Have you ever found yourself wishing you can devote more time to Research and Development, as oppose to always worrying about the budget? Ever dreamt of taking on big time projects, yet never actually tackling them strictly because of finances? Are you stuck in a situation where your in-house finances are holding you back?
If you answered yes to any of these questions, then I’m happy to tell you that there’s another way to turn your struggle into a positive. Ever heard of a Lockbox Operation? For those that haven’t, a Lockbox operation is a simple way to outsource your payment processes – eliminating one hassle that takes you away from your bread and butter.
Now before you turn into a Lockbox fanatic, there are three things to consider when determining if the switch is right for you, and those are:
Maintenance, requires costs. As a business owner, whether it be updating software or resolving immediate issues – maintenance requires both the man power and costs associated with it. If you’re finding yourself spending too much time on these worries, then our lockbox solution would be a perfect fit.
We’ve all experienced technical difficulties at the worst time. I’m sure it’s happened to you where payments are due in a couple hours, when all of a sudden – a malfunction occurs. You look for an immediate solution and all you get back is, “we can’t get a tech till tomorrow.”
If this sounds like an on-going theme, then read more about the Lockbox Solution Process at RT Lawrence here.
Investments don’t come cheap when trying to process your payments in-house. Depending on your payment volume, costs could run up to $200k for a new system. Think about that for one second…$200K!
If you’re still in the business of reinvesting heavily into your R&D, then a lockbox process can accomplish that. By outsourcing, you’ll be eliminating the use of funds towards investments like hardware and software – giving you more time and capital to focus on what you’re truly passionate about.
Getting those resources back to reinvest into R&D is a huge win! But in hindsight, you still need to focus on servicing your clients. At the end of the day, clients’ needs are very important, since they’re the ones who provide the funds that lead to your R&D efforts.
Resources and staff are components you won’t need to stress about anymore. If you’re running an in-house process, chances are you’ve spent plenty of time worrying about your payment process – meaning less time spent on your customers and their needs.
So regardless of the size of your agency (lockbox caters to all types, e.g. Non-Profits, Insurance, Government, etc.) – a lockbox solution will appease your worries, giving you back that extra time to focus on your consumers.
A lockbox operation isn’t the only solution though. RT Lawrence’s RTLFiRST remittance solution can optimize your current payment processing operation – reducing mailroom labor, data entry staff, and accelerating the collection and processing of your funds. There are numerous benefits of implementing an in-house solution that many of our partners enjoy. For clients with extremely high volumes or complex or sensitive payment environments, an in-house solution is the most efficient option.
For more information on RT Lawrence’s remittance operation, RTLFiRST, click here.
Deciding what payment processing operation to use can be a confusing one. Contact us to let us help you determine which process best works for your environment or if you need an updated assessment of your current operation.