make a resolution you can actually keep. For employers and third-party administrators, the perfect resolution is simple. Resolve to embrace better payment collection by using a lockbox service.
A Resolution That Works for You
Every year, we try to be better, happier, more productive versions of ourselves. Unfortunately, most New Year’s resolutions fall by the wayside sometime around early February. That’s because there’s only so much a single person can do. We get busy. We get tired. In the hectic modern world, this is only to be expected.
But this is also why deciding to use a lockbox service is the perfect New Year’s resolution. If you collect payments from COBRA recipients, retirees and other individuals using direct payment for benefits, you know how much time and energy goes into payment collection.
Lockboxes can improve security and efficiency, but they don’t require any additional effort or time on your part. In fact, using lockboxes is a great way to save time and resources.
A New Year, A New Payment Collection Process
Lockboxes are a convenient alternative to in-house payment collection. They provide a simple way of outsourcing a necessary but tedious task.
Under the old system of in-house payment collection, someone at your company has to receive payments, enter the payments into the system and prepare the checks for deposit. This is a time-consuming process, and the more payments you receive, the more time it takes.
There’s also a high chance of mistakes when you use this system. One misplaced envelop or small keying error can result in a major headache. Even a simple delay could cause problems. You want the payment processed fast, and so does the payor.
A lockbox service simplifies things. Payors can send payments directly to a Post Office Box, or they can make use of the electronic payment options. Payments aren’t processed by someone trying to squeeze in the work between other tasks – they’re scanned by system designed for payment collection. This reduces the risk of human error.
With a lockbox service, you don’t have to do all the work yourself. Instead, you can rest easy knowing that the payment collection process is being handled in a secure, PCI-compliant environment – and that it’s being done fast.
With this task out of the way, you’ll have time to work on all of those other New Year’s resolutions you made. Interested? Download more information about our Lockbox Service here.