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Small Business - Frequently Asked Questions

Bill Concentration

Can Union Bank eliminate the checks I receive without the remittance coupon?

How are payments made?

Do I have to do a lot of programming to participate?

How is information kept private?

Do electronic bill concentration transactions show up on all my reports?

Can Union Bank eliminate the checks I receive without the remittance coupon?

Yes. E-Lockbox eliminates the checks you receive without remittance coupons. This enables you to receive your customers' online banking payments electronically. Missing remittance coupons will no longer be a problem, because they are automated.
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How are payments made?

Payments with the same settlement date are consolidated and credited in a single entry to your account. The remittance information is transmitted to you, so that you can update your accounts receivable system.
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Do I have to do a lot of programming to participate?

It depends on how your receivables system operates. With E-Lockbox, we will work with you to accommodate your specific file format quirements.
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How is information kept private?

The E-Lockbox service uses a secure method of transmission to send the remittance detail to you.
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Do electronic bill concentration transactions show up on all my reports?

Yes. All E-Lockbox activities show up on your bank statements and any other custom reports you receive from the bank.
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