Who else can benefit from a lockbox?
Any business that wants to quickly turn receivables into usable cash could benefit. The ability to expedite receivables on a daily basis and process them directly from the mail can shave up to a week off the deposit process. An employee gathers the mail, separates checks from invoices, compiles a deposit slip, and assembles the checks and slip to take to the bank. Many businesses make a policy of only going to the bank three times per week. If you factor in the salary and benefits you pay this employee to organize deposits, a lockbox could be a big savings for any company, particularly those that accept out-of-state checks. How can lockboxes make office management more efficient? Customer service is important to small businesses, but so is answering the phone and billing. A mundane project like compiling a deposit for the day is a function that could be outsourced. I’d rather have someone in the doctor’s office answer the phone than compile a deposit slip, or an owner of a small busine
