Lockbox banking is really a banking option that has been adopted by the good number of medium and enormous scale businesses who have extensive operations and lots of customers. These banking options allow customers who have accessed the products and services of the business to send the instalments right to the bank rather than on the business itself, from the post office. It’s a banking option that is only offered to commercial customers and not retail customers because of the cost that’s generated and handled over.
This sort of banking is very beneficial to medium and big scale businesses in the sense that it relives these businesses from the task of handling money, counting it, drawing up checks after which depositing it in the bank. As might be expected these can be an intricate task that will need an important man-power to take care of these payment inside a timely and accurate manner. This is simply not always practical for large and medium scale businesses as there are the potential for decrease of money that could upset the accounts with the business. Thus with lockbox banking options a company doesn’t need to use extra labor to handle its payment and what’s more is banks use automated machines that is able to process the installments within a feasible manner.
Banks that supply lockbox banking options have generate a system that allows the crooks to clean up the lockboxes at frequent periods of time through the day. Which means major and medium-sized businesses usually do not notice a backlog of unprocessed payments in cash or as checks. Banks also use the automated machines to process data and so create a are convinced that is delivered in the account in the businesses. The reality that report s and copies of checks are delivered to the businesses helps to ensure that there exists sufficient evidence transaction when a dispute arises.
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