Government Contract | California
Lockbox Services

Bid Information

Bid Alert No: 00000606775

Bid Title: Lockbox Services

Agency Bid No. Title: Not Stated

Received Date: 06/22/2016

Close Date: 07/12/2016

Purchase Type: 3 year term

Delivery Point:

Delivery Date: Not Stated

Special Notices: Questions Due By 06/28/2016


Specifications include, but are not limited to:The City of Elk Grove is accepting proposals from banks and other qualified service firms to provide lockboxservices for the Citys payment receipts. (Aqualified service firm is a company that is not necessarily a bank, butspecializes in providing lockbox services. Those firms that are not banking institutions are capable of workingwith a bank to accomplish the banking aspects of lockbox operations.) The primary purpose of the lockbox is toreceive payments on the Citys utility accounts. However, by a separate and subsequent agreement, the Citymay expand the responsibilities of the lockbox provider to include the receipt of payments on other City accounts.In addition, the City would like to allow its utility customers the option to pay their accounts through electronicmeans. The selected lockbox provider will be expected to work with the City to the extent necessary to developthe capability to accept electronic payments and receipts.Services to be furnished in accordance with the contract resulting from this solicitation shall be completelysuitable for the operational use of the City. It is the Citys goal to enter into a contract that will provide for LockboxServices that are cost-effective, timely, and accurate. The City also wishes to create efficiencies, makeimprovements where possible, and take advantage of new, applicable technologies.Objectives:The City has approximately 50,000 residential and business utility customers for which the City is receivingpayment for their bi-monthly bills. The City is looking to contract with a Consultant to provide the service ofprocessing and depositing those bi-monthly utility payments, understanding that there are currently dramaticspikes in the number of payments during an average two month cycle. The City is looking to take advantage ofnew lockbox processing technology, including image capture of data, file transfer of images, utilization ofimproved OCR equipment and online research. The Citys goal is to accelerate revenue collection data bydecreasing the mail float, reducing the processing float (float is defined as the time required for a payment totravel from the payee to the Citys bank account), elimination of the holdover of daily remittance processing and atthe same time provide the City with the ability to create an automated file transfer of the collected remittance datain an efficient form that will interface with the Citys accounting system. Other services may be added before acontract is signed or during the contract term by mutual agreement of parties.

Bid Related Documents

Download Document

Product Code: 94625

Agency Information

Issuing Agency: City of Elk Grove

State: California

Agency Type: State and Local

Contact: Jason Lindgren City Hall, 8401 Laguna Palms Way, Elk Grove, California, 95758




FREE Market Analysis

Get a FREE 90-Day Market Analysis and see the bids you’ve been missing