What is a lockbox?

Answer A lockbox is a service aiming to provide a faster, more economical banking system for businesses engaging in large amounts of deposits. This service takes advantage of available post services to in... Read More »

Top Q&A For: What is a lockbox

What Is a Lockbox Payment?

The National Check Fraud Center reports a lockbox payment is a cash flow improvement initiative used by companies who receive payments through the mail from a large number of customers. Couriers fr... Read More »

What is a lockbox clerk?

A lockbox clerk is a junior level employee found within financial services institutions. Working in the mail room, these individuals collect all deposits that have been made via mail, processing th... Read More »

What is a lockbox processor?

A lockbox is a service provided by banks or financial institutions, in which a large company's customers mail payments for goods and services to the bank rather than to the company. A lockbox proce... Read More »

What is a bank lockbox?

With a bank lockbox, a business directs its customers to mail payments to a post office box that the business' financial institution or bank monitors. The bank takes all incoming deposits and depos... Read More »