Lockbox

(redirected from Lock box)
Also found in: Dictionary, Thesaurus, Wikipedia.

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 ?
Do you trust the Web and the considerable technology defenses of the company to protect your critical information, or do you trust the hard steel of the lock box and the near impenetrable bank vault?
The lock box would be located so that both the pilot and co-pilot have easy access.
The postcard water bills were printed on a dot-matrix printer with print resolution of such low quality that the lock box facility's automated payment processors could not always accurately read them.
For those in need of a smaller option for secure storage, NuTone offers a compact and discreet Lock Box .
com to represent her Lite House Lock Box invention to industry over the next 2 years.
Having a lock box bolted to the bed frame, on the wall by the bed or inside the closet allows adults quick access but keeps guns away from small fingers.
Here, Hagar rolls out the arena hits - ``3 Lock Box,'' ``One Way to Rock,'' ``I Can't Drive 55'' and ``Right Now'' - without letting up for a moment.
Shooters and hunters owning sports utility vehicles can transport their firearms securely in the new SUV Lock Box storage system.
When the crew comes aboard, they remove the M64 from the lock box, check to insure it's loaded, return it to the lock box and check off the pre-flight checklist like so many other operations they perform before each flight.
Owners should not send anything to DHCR in Jamaica, Susser warned, but to the lock box noted on their bill and attach a copy of their bill so it is properly credited.