By Michelle Conklin
Head of Receivables, J.P. Morgan Payments
By Michelle Conklin
You write a check, you send it in the mail, you forget about it. But for companies across the country, this is just the beginning. While checks may no longer be the payments powerhouse they were in the pre-ecommerce era, they are still the backbone of many businesses, and the need to manage these accounts receivable is an important – and expensive – one.
Handling your own accounts receivables is difficult: it requires on-site staff, security measures, equipment, and the need to maintain an ongoing partnership with the postal service. You need to invest in technology, scanning equipment, and human capital... all of which is expensive.
Luckily for our clients, this is part of our DNA. We are continuously monitoring clients’ needs, keeping pace with technology, and investing in the best people. From the outside, it’s simple – the massive machine of our wholesale lockbox is behind it all.
The pandemic hit businesses and industries hard, but now that the smoke is clearing, J.P. Morgan is stronger than ever; we have invested and are continuing to invest millions of dollars to ensure that our product is top of the line. With 12 wholesale lockbox locations and four of which are global hubs, we have the scale to continually provide this reliable service with no regional dependencies.
While many of our competitors have outsourced their lockbox service, we are committed to keeping this business in-house, and we see every day the impact that this makes to companies across the country. We have the flexibility and desire to make investment and process decisions that continue to improve the client experience.
As important as product development is, our strength is in our people. With an average tenure of 10 years across our teams, we attract a wide array of talent, including colleagues from the Second Change Initiative, Autism @ Work and other Neurodiverse Candidate Programs, Year Up, and Veterans Jobs Mission. This dedicated workforce kept the lights on, with minimal disruption, during the toughest part of the pandemic; we are all acutely aware that our clients depend on this cash flow, and it is imperative to maintain the service we provide. This continued investment in our people, and our product, ensures our clients can trust us to excel for them.
See why J.P. Morgan was ranked as Number One wholesale lockbox provider
Receive key updates and news with relevant actionable insights and best practices — including the latest intelligence on payments trends, digital innovation, regulatory change, ESG and sustainable ﬁnancing and much more
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of J.P. Morgan, its affiliates, or its employees. The information set forth herein has been obtained or derived from sources believed to be reliable. Neither the author nor J.P. Morgan makes any representations or warranties as to the information’s accuracy or completeness. The information contained herein has been provided solely for informational purposes and does not constitute an offer, solicitation, advice or recommendation, to make any investment decisions or purchase any financial instruments, and may not be construed as such.
JPMorgan Chase Bank, N.A. Member FDIC.
JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability.
© 2023 JPMorgan Chase & Co. All Rights Reserved
How the components of an in-house bank can benefit organizations of all sizes
Nov 06, 2023
An in-house bank can be a formidable tool to help organizations optimize working capital. Treasurers for organizations of all sizes can benefit from adopting some of the fundamentals of the in-house banking model.
Next-gen skills reshaping treasury
Nov 01, 2023
Treasury teams now play a key role in a company’s growth strategy. Here are some new skills that treasury professionals need to succeed.
Trends catalyzing personalization in commerce
Sep 20, 2023
J.P. Morgan Payments is defining a vision that showcases how payment innovations will shape the exchange of value in the future. Unlocking new insights, experiences, and business opportunities.
J.P. Morgan launches Payments Partner Network
Jun 20, 2023
A unique B2B marketplace for payments solutions, the J.P. Morgan Payments Partner Network aims to connect J.P. Morgan clients with the broader payments and technology ecosystem. This searchable ‘one-stop shop’ will open up new opportunities for the payments industry.
In the Nordics, treasurers take the lead
Apr 13, 2023
In challenging economic times, Nordic treasurers must react to fast-changing markets while evaluating new business models.
How to optimize working capital with treasury fundamentals
Feb 22, 2023
Amid market volatility, treasury teams play a strategic role in minimizing the impact of disruptions, instilling a cash mentality and streamlining operations.
RISE to the top
Feb 06, 2023
RISE Brewing Co. turned a craving into a new concoction, creating an organic coffee drink that's won the attention of restaurants, grocery stores, offices and sports teams.
2:32 - Treasury
Financial institutions outlook for 2021 and beyond
Jan 04, 2023
So what is truly new? We think three things are going to really shape the industry in the coming years — digital coins, platform as a service and ESG.
You're now leaving J.P. Morgan
J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name.