Lockbox banking is a banking option which has been adopted with a lot of medium and big scale businesses who have extensive operations and many customers. These banking options allow customers who may have accessed the goods and services of your business to send the payments directly to the bank instead of to the business itself, with the mailbox. It’s a banking option that is only wanted to commercial customers and not retail customers as a result of sum of money that’s generated and handled over.
This type of banking is quite good to medium and big scale businesses in the sense which it relives these businesses from the task of handling money, counting it, drawing up checks then depositing it on your bottom line. As may be expected these is definitely an intricate task that will need a substantial man-power to handle these payment in a timely and accurate manner. It’s not always feasible for large and medium scale businesses as there are the opportunity of loss in money which could upset the accounts of the business. Thus with lockbox banking options a business doesn’t have to utilize extra labor to manage its payment what is actually more is always that banks use automated machines that will process the installments in a feasible manner.
Banks that offer lockbox banking options have set up a system that enables them to get rid of the lockboxes at frequent periods of time through your day. Which means large scale and mid-sized businesses usually do not have a backlog of unprocessed payments in cash or as checks. Banks also employ the automated machines to process data and so produce a are convinced that is delivered to the account of the businesses. The fact that report s and copies of checks are shipped to the firms means that there exists sufficient proof of transaction when a dispute arises.
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