Lockbox Operations (General)
This workflow template illustrates the setup and sales of lockbox products for banking customers and the subsequent processing and reporting of lockbox payments. Purchase and download this template in PDF, Visio (VSD), PowerPoint (PPT) formats. You can customize it to fit your own organization, or simply use it to better understand the Lockbox Operations (General) process.
Related KPIs : Lockbox Item Processing Hold Over Rate, Revenue per Lockbox Account, Same Day Lockbox Item Processing Rate
What is Lockbox Operations (General)?
The Lockbox Operations (General) process involves the setup and sales of lockbox products for banking customers and the subsequent processing and reporting of lockbox payments. This process includes lockbox product sales, payment setup, lockbox payment reconciliation and balancing, and the generation of transaction receipts for lockbox customers. All payment documents should be scanned and archived when received. Lockbox services essentially allow companies to receive payments from customers through a special post office box handled by a bank.
Download a Sample Lockbox Operations (General)
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