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Lockbox Services
Automate your receivables posting to streamline your collections process.
Access your funds sooner.
Our Retail and Wholesale Lockbox Services accelerate the process of converting accounts receivable into cash by expediting mail flows, reducing processing times and improving the availability of funds.
Payments are directed to a specific post office box and are retrieved throughout the day to ensure timely processing. A seasoned staff supported by state-of-the-art technology assures the delivery of timely and accurate processing per your defined specifications. You can access payment files and reports online through a secure site.
Perfect for you if:
- You receive payments in the mail.
- You process payments at multiple locations.
- You invoice for accounts receivables.
- You want to reduce collection float.
- You have an influx of remittances creating overwhelming peak periods.
Advantages
- Increases efficiency of collection process
- Reduces clerical labor costs while providing an outside audit control
- Expands your usable cash for investments or debt reduction
- Offers adaptable reporting and remittance procedures
Convenience
- Mail is picked up throughout the day and checks are immediately processed for deposit
- Payment files can be designed to interface with your accounts receivable system for automatic updates
- Online reporting gives you access to images and reports
Real First Bank Stories
Meet Stanley Hughes
Owner, all-organic Pine Knot Farms
One of the few NC farms continuously owned and operated by an African-American family for over a century, Pine Knot Farms now grows a dozen varieties of organic produce for local markets and restaurants.
More Customer Stories
We specialize in your business.
Whether you’re a startup or big business, First Bank offers solutions perfectly suited to your financial needs. See how we can support your business goals.
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Have questions about this service? Contact us today.