A collection agent, either a bank or third party, used to accelerate the collection of payments.
Post office box that is opened by an agent of the bank and checks received there are immediately deposited in a company account.
A financial institution, which facilitates rapid collection and posting of corporate receivables. Typically, customer payments are mailed to the bank's lockbox for collection, sorting, totaling and recording by the bank rather than by the company that issued the bill.
(1) A cash management arrangement designed to reduce delays in depositing funds into the payee's bank accounts. A post office box that is established by a bank to receive checks for its cash management customers. Lockboxes are utilized to accelerate deposits to the bank by eliminating internal processing by the payee organization. The bank need not maintain a separate post office box for each lockbox customer. Instead, it can sort mail received in a common box. (2) A secured lending control arrangement. Under this arrangement, the borrower's account debtors mail their payments into a post office box that is controlled by the bank. The funds are then applied by the bank to reduce a loan to the borrower that is secured by those accounts receivable. The bank need not maintain a separate post office box for each lockbox customer. Instead, it can sort mail received in a common box.
A remote secure location, such as a post office box, where customers send payments instead of to corporate headquarters, and where a local financial institution receives those payments and transfers to the vendor account. A system used to speed up the cash collection cycle.
A post office box established by a financial institution for the purpose of receiving paper-based payments to an agency.
An account established by a financial institution for the purpose of receiving ACH payments to an agency.
a service in which there is a collection box, ex. postal mailbox, in which customers send payments to and a third party vendor, usually the bank, collects the payments and distributes them to the appropriate companies Merchant Account – an account that enables the user to accept credit cards from a customer through a phone, store, or the internet
a fireproof metal strongbox (usually in a bank) for storing valuables
a box that stores the listing key
a collection and processing service provided by a network of financial institutions that accelerates the flow of funds to the U
a heavy-duty strongbox that attaches to your doorknob
a hollow metal box that attaches to the front doorknob or some secure place nearby
a particular box this stores the listing key
a revenue collection system for payment processing
a strategically located Post Office box to which a bank has access around-the-clock
The University utilizes an external vendor for the processing of our consolidated billing payments. That is why payments by mail are requested to be mailed to an Omaha address.
A remittance processing service, often run by banks, that directs customers to send remittances to a special post office box, where they are collected multiple times throughout the banking day and prepared for deposit.
An account at a factor's bank which is set up to receive payments from a client's customers. The bank handles deposits and disbursements in accordance with a three-party agreement between the bank, factor, and client. ()
A cash management system whereby an agency's customers mail payments to a post office box near the State's bank. The bank collects checks from the lockbox several times a day, deposits them to the Treasury's account, and informs the agency of the deposit.
Service that processes check payments on behalf of merchants and banks.
A financial institution or third party processor service that facilitates rapid collection and posting of corporate receivables. Typically, customer payments are mailed to a lockbox or mailbox for collection, sorting, totaling and recording by the bank or provider rather than by the billing organization.
A service which allows business customers to outsource the collection and processing of postal receipts (cheques, credits and correspondence) such as utility bill payments.
a collection system whereby the bank receives, processes and deposits all mail receipts for a company, thereby reducing delays in depositing funds
A service that processes payments by check and credits the appropriate business.
A cash management system whereby consumer payments are deposited into the client's bank account and the bank sends a consolidated remittance file to the client.
The term used to describe the arrangement with the US Treasury-designated depository to collect and deposit checks, money orders, cash, and wire transfers to an SEC account at the depository.
A third party remittance processing service.
A banking service in which payments or deposits are collected by the bank at a postal or drop box, and then processed by a special department in the bank.
A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box that 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.
A banking service provided for the rapid collection of a customer's receivables and rapid credit to the customer's account. The service includes collecting the mail from the company's post office box; sorting, totaling, and recording the payments; processing the items; and making the necessary bank deposit.