Spanish bank seeks to profit from USPS service cutbacks

Despite all the talk of electronic diversion, Americans still millions in payments by mail every day. Changes in USPS service standards that will slow the delivery of first class mail could hurt businesses that rely on mailed payments. So Soverign Bank, the US division of Spain’s Banco Santander, has been holding a series of seminars to push its “Lockbox” service, which it claims will prevent any delays:

As a result of declining mail volume, the USPS plans to consolidate mail processing facilities and to move to an increased processing schedule, these changes may delay receipt of remittance mail to companies by one to three days. Companies that use a Lockbox service, where their provider picks up pre-sorted mail at a USPS processing center versus having a carrier deliver it to their office, should not experience this delay in receipt of their remittance mail.

With Sovereign’s Lockbox service, the Bank assigns a unique P.O. Box address where a company’s customers send remittance payments. The Bank makes frequent mail pickups at the Postal facility on behalf of the company, sorts the mail on high-speed equipment, and processes the payment before depositing the checks to the company’s bank account. Remittance payments may be directed to any of Sovereign’s seven nationwide lockbox processing centers located in Boston, MA; New York City, NY; Philadelphia, PA; Tampa, FL; Chicago, IL; Los Angeles, CA; and Seattle, WA.