What is Lockbox Banking?
LOCKBOX Banking is a banking service provided to customers of commercial banks. In this type of banking, payments sent to the company are sent to the company to the business itself and the bank employees will pick up payments for immediate processing. The turnover time is much faster and ensures that payments are immediately stored. Lockbox banking services vary depending on the bank and the size of the business. Usually a flat fee is rated per month except for processing fee on item.
This method of banking is very safe, which can be a distinct advantage. Bank employees can clean the lock several times a day and ensure that payments are processed quickly and usually the payments are processed and stored on the same day. This fast processing leaves fewer excellent inspections waiting for processing. With a large number of customers such as public services, and it would be possible to disturb all their payments. These systems scan inspections and directly enter data, which reduces the risk of error. CrusThis is generated by a complete report of everything that has been processed. This can be sent to the customer in the form of a file that can be saved directly to the accounting software. It also provides copies of checks that can be used in the case of disputes or customer service problems.
large businesses can have several lockboxes. This is designed to facilitate quick movements of payments from customers to business. When the customer throws the payment to the local post office, he only travels for a short distance to reach the lock. Bank employees can set a regular plan for checking and clearing in the chateau to make payments in time. Contrast, businesses waiting for the Daily Mail supply will find that the checks last longer and that the processing takes longer, because the company must prepare a deposit and take the time to postpone it in the bank for processing.
Not all banks provide Lockbox banking. It is usually necessary to have a business bank accountHe knows at the bank. Specialist of business banking can provide more information about banking a specific bank and other business services. When searching for a bank with which a commercial account, the company may want to ask services such as Lockbox banking, even if it is not used immediately.