Improve your cash flow.
Lockbox processing helps collect and process incoming customer payments faster, while reducing float and reconcilement costs. With Lockbox Service, you are able to receive payments at one central location and have them processed and credited to your account the same day.
How does Lockbox Online work?
A unique Post Office Box number is assigned to your business so that your company’s identity is protected, then we collect and process all of the payments daily, Monday through Friday. We can help you design a system specific to your business requirements.
Lockbox Service features
- Deposits are credited the same day
- Improves cash flow with speedy collection of your receivables
- Daily pick-ups from the Post Office
- Imaged technology
- Optional paper reports, electronic data files, check photocopies, and invoice information
- Download payment history directly into your accounts receivable software
- No envelopes to open, no copies to make, no preparation of deposits
- No visits to the bank
- Reduced float, and increased cash flow
- Fast and accurate processing
- Less chance of lost checks
- Fee: $100 per month plus $.30 per payment and an additional $.04 for hand-keyed items
- Available only with Elsewhere Bank business checking accounts.
- Some restrictions may apply. Please call for details.