What is a Lockbox?
A Lockbox is an assigned post office box designated for the receipt of remittances from your customers.

Who can benefit from a Lockbox?

• Companies whose average payment received from a single source is $500 or more (This amount varies as interest rates change.)
• Companies that have customers located over a wide geographic area
• Companies that currently experience excessive float on their deposits
• Companies trying to reduce clerical work in their back offices

How does it work?

• You mail your invoices to purchasers as always
• The purchaser’s remittance is mailed directly to the Lockbox you’ve been assigned
• We open all incoming mail, deposit the funds directly to your account (according to your instructions) and return all remittance detail to you for updating your accounts receivable file

Benefits to you

• Mail and processing float are reduced
• Funds availability increases
• Processing and clerical costs decrease
• Audit control is assured through third-party handling]
• Accounts receivable records are updated with accurate and timely information