At Provident Bank, we're committed to providing you with a Lockbox Service that improves the efficiency and profitability of your company by automating your collection and posting of receivables with a real-time, online service with full image capture and retrieval capabilities.
Steady cash flow – the proverbial thorn in every business owner’s side. The answer to your woes is simple: the lockbox, a company mailbox maintained and operated by Provident. Lockboxes can be established in multiple locations convenient to your highest sources of cash flow to hasten the collection process.
Simply mail your payments to your lockbox address and we open the mail and deposit the checks into your checking or savings account. We also use image capture technology to make electronic copies – front and back—of coupons, checks, invoices, and envelopes and send you a daily report. This data is also available to your employees through Online Lockbox.
Because of the associated processing fees, the lockbox is not cost-effective for every organization. It usually works best for businesses that process a large volume of payments, such as utility companies, property management companies, municipal authorities, manufacturing companies, medical billing companies, etc. However, because increased automation has significantly reduced the cost of payment processing, banks can be more flexible, customizing their services to fit ever smaller businesses with lower payment volume.
The lockbox is a highly effective cash flow tool and data management system that can enhance your efficiency and productivity and, ultimately, save you money. To learn more about how it may work for your business, contact one of our Cash Management Officers for an evaluation of your requirements and customized pricing options – the lockbox may hold the key to your success. And don't forget to check out our LinkedIn Forum!