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

A service that a bank provides in which is processes payments for a company. The company directs its customers to send payments to a lockbox at the bank, whose employees then collect the payments and deposit them directly into the company's account. A lockbox reduces time between the receipt and processing of payments, which can be beneficial for the company using the service. On the other hand, it opens the possibility of fraud by bank employees, who could theoretically steal the payments by taking the funds from the payments and not depositing them.

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.

References in periodicals archive ?
Offering superior security, the lockbox operates the same way as Solar Innovations[R] three-point locks, through the flipping of the handle up to set the throwbolts and then locking the key or thumbturn.
Using off-the-shelf scanners and a desktop computer, customers can capture images of cheques as well as attached documents, including remittance slips, invoices and hand-written notes, and submit them electronically to the lockbox for processing without leaving their offices.
The company's remote lockbox solution allows banks and other companies to scan checks and any associated remittance documents remotely from their offices as an alternative to mailing them to the lockbox site.
The typical lockbox, it just doesn't work, because agents take the keys and do not return them," he said.
The fact is we do have these third-party alternatives to reduce or eliminate lockbox or even enhance it if you want to take a shot at using that [as an option].
It's important for lockbox parents to realize these financial requests are rarely small.
The new ReaderKEY2 handheld device connects to a computer through a USB cable and uploads real estate showing activities to the ORIONWeb database for online reporting, without the need to read the lockbox directly.
Once full production began at the diecasting facility, the lockbox firm sold more than 100,000 units.
More than pounds 9m has been raised since the appeal was launched a week ago, with nearly all of the donations being processed at Lockbox ISPL.
Lockbox banks are commercial banks that process certain taxpayer receipts on behalf of the Internal Revenue Service (IRS).