How Can I Speed the Process of Getting my Deposits to the Bank?
Many banks offer Lockbox services, whereby your customers send their payments to the bank's Post Office box. Those payments are delivered to the bank, sorted, and deposited into each lockbox customer's account. In addition to depositing the items, the bank provides to each lockbox customer a summary, which details remitter, payment, and invoice information.
You may also elect to receive: check images, coupon images, invoice and payment detail in a formatted file that can be uploaded to your A/R system, images of scanned invoices and/or other documents received.
Lockbox services allow you to eliminate the entire deposit receipt, preparation, and depositing process from your office, which can save you time and money. Lockbox services can also help you improve your cash flow because customer payments are credited to your account on the same day that they are received. Some banks offer different options to accommodate varying transactional volumes, so whether your needs and volume are relatively limited or more complex, there is likely an option available to you.