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lockbox |
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Lockbox A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firm's bank account. lockbox (1) A special box placed on the door of homes listed for sale, with a key to the property inside the box.The box is accessed via a code or a key,available only to licensed real estate agents. (2) An arrangement whereby customers of a business send their payments to a PO box which is actually controlled by the business's lender rather than the business.The lender takes all receipts, pays itself any loan payments and fees,and then remits the balance to the business. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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SentriLock's realtor lockbox safeguards a housekey to give real estate agents controlled access to listed properties. Lockbox continues to be the main collection method for wholesale business in the United States. For Greenthal that can be a hefty number; but the bank lockbox system they were using to process tenant payments couldn't handle rejections. |
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