Wachovia introduces ARC capabilities for retail lockbox customers
29 October 2004 | 611 views | 0
Wachovia's Treasury Services Division announced today the availability of an Accounts Receivable Conversion (ARC) service for retail lockbox customers that converts eligible check payments to Automated Clearing House (ACH) debits when processing customer remittances.
Wachovia's Retail Lockbox ARC service provides expedited, predictable funds availability, which enables organizations to more quickly and confidently deploy their funds. Corporate Biller ARC - for large volume in-house bill processors Dropbox ARC - for smaller de-centralized billers Electronic Check Conversion at Point of Purchase (POP) Re-Presented Check Entry (RCK)
"We are pleased to be able to offer Retail Lockbox ARC to our customers as part of our full suite of Electronic Check Conversion services," said Jean Kochick, Vice President and ACH Team Manager, Wachovia's Treasury Services Division. "Whether our customers process their remittances in-house or with Wachovia through our nationwide Retail Lockbox network, we can provide the appropriate ARC service."
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.
In addition to Retail Lockbox ARC, Wachovia's complete set of Electronic Check Conversion products includes:
Wachovia also provides payment solutions for Web initiated (WEB) and Telephone initiated (TEL) transactions.