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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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of wholesale lockbox activity can help financial institutions meet their customers' goals as well as their own business objectives," said Joe Delgadillo, President and And those payments can be included in that day's lockbox processing and the nightly data transmission for automatic posting. Many property owners are only vaguely familiar with a real estate lockbox They may have remembered a buyer? |
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