Lockbox Services

Streamline your collections process by automating your receivables posting.

Accelerate funds availability and simplicity receivables processing.

First Bank offers Retail and Wholesale Lockbox Services that 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.

Advantages

Efficient

  • Lockbox increases the efficiency of your collection process while expanding your usable cash for investments or debt reduction
  • 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

Reduce costs

  • Lockbox reduces clerical labor costs and workload through the elimination of in-house payment processing and deposit preparation while providing an outside audit control

Flexible

  • Reporting and remittance procedures are adaptable to your company’s specific needs
  • Online reporting gives you access to images and reports

Consider this service if your company:

  • Receives payments in the mail
  • Processes payments at multiple locations
  • Invoices for accounts receivables
  • Wants to reduce collection float
  • Has an influx of remittances creating overwhelming peak periods

Related Information