Lockbox App

Lockbox App

 Many online electronic bill pay services are not 100% online. The payee might not be set up to accept electronic payments, so the bill pay service will print out large numbers of paper checks and then mail them to the lockbox, where they will be processed alongside all the other paper checks. One benefit of the lockbox service to the commercial customer is that it can maintain special mailboxes in different locations around the country and a customer sends payment to the closest lockbox. The company then authorizes a bank to check these mailboxes as often as is reasonable, given the number of payments that will be received. Because the bank is making the collection, the funds that have been received are immediately deposited into the company’s account without first being processed by the company’s accounting system, thereby speeding up cash collection.

Lockbox App

Lockbox App

Lockbox App

Lockbox App

Lockbox App

Lockbox App

Lockbox App

Lockbox App

Lockbox App