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Digitizing B2B Payments

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Despite the increasingly digitized payments landscape, 42% of business payments are still made via paper check, representing $10.5 trillion of economic activity. About 900 million checks are written per year and end up in commercial lockboxes, which are mailing addresses managed by a third party to which a company directs customers to send payments.
Corporations are eager to further digitize their payment systems. But what can be done for processes that still rely on paper-based checks?

Michael Reed from Deluxe shares answers to these questions:

  • Is it possible to seamlessly create an electronic payment for both the payer and the payee so they never have to touch anything from a physical perspective?
  • How important is remittance data in commercial lockbox payments?
  • How long does the reconciliation process take for payments made to electronic lockboxes?
  • Will organizations have to redesign their clearing processes within the lockbox processor?

Michael Reed
Division President, Payments

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