lockbox processing
Superior Security: An essential service if your business accepts payments by check
In today’s economic climate, you can’t afford pass up opportunities that make your business more efficient. That’s why so many Superior Bank customers take advantage of Lockbox Receivables Processing. It’s the fast, safe and secure way to collect and process checks you receive by mail.
The Problem with Mailed Checks
In these modern times, cash can flow into your bank account in a variety of ways, including direct deposits, credit and debit cards and wire transfers. Most businesses also accept payments by check, which customers or clients often mail directly to the business address. While this is a common way to receive payments, it creates several costs for your business:
- Transportation
- Float
- Employee Time
It also creates several risks for your business:
- Accident
- Fraud
- Business interruption
The Lockbox process is simple: Instead of receipts being mailed to your address, they are mailed directly to your bank instead. This instantly reduces the costs and risks associated with mailed checks.
Reduces Costs
Transportation. No more paying for gas to get to the bank.
Float. Funds get credited into your account much faster.
Employee Time. Your employees won’t spend time making bank runs.
Reduces Risks
Accident. No bank runs, no chance of car accidents.
Fraud. Eliminates the potential for bookkeeper fraud.
Business Interruption/Disaster Recovery. Creates an automatic disaster plan for your receipts function.
Safe, Secure and Easy to Get Started
By having your mailed checks come to a Lockbox instead of your business address, you’ll enjoy more safety and security in your receivables process. Here’s how it works:
- We give you a P.O. Box number to use
- You redirect your receipts to that number
- We collect your mail at the P.O. Box
- We process your receipts using a unique identification
- We create high-quality copies of the original checks
- We return everything to you, except the original check
- We provide same day reports
Get more security and efficiency
Contact your Superior Business Banker and learn more about Lockbox Processing.
