Receivables at the speed of business.
Your clients expect convenience and speed of service. And so should you from your bank. The Palmetto Bank’s lockbox program speeds the collection of receivables and frees companies from processing live items. Remittances are directed to a post office box in the company’s name where they are picked up and processed by bank representatives. Remittance information is then forwarded to the company for accounts receivable posting.
- Items are mailed to post office box in the company's name.
- Remittances are opened and processed daily.
- Checks are reviewed for negotiability, endorsed, imaged and deposited into the client's bank account.
- Additional images are re-associated with remittance documents and prepared for delivery to the client for posting.
- At the client's option, remittance documentation may be held for additional data input and then transmitted to the client.
- At the client's option, credit card payments may be accepted and processed.
- Non-bankable items such as correspondence, change of address forms, etc. will be batched and returned to the client.
- Reduce or eliminate the day-to-day processing of payments.
- Receipt and payment information may be transmitted for automatic update to accounts receivable.
- Geographically located for faster mail times resulting in speedier receipt of payments.
- Check imaging or ACH conversion facilitates the payment collection process.