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With Dollar Bank's Lockbox service, your receivables turn into cash quickly by expediting the collection of your mailed remittances. You simply instruct your customers to mail all payments to a designated post office box maintained for you by Dollar Bank.
Remittances are collected each business day by Dollar Bank and deposited directly into your checking account. This reduces costly mail, remittance collection and processing float. The same day remittances are collected, you receive a remittance report listing the payment maker, dollar amount and check number of each check received for deposit. This report gives you the deposit total and can be used to update your receivables. Users of CashAnalyzer®, our online cash management system, can view their remittance report online and view images of the checks the following day. Your deposit receipt, invoices and correspondence are returned to you via U.S. mail.
