SAN FRANCISCO--(BUSINESS WIRE)--For corporate treasurers, online banking and electronic payments have sped up deposits of customers' payments. Yet 80 percent of their customers still pay with a paper check, according to PYMNTS.com. One of the fastest ways for a company to turn that paper check into a deposit is to use the Wells Fargo & Company (NYSE:WFC) lockbox network, which for the first time is ranked America’s fastest, according to the new Phoenix-Hecht Postal Survey™ Release 2015-2 1.
“Not only can we process payments faster, but mail that is sent to lockboxes arrives more quickly because of their special ZIP codes,” said Keith Theisen, executive vice president and director of product management at Wells Fargo’s Treasury Management Group.
Phoenix-Hecht, a financial services marketing intelligence firm, conducts the Postal Survey twice a year and tests nationwide how quickly a lockbox provider can process a paper check and deposit it into a client’s accounts receivable account. The October 2015 survey found that Wells Fargo did this more quickly than any other lockbox provider. For more information on the survey, visit: https://www.phoenixhecht.com/treasuryresources/Products/PSY_Request.aspx
“A lockbox service saves time and money for companies that find themselves waiting for their payments in the mail, and optimizes their cash as interest rates rise,” Theisen added. “It also deters theft, fraud, and error by reducing the number of employee touches on each transaction.”
While lockboxes remain an out-of-sight, back-office function in many companies, they are crucial for securely collecting and verifying payments and helping to ensure a healthy cash position for corporate treasurers.
Wells Fargo operates a network of lockboxes in 18 cities throughout the U.S. and in Canada with multiple mail pickups during the processing day to expedite the availability of the mail. The network offers a full and flexible complement of remittance processing features and information delivery options that support business processes and information needs for a wide range of industry and client types, from small convenience stores to national retailers.
“For as long as our customers need paper remittance, Wells Fargo is committed to providing lockbox services that are fast, accurate, and cost-effective,” said Theisen.
About Wells Fargo Treasury Management
Wells Fargo Treasury Management helps government, large corporations, middle-market companies, and organizations optimize the cash conversion cycle with expert process analysis and automated solutions for payables, receivables, and information reporting. U.S.-based companies and their operations and subsidiaries worldwide connect to their accounts and global cash pictures through the Commercial Electronic Office® (CEO®) portal and the CEO Mobile® service.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
About Phoenix-Hecht
Phoenix-Hecht, one of the nation's foremost providers of market intelligence and education for the financial services industry, is involved in the creation of a number of databases specific to the financial services industry. Its Postal Survey™ and Check Clearing Study™ are banking industry standard performance measurement databases for both incoming and outgoing corporate payment systems. The Treasury Management Monitor™, conducted each year, includes the Quality Index™ which provides individual bank quality ratings for numerous treasury management products. The Blue Book of Bank Prices® is the only available resource on actual bank prices paid developed with the cooperation of more than 750 large companies.
1 Ranking based upon use of 13 surveyed Wells Fargo sites using the Postal Survey’s assumed nationwide remittance sample with local disbursement
