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.
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.
Contact us or reach out to your business banker today to learn more about lockbox services for your business.