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 ?
Solar Innovations[R] lockboxes offer architects, glaziers, and builders an alternative to the costly and thermally less efficient steel door version.
Wells Fargo operates a network of lockboxes in 18 cities throughout the U.
While sales agents here remain resistant to lockboxes, the devices may finally be gaining a toehold in the city's rental market, brokers said.
Within three to five years, you're going to see lockboxes go away significantly, not totally; technology will make them somewhat obsolete," Fountain predicted.
Lockboxes in the $89 range make up the bulk of sales for the four models we stock.
The theory behind both these types of lockboxes is convenience and accountability.
The SentriLock System currently has more than 500,000 lockboxes in use by 250,000 Agents from over 210 different Boards, Associations and MLSs in North America.
Now it has consolidated its lockboxes with one provider, the ubiquitous Bank of America, which converts all of Harley's incoming checks and remittance documents to digital images and posts those images, in batches throughout the day, at a B of A web site that Harley can access.
I trust my daily observation of the lockboxes in use, coupled with my years of experience as a REALTOR[R] Association Executive will guide me in being a valuable and practical contributor to the future growth and prosperity of SentriLock.
More companies are looking at retail lockboxes as a means of outsourcing collections and freeing up staff for other activities.
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.
Lockbox studies use customer remittance envelopes, photocopies of checks, and bank statements to ascertain the location and geographic concentration of the remitting customers, inter-city mail times, bank availability schedules, the difference between company and bank processing costs, and all other costs related to lockboxes.