It’s hard to believe in today’s era, which we live in, customers use checks drawn against checking accounts to make purchases. You can set up checking accounts at bank branches or through a financial institution’s website. To deposit funds, you can use ATMs, direct deposit and over-the-counter deposits. To access your funds, one can write checks or use electronic debit or credit cards connected to one’s accounts. Thanks to advances in electronic banking, many people can now use checking accounts to set up automatic payments of routine monthly expenses, and they can also use smartphone apps for making deposits or transfers.
This is a great solution for single or couple of checks deposits, but what is a solution for an enterprise who handles large volumes of checks? Certain banks offer multi-site Wholesale and Retail lockbox networks which speeds up and simplifies the handling of large volumes of mailed checks. Your customers send their checks to a designated P.O. Box, so that the bank can process them quickly. This allows you to access your funds faster. Lockbox provides fast, and accurate service, preventing the confusion, that it causes when checks pile up. The lockbox allows you to:
- Track customer payments, view payment images, monitor your check data daily, which enables funds posted to your account quickly.
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