A bank lockbox is a service offered by financial institutions to streamline payment processing for businesses. It involves directing customers to send payments to a designated post office box managed by the bank. The bank then collects, processes, and deposits these payments directly into the company’s account, accelerating cash flow and improving efficiency in receivables management. This service is particularly beneficial for businesses that receive a large volume of payments through checks or other forms of remittance.
Reimagine Your Order-To-Cash with AI
Touchless Receivables. Frictionless Payments.
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