Person is putting a check into an envelope

Lockbox

Convert receivables into cash quickly, efficiently and accurately.

Accelerate funds availability with Lockbox.

As a business owner, cash flow is essential. Lockbox banking simplifies and accelerates the accounts receivable process.
 
Convert receivables into cash quickly, efficiently and accurately.
Our lockbox services are an efficient way to collect payments from your customers and expedite your payment processing. Our advanced solution collects your check and electronic payments, deposits the money in your account and transmits the remittance information to you for automated receivables posting.
 
Benefits
  • Get faster access to your money.  Accelerate funds availability from reduced processing, mail and deposit times.
  • Reduced costs.  Lower expenses related to staffing, remittance equipment and contracts.
  • Save Time.  Increase staff productivity by automating manual processes.
  • Enjoy peace of mind.  Decrease the potential for fraud, theft and error by reducing the number of employee “touches” on each transaction.
  • Get insight into your business.  Access decision-critical account information from your desktop, including daily detailed reporting, images of checks and documents, increased research ability, and easy access to archived payments.
How Lockbox works
Providence Bank makes daily, strategically-timed collections from the extensive Lockbox sites in our network. We immediately process incoming payments using our automated solution. That same business day, deposits are made into your account and the remittance information is available in Online Banking.
 
Contact a Treasury Services Banker to how Lockbox can simplify and accelerate your accounts receivables.