Lockbox Service
If accelerating the collection of your accounts receivable is an essential ingredient for your company's cash flow, IBC Bank's Lockbox Service may be just what you need. These payments are typically low-dollar, high-volume transactions that can have a measurable impact on a company's bottom line.
Features
- Remittances are mailed in your company's name to a special P.O. Box maintained at the central Post Office station by IBC Bank.
- The bank picks up lockbox mail multiple times each business day, and the work is pre-sorted and staged for processing.
- Checks, invoices, and other remittance details are captured and imaged, and all necessary data from each transaction is keyed to your account database. This operation provides your company with customized processing tailored to your specifications.
- After an electronic deposit to your account, IBC Bank will package and return your imaged checks, remittance documents, and daily reports.
Benefits
- Reducing check-clearing float makes your funds available more quickly to minimize borrowing needs and/or maximize investment returns.
- Download a standard CSV formatted file from IBC Link to automatically update your accounts receivable
- A deposit report, an accounts receivable updated file, and images of checks and invoices are available on the IBC Link.
- Each lockbox account is assigned to one of IBC Bank's professional staff members who become familiar with your unique processing specifications.
Lockbox Deposit Reporting
- View your daily deposited items and remittance images
*Funds availability may be delayed.
For more information, please contact an IBC representative or visit your nearest IBC branch.