Introduction to Billtrust Digital Lockbox

Overview of Digital Lockbox

Customers increasingly pay with virtual cards, but manually processing emailed cards can mean hours of tedious work that's prone to errors. Billtrust Digital Lockbox automates B2B virtual card acceptance, connecting directly with leading banks and financial systems to extract payment data from emails and portals with no manual effort required. 99% of virtual cards are processed automatically, freeing up AR resources and reducing administrative costs.

Teams can take charge of their payment policies with flexible options tailored to their business: optimize interchange fees, apply advanced business rules, and manage card acceptance by company or customer to control costs and ensure clean remittance. Digital Lockbox maintains PCI DSS compliance, using leading security and encryption standards to protect sensitive payment information.

Managing transactions in Digital Lockbox

From an open payment record in the Billtrust Payments workspace, users can void a payment before it posts or refund it after posting, with the status updating immediately once confirmed. Receipts can be resent directly to the payer, with a preview of the exact communication the payer will receive. The Exceptions queue surfaces stuck payments along with details on why each one stalled, and the Fix and Pay function lets users resolve issues such as missing invoices and submit the payment once it's corrected. The Payment Terminal also supports manual, over-the-phone payment acceptance, where users enter payment details and review before submitting.

Managing settings in Digital Lockbox

Configure and manage Digital Lockbox system settings for payment operations from a single location. Portal credentials for customer payment portals can be stored and updated, Credit Card Upload settings define how card-based payments are captured and processed, and the Buyer List organizes customer accounts to match incoming payments to the correct buyer. Remittance settings capture payment details automatically to reduce manual reconciliation and speed up cash application.

Conclusion

1. Key Features of the System: Digital Lockbox automates virtual card acceptance and gives teams a single workspace to configure system settings and manage individual payment transactions.
2. Benefits of Implementation: Automated data extraction processes 99% of virtual cards without manual effort, freeing up AR resources while flexible policy controls and PCI DSS-compliant security keep costs and risk in check.
3. Steps for Effective Use: Configure portal credentials, card upload, and remittance settings up front, then use the Exceptions queue and Fix and Pay tools to resolve any stuck payments as they arise.

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