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Lockbox
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.
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