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 ?
The Real Estate Division specializes in branded and customized lockboxes that are real estate agent specific and can be personalized with any information.
While sales agents here remain resistant to lockboxes, the devices may finally be gaining a toehold in the city's rental market, brokers said.
At the forefront of this trend are new electronic lockboxes that allow landlords to keep track of who enters the apartment, and when.
Lockboxes in the $89 range make up the bulk of sales for the four models we stock.
I stock Cannon lockboxes and if I'm out of them, people will ask for them," explains Fleischer, of Prime Time Sports.
The theory behind both these types of lockboxes is convenience and accountability.
Technically, keyless lockboxes are tamper-evident security seals in the form of a container.
Founded in 2006, MFS Supply is the convenient solution for real estate agents to buy security products like the new Keller Williams lockboxes.
More important than the total number of lockboxes built, this 25-million milestone reflects our long-standing commitment to the real estate industry, the agents who rely on our products, and the real estate associations who serve them," said Ron Virden, general manager, GE Security Supra.
Supra lockboxes were invented in 1955 specifically to improve efficiencies in the real estate industry and sell homes faster by making them more conveniently available to real estate agents who wanted to show properties.
The Consortium will stagger its implementation over the next 24 months but has already begun purchasing some of the 162,000 lockboxes on behalf of their 45,000 members.
SUPRA(R) branded electronic lockboxes (also known as keyboxes) have been in the marketplace for over ten years," said Luke St.