For a while now, we have enjoyed the pervasive influence of technology. At first, it began with industries such as healthcare, energy, and the finance sector. In recent times, technology has become widespread and this has engendered the development of tools like RFID lockboxes in several organizations.
The technology underpinning this lockbox is one which has been adopted in several industries. For example, workers in modern offices and those who rely on public transport would’ve had the privilege of using Radio-Frequency Identification and over time, the technology has undergone rapid improvement.
Before we go on to explain how RFID works, it might help to consider what a lockbox is and the previous models.
What is a Lockbox?
A lockbox is a storage location for important documents (usually to be processed) and is usually secured via an external mechanism. The content of the lockbox is made available to individuals or organizations who have the required access. This can be a unique key, passcode, or pattern. A more simplified and secure approach to accessing a lockbox is the RFID system and this will be discussed in the ensuing paragraph.
What is an RFID Lockbox?
Integrating the RFID system into the conventional lockbox is, by no means, a small feat. The benefits are countless- versatility, improved security, and flexibility. It works by allowing radio-frequency rays pass through a module which carries out verification. Once a connection is established, the user is granted access to the box.
The two outer features of an RFID lockbox are the button and the LED. Inside the box, the Arduino, the RFID reader, a power switch, and a servo are all enclosed.
Applications of an RFID Lockbox
Lockbox Systems in Banks
Using a bank-operated mailing address where clients can direct their account receivables to is one of the primary uses of a lockbox. With this system, a bank can easily deposit any fund posted to the lockbox on the company or individual’s behalf.
RFID Lockbox for Personal Use
An RFID lockbox can also be used personally if you have important information you hope to keep from intruders. You can contact a company that provides lockbox construction and implementation services for your customized box.
RFID Lockboxes in Business Organizations
In certain institutions, the use of a lockbox is slowly becoming a norm. This is in a bid to ensure that the security of properties is guaranteed. Although the cost of installing one of these is exorbitant and is regarded by some as wasteful, advancement in this technology should make it cheaper.
Different Types of Lockboxes
There are several lockboxes available for use, however, 2 major ones will be discussed.
These are large and are used for non-machineable documents such as 8½” x 11″ or 8½” x 14″ documents and payments which are not so frequent. These payments are often between business partners and the receivables demand more detail when processing.
Unlike a wholesale lockbox, this is for organizations that receive large volumes of transactions that are not so weighty. This is done to prevent delay with conventional mails or unprocessed documents.
Industry data show that about 80% of total dollar volume is processed via wholesale lockboxes services while the remaining 20% total dollar volume is processed via retail lockboxes services. On the other hand, for remit transactions, 20% of the transaction volume is wholesale processed and 80% retail processed.