Lockbox (private preview)
Electronic Funds Transfers (EFTs) are now standard for payer payments, but many payers still mail paper checks and paper remits instead of sending Electronic Remittance Advice (ERAs). These paper remits include Explanations of Payment (EOPs) for commercial payers or Standard Paper Remittances (SPRs) for Medicare and Medicaid.
Processing this paper mail manually means opening envelopes, matching checks to remits, and depositing them by hand.
Stedi Lockbox automates this process. Stedi receives paper checks and remits at a lockbox address on your behalf, deposits checks into your Stedi Treasury account automatically, and scans remits into PDFs you can view.
Contact Stedi Support to request access to Stedi Lockbox.
What is Stedi Lockbox?
A lockbox is a mailing address that receives payer mail on the provider's behalf. When a provider signs up for Stedi Lockbox, they get one. The provider can give the address to payers that require a mailbox for paper checks or paper remits.
Every item that arrives at the address is scanned. Checks become payment records in the Stedi portal. Paper remits and other mail become PDFs with OCR text.
Automatic check deposits
When a lockbox receives a paper check, it's automatically scanned and deposited into the associated Stedi Treasury account.
These check deposits appear in the Stedi portal the same way EFTs do, with one addition – a Mail card showing that the payment arrived as a paper check.
The related payment's detail page includes a scanned image of the check.
Paper remits and other mail
When a lockbox receives a paper remit, such as an Explanation of Payment (EOP) or Standard Paper Remittance (SPR), Stedi makes it available in the related Stedi account as a PDF. Each PDF includes optical character recognition (OCR) text, so you can process the contents downstream.
The same applies to every other item of mail. You get the PDF, the OCR text, and the sender, then you can decide what to do next.
Availability and pricing
Stedi Lockbox is in private preview for Stedi production accounts. Contact us if you're interested in joining the preview.