Lockbox banking is a banking option that is adopted by the good number of medium and large scale businesses which may have extensive operations and many customers. These banking options allow customers who have accessed goods and services of the business to deliver the payments straight to the financial institution and not to the business itself, through the mailbox. It is a banking option that’s only agreed to commercial customers and never retail customers due to sum of money that’s generated and handled over.
Such a banking is incredibly good for medium and large scale businesses in the sense who’s relives these lenders of the task of handling money, counting it, creating checks and then depositing it on your bottom line. As could possibly be expected these can be an intricate task that requires a considerable man-power to handle these payment inside a timely and accurate manner. It’s not always feasible for large and medium scale businesses and there’s the potential for loss of money which could upset the accounts with the business. Thus with lockbox banking options an enterprise does not have to hire extra labor to handle its payment what is actually more is the fact that banks use automated machines that is able to process the instalments in a feasible manner.
Banks offering lockbox banking options have create a system that allows these phones clear up the lockboxes at frequent time intervals during the day. This means that large and mid-sized businesses 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 claim that is delivered in to the account in the businesses. The truth that report s and copies of checks are shipped to the firms helps to ensure that there is certainly sufficient proof of transaction when a dispute arises.
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