Is a lockbox really a brass door PO Box in a main postal facility?
No. Lockbox processors typically maintain a unique zip code or block of Post Office Box numbers which, by design, help ensure faster mail sorting and availability at the postal facility, therefore making those remittances accessible to the lockbox processing quicker than postal delivery to a company street address. Lockbox can be viewed as a true extension of a client’s accounts receivable processing. Processing requirements are uniquely set for each client and follow the dictate of the client and can include data capture to allow data transmission and automation of posting to accounts receivable systems.
