Receivables Management Services

With Fifth Third’s ACH collections, you can convert your receivables faster while eliminating the slow and painful process of collecting and processing recurring payments from customers.

Fifth Third’s Retail Lockbox service is the ideal solution for processing high-volume low-dollar payments quickly and accurately. Our sophisticated imaging technology and processing sites are uniquely positioned to optimize mail time, decrease float, and automate the payment receipt posting process.

We have advanced technology in place designed to accelerate payment posting and collection and improve your receivables process. Our comprehensive lockbox services are available from multiple lockbox sites across the country for your business-to-business payments.

Here’s how Fifth Third’s Wholesale network works:

• You direct payments to a unique wholesale lockbox address for Fifth Third Bank
• We open, extract, and process payments according to your instructions
• Your critical receivables information, along with a detailed audit trail is transmitted daily.
• Images of checks, remittances, and correspondence can be retrieved quickly and conveniently through our online portal, Fifth Third Direct^SM

Now you can provide your customers with a convenient, consistent payment experience that’s also customized to support your specific business needs. Biller Direct will enable your customers to pay online or by phone. Whether you choose an Internet payment service site or an Interactive Voice Response (IVR) telephone payment system, you gain an easy-to-use, always-accessible channel for receiving customer payments. With Biller Direct you’ll enjoy:

• Reduced operational costs and increased efficiencies
• Enhanced self-service options for your customers to make payments
• Accelerated cash flows through quicker availability of electronically cleared items

Fifth Third Bank’s Electronic Cash Letter (ECL) service allows you to capture checks using your internal check processing systems, collect the images of these items into an industry standard image cash letter, and transmit the electronic items to Fifth Third Bank for deposit. In addition, this technology can help minimize the risk of fraud. With our electronic check processing you can:

• Streamline deposit preparation
• Expedite funds availability
• Experience fewer rejects and adjustments
• Reduce the costs, time, and risks involved with transporting paper checks to the bank so you can invest that time and working capital where you really need it

If your business accepts cash, you understand the importance of efficient and secure collection, handling and reconciliation to optimize cash processing in your receivables cycle. Fifth Third offers a comprehensive suite of cash solutions to improve your processing efficiency, enhance employee safety, and free up personnel so they can focus on vital customer service. Whatever solution makes the most sense for your business—whether that’s a traditional cash vault, non-traditional cash vault or a remote capture solution—we can help make your cash processing easier nationwide.

With Fifth Third Bank, you’ll be able to deposit checks without leaving your desk. Our convenient, secure Electronic Deposit Manager (EDM) is a web-based application that lets you scan checks and create balanced deposits quickly and accurately, right from your desktop. Through EDM, you’ll have 24/7-access to data and scanned images. You can also track the locations from which checks originate in your reports and exports. You can also count on:

• Retaining in-house control over deposits
• Help with mitigating check fraud risk
• Quicker access to deposited funds, compared to in-branch transactions
• Timely access to centralized data for more accurate and robust reporting
• Increased employee productivity by minimizing inconveniences of employee trips to the bank

Healthcare organizations have their own unique and challenging financial environment. In response, Fifth Third Bank offers integrated revenue cycle management solutions specifically designed for healthcare companies to help reduce costs and streamline payment and collection processes. Fifth Third’s Revenue Cycle Management Solutions can help you:

• Streamline your revenue collection cycle at the point of service, improving payment collections and reconciliations
• Reduce administrative costs
• Improve liquidity and working capital
• Eliminate inefficient and error-prone manual processes
• Transition to full electronic receivables processing

Fifth Third Bank Merchant Services provides flexible, secure, and reliable payment processing to help merchants better service their customers and improve cash flow.

• Extensive acceptance options to meet your customers payment needs including smart terminals, ecommerce, mobile, and Samsung/Apple Pay
• Advanced business intelligence providing insights to help you run your business more effectively
• Multiple funding options to improve cash flow
• Reliable credit and debit card processing to ensure reliable processing