Our lockbox service easily handles wholesale and retail lockbox payments in a one-pass, common platform environment.
- Ideal for businesses that receive a large amount of incoming mail
- Incoming mail receipts are deposited directly to your account
- Available before they would even reach your mailbox
- Maximize availability of funds
- Expedites your deposits
- Enhances your cash position
- Strengthens audit control
- Provides timely deposit information
- Save time and resources; eliminate unnecessary trips to a branch
Lockbox banking accelerates the payment and deposit portion of your cash conversion period in two different ways. First, lockbox banking cuts down on postal delays caused by having customers' payments delivered to your business address. Second, using a lockbox shortens the amount of time necessary to process your customers' payments by having your bank open the payment envelopes and deposit them directly into your bank account.
Since the payment processing is done at the bank, your customers' payments are received and deposited all within the same day. Evergreen Bank Group will customize your lockbox banking services and costs to fit your specific needs. You are able to access your lockbox deposit information via the internet on the same day your deposit is processed. This is a timely, efficient, and convenient method for accessing critical accounts receivable information.