Handling customer payments takes a lot of valuable time. Lockbox service from CoreFirst means you can spend more time focusing on your business. Here’s how it works:
Lockbox allows your company’s receivables to be mailed directly to a CoreFirst post office box. Once received CoreFirst processes and deposits the payments into your business account. Your business can take advantage of the following with lockbox services:
· Accelerated receivables and cash flow
· Convenience - saves time & money
· Increased productivity and decreased workload for employees
· Customizable processing to meet your company’s specific needs
· Increased security of company receipts
· Enhanced audit controls
If your business has a low-volume but large payment receivables, accelerating the collection through lockbox allows quicker collection of checks and reduction in mail time allows your business to improve its cash flow. Your company will also see a reduction in costs and time spent on receiving, endorsing and depositing current payments.
Businesses that have a high volume of receivables can benefit immensely from CoreFirst Lockbox services. Specially designed payment coupons help speed the process with state-of-the-art scanning equipment. Detailed information on payments is viewable through Treasury Management the next day for reconciliation. Lockbox accounts are assigned to a CoreFirst team who follows your company’s instructions to process your payments quickly and efficiently.