Discussion Board

Today, Aug 2005

Error Rates

Q: We are attempting to count encoding errors, misapplied payments and transmission errors. We are currently using a formula of no more than seven errors per 100,000 items processed. Would anyone be willing to share their error rates?

A: We are a processor. Our tolerance is presently seven per 100,000 for misapplies and three per 100,000 for encoding errors.

In-House vs. Lockbox

Q: I would like to find statistics on what percent of financial services companies process their own remittance payments vs. sending them to a lockbox? Does anyone have any idea or recent stats?

A: If you visit the www.aqubanc.com Web site and look through the "ClipSheets" (located on the Company page), I seem to recall seeing these types of statistics there. You may also be able to use the Search to find this information on the site too.

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