Lockbox banking is a banking option that is adopted by a good number of medium and big scale businesses which have extensive operations and plenty of customers. These banking options allow customers that have accessed goods and services of your business to send the payments straight to the bank instead of to the business itself, over the tn post office. This is a banking option which reaches just offered to commercial customers and never retail customers as a result of amount of cash that’s generated and handled over.
This sort of banking is extremely good for medium and enormous scale businesses meaning which it relives these companies with the task of handling money, counting it, drawing up checks and then depositing it on your bottom line. As may be expected these is an intricate task that requires an amazing man-power to take care of these payment in the timely and accurate manner. This is not always practical for large and medium scale businesses and there is the possibility of lack of money that could upset the accounts in the business. Thus with lockbox banking options a business does not have to employ extra labor to take care of its payment and what’s more is that banks use automated machines that will process the instalments inside a feasible manner.
Banks that provide lockbox banking options have start a system that allows these to get rid of the lockboxes at frequent time intervals during the afternoon. Because of this large scale and medium sized businesses do not have a backlog of unprocessed payments in cash or as checks. Banks also have the automated machines to process data and thus develop a claim that is delivered into the account in the businesses. The fact report s and copies of checks are shipped to the firms ensures that there exists sufficient evidence of transaction in the event a dispute arises.
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