Receivables Management

Process checks received at your business location, eliminating the need for a trip or delivery to the physical bank. Funds are available on the same schedule as deposits that are processed through our Financial Centers. The remote deposit capture system can also be programmed to record data that can be uploaded into your accounts receivable programs to improve overall accounting and accuracy.

Flagstar Bank offers four types of lockbox applications to meet the specific needs of your business.  Customization is available on each product type when necessary.

• Wholesale Lockbox: designed for the receipt and processing of corporate-to-corporate payments, with small volume and large dollars, where the items are processed for deposit then the images are available to you for reconcilement.
• Wholetail Lockbox: process high-volume, low-dollar remittances with the flexibility and data collection capabilities of wholesale lockbox, combined with some of the automated features of our Retail/Property Management products.
• Retail Lockbox: facilitate the receipt, processing and creation of a posting file for your account receivables program.  Used primarily for consumer-to-business small dollar payments (cable, utility, mortgage, consumer loan, etc.), Retail Lockbox requires little to no manual entry of remittance information as it captures the pertinent information from automated processing of your coupon’s OCR line.
• Property Management Lockbox: designed specifically for property management companies to manage the receipts of small dollar payments (rent, homeowners association fees, etc.).  Property Management Lockbox requires little to no manual entry of remittance information as it captures the pertinent information from automated processing of your coupon’s OCR line.

Enable your tenants or clients to pay their bills online through a customized online payment site. These payments are then processed and you receive a programmed posting file for your account receivables program.

Receive electronic bill payments, accept lockbox and pre-authorized debit transactions and merge them together into one posting file for your company’s receivables system.

Originate electronic receipts including rent payments, monthly dues and membership fees, and cash concentration transactions.

Open and close Escrow Subaccounts, as well as allocate funds deposited to the Master Account to the appropriate Subaccount via a web-based system.  This product is only available for escrowees that are either a U.S. citizen/resident alien or a U.S. business.

Apply credits to your Flagstar Bank Account by receiving and processing Image Cash Letters of items for deposit from a third party lockbox vendor.

Begin or enhance your company's ability to accept debit and credit card payments.

Schedule regular pick-ups of your business’ cash and checks if you are not located near a Flagstar Bank financial center.