Payment Systems
Introducing ARC
In the ever changing world of paper conversion, WesCorp is continuing its pursuit of providing you with increased efficiencies while maintaining lowest possible operating expenses.
As an enhancement to our existing Lockbox Services, we are going to be implementing an ARC component for processing payments. Accounts Receivable Conversion (ARC) is a process where retail lockbox paper checks are converted into ACH items for clearing electronically through the ACH system. You can achieve significant efficiency gains and cost savings through ARC conversion including reduced clearing times and processing fees, along with fewer returned items.
How does this affect you?
If you have consumer loan payments mailed to a central office for manual processing, then you are losing critical time on your funds availability. What’s more, the manual processes consuming your staff could be better spent on member-centric enhancements and support. By leveraging WesCorp’s technology to process your consumer loan payments through ARC, you can take advantage of the efficiencies and cost savings in an economical climate where every measure taken towards profitability is a big win.
WesCorp is now in beta testing for a new ARC conversion of Lockbox payments. And soon, with ARC conversion, you will see even more increased efficiencies with reduced returns and lower operating expenses.
If you are already a lockbox participant, then all you have to do is let us know that you want to be an ARC participant. We will get the process going for you so that you are ready to begin when the beta process is complete. Call WesCorp at (800) 442-4366, ext. 6453.