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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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For example, a supplier of realtor lockboxes, SentriLock LLC, Cincinnati, knew it wanted to use diecasting as its manufacturing method, but before high volume production could start, the company needed a quick prototype to show at an upcoming conference and expo. He claims that a common misapprehension about lockboxes is that they are simply pieces of equipment. We install the lockboxes in the residents, rooms where they won't be readily visible (space permitting). |
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