Safe, secure, and efficient processing of your receivables with CNB St. Louis Bank's wholesale lockbox services.
How Does Lockbox Service Work?
Lockbox service is a way to outsource the deposit function for your accounts receivable. Have your customers remit payments to a bank managed PO Box. Mail is picked up daily and then bank staff opens, sorts, scans, and processes the payments. Funds are deposited into your account same-day, and scanned copies of all payments received are sent to you for recordkeeping.
What are the Benefits of using Lockbox Services for your Receivables?
- Reduce float time and access funds faster by having payments go directly to the bank for processing.
- Eliminate staffing concerns with daily collection and processing of payments regardless of vacation, sick time, mail volume, or other staffing challenges.
- Deter fraud by separating the billing and receivables function and eliminating paper checks from your receivables processing.
- Mitigate Risk by reducing the number of touch points between receiving the payment and making the deposit.