Do you know the advantages of accounts receivable automation? Traditionally, a bank lockbox has been used by company Accounts Receivable departments to increase convenience and efficiency. Lockboxes have been around for decades and much of the traditional bank lockbox's life has been utilized for capturing payment data associated with payments made by check. Commercial banks offered this service to improve efficiency and flow of business transactions simplifying the accounts receivables collection process.
Customers basically leverage the Bank Lockbox to receive check payments in one consistent location.