Lockbox banking is a banking option that has been adopted by the good number of medium and enormous scale businesses who have extensive operations and plenty of customers. These banking options allow customers who may have accessed the goods and services of your business to send the repayments directly to the bank and never towards the business itself, through the postal service. It is a banking option which reaches just provided to commercial customers rather than retail customers due to the amount of money which is generated and handled over.
This sort of banking is extremely good for medium and enormous scale businesses in the sense which it relives these lenders in the task of handling money, counting it, drawing up checks after which depositing it on your bottom line. As could be expected these is an intricate task that will require a considerable man-power to handle these payment in a timely and accurate manner. This is not always feasible for large and medium scale businesses and there is the possibility of decrease of money which could upset the accounts with the business. Thus with lockbox banking options a company doesn’t need to employ extra labor to take care of its payment and what’s more is that banks use automated machines that is able to process the repayments inside a feasible manner.
Banks that supply lockbox banking options have generate a system that permits them to clear up the lockboxes at frequent time intervals throughout the day. Because of this massive and medium sized businesses tend not to have a backlog of unprocessed payments in cash or as checks. Banks also employ the automated machines to process data thereby develop a report that is delivered in to the account of the businesses. The reality that report s and copies of checks are delivered to nokia’s makes sure that there exists sufficient evidence transaction when a dispute arises.
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