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Merchant and Utility Company receivables can be collected and processed quickly so that funds are available sooner with Center Bank's Lockbox Payment Processing Service.
Customers mail payments using a designated post office box number and a unique zip code that is easily identified and accurately routed by the post office. Through the lockbox service, customer payments are collected, consolidated and processed, and then deposited directly into your Center Bank account.
Fast, accurate, and flexible lockbox service is one of the most widely used cash management tools for accelerating cash flow.
At your request, payment information can be captured from each document and check and then transmitted directly to you for automatic updating of your accounts receivable system. In addition, you may request a CD containing the detailed deposit information for long-term storage.
Fees for the lockbox service can vary based on the type of services selected.
Why use Lockbox Services?
• Fast and timely processing
• Accelerated collection of customer payments and reduced float time
• Reduce labor cost associated with check processing and A/R balancing
• Reduce the risk of lost or damaged payment checks
• Reduce deposit preparation time
• Decrease other people's float-time and increase your cash flow
• Customized Deposit Reporting
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