Lockbox banking is a banking option that is adopted by way of a good number of medium and big scale businesses which have extensive operations and many customers. These banking options allow customers who have accessed the products and services of your business to deliver the instalments directly to the bank rather than towards the business itself, through the tn post office. It is a banking option that’s only agreed to commercial customers instead of retail customers due to the amount of money that is generated and handled over.
This sort of banking is quite good to medium and huge scale businesses in the sense which it relives these companies of 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 needs a considerable man-power to manage these payment in a timely and accurate manner. It’s not always feasible for large and medium scale businesses then there is the potential of loss of money that could upset the accounts from the business. Thus with lockbox banking options a small business does not have to hire extra labor to handle its payment and what’s more is the fact that banks use automated machines that are able to process the installments within a feasible manner.
Banks that provide lockbox banking options have set up a system that enables the crooks to clean up the lockboxes at frequent periods of time during the morning. Which means that massive and medium-sized businesses tend not to have a backlog of unprocessed payments in cash or as checks. Banks likewise use the automated machines to process data thereby create a claim that is delivered in the account with the businesses. The truth that report s and copies of checks are delivered to the firms means that there exists sufficient proof transaction in the event a dispute arises.
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