Lockbox banking is often a banking option that’s been adopted by the lot of medium and huge scale businesses who have extensive operations and many customers. These banking options allow customers that have accessed the goods and services of your business to deliver the payments directly to the bank instead of to the business itself, over the mailbox. It is a banking option that is only provided to commercial customers and never retail customers because of the amount of cash that is generated and handled over.

This kind of banking is very good for medium and large scale businesses meaning who’s relives these companies with the task of handling money, counting it, drawing up checks after which depositing it secured. As could possibly be expected these is definitely an intricate task that will need an amazing man-power to manage these payment in a timely and accurate manner. This is simply not always feasible for large and medium scale businesses as there are the possibility of loss of money that may upset the accounts in the business. Thus with lockbox banking options a business does not have to use extra labor to handle its payment and what’s more is that banks use automated machines that is able to process the installments inside a feasible manner.

Banks that provide lockbox banking options have generate a system that permits these to clear up the lockboxes at frequent time intervals through the morning. Because of this large scale and medium sized businesses do not experience a backlog of unprocessed payments in cash or as checks. Banks also use the automated machines to process data and therefore build a are convinced that is delivered into the account from the businesses. The truth that report s and copies of checks are delivered to the businesses makes sure that there is sufficient proof transaction in the event a dispute arises.

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