What is a lockbox?
One of the banking services that businesses of all sizes may find useful is a lockbox service. Essentially, a lockbox is simply a post office box that your bank establishes for your business and that the bank will control. You are issued a remit to address that will allow your customers to send payment for all invoices issued by your organization directly to the lockbox. In turn, your bank will open all correspondence, deposit the checks into your accounts, and provide you with electronic access that allows you to see daily activity. In short, your bank becomes the means whereby you collect receivables and deposit them into your operating, payroll or other designated business account. There are several advantages to securing a lockbox for your business. One of the most important is security. Generally, lockboxes are protected above and beyond the usual security measures associated with having a post office box. When a payment reaches your lockbox the chances of it falling into the wron
A service offered by banks to companies in which the company receives payments by mail to a post office box and the bank picks up the payments several times a day, deposits them into the company’s account, and notifies the company of the deposit. Data entry clerks at the bank manually enter the information into an electronic file for transmission to the company to which the lockbox account belongs. These files are typically transferred nightly to the various lockbox owners (companies). The files adhere to one of two standard banking industry transmission formats: BAI, BAI2, EDI820 and EDI 823.This enables the company to put the money to work as soon as it’s received. Why use Lockboxes ? Lockbox process has several advantages: • Payment information can now be processed automatically manual intervention is not needed. • Import Processing can therefore also be handled automatically on a scheduled basis. • Payment Reconciliation can be auto scheduled as well via the Greenbill Autocash corr
It’s an empty metal box that is mostly attached to the front doorknob or any other protected place. There is another box inside the main box and that’s the lockbox where the keys of the house are in. There are some current lockboxes with a little microprocessor inside that only works with an electronic key. These keys are only obtainable by Real Estate Agents members of the Multiple Listing Service ( MLS ). These keys have an exclusive and inimitable identifier. This means that when the box has been unlocked, the microprocessor registers the agent who opens it as well as the date and time he goes in. All this together is also considered as a homeowner security. However, you need to think about the main reason of the lockbox. It is to sell a property. A lockbox, whether is the traditional key or the electronic one, makes the showing of a home for sale go smoothly.
