Lockbox Services allows your business to accept payments from customers either by mail or online.
How it Works
Lockbox services are provided by banks to companies for the receipt of payment from customers. Under the service, the payments made by customers are directed to a special post office box, rather than going to the company. The bank will then go to the box, retrieve the payments, process them and deposit the funds directly into the company bank account. The bank will also generate a file of customer payments to send to the company to automatically update their accounts receivable system.
Benefits
Lockbox banking provides companies with a very efficient way of depositing customer payments especially if a company is unable to deposit checks on a timely basis and/or if it is constantly receiving customer payments through the mail. It improves cash flow by accelerating the collection of payments, establishes greater audit control, improves the security of payment remittance handling by separating invoicing and receiving functions, automatically updates the company’s accounts receivable programs and has valuable research functions stored all in one place.
Contact our Corporate Services Manager, Chris Stalvey, for more information.
386-755-0600, ext. 4151 or ecorp@ffbf.com
386-755-0600, ext. 4151 or ecorp@ffbf.com
