First Guaranty Bank’s Lockbox Services allows organizations to “streamline receipts” by collecting payments into a customer’s business or commercial account in order to speed deposit processing and alleviate some of the bookkeeping workload.
Benefits include:
- Multiple locations closer to your customers’ location
- Likely to be faster than delivering to your business address
- Shortened processing time by having bank staff directly deposit payments into the bank account, ensuring payments are received and deposited same day
- Lower internal processing costs, speed up collections, and convert their receivables into cash more quickly
- Performed on a daily basis, so businesses can increase their control and efficiency in receivables management while improving audit controls and data security
- Accelerate receivables and improve efficiency