What is Lockbox?
Lockbox is a BankNewport Cash Management service that allows you to receive payments that are due from your customers. Lockbox services turn your company’s incoming receivables into usable cash with speed, efficiency and accuracy. Our Lockbox services reduce mail, processing, and check clearing float times, reducing your business's administrative expenses.
What is the process and how does it work?
Your customers send their payments to a designated PO Box managed by BankNewport. The Bank will collect and process the payments directly and deposit them into your account.
Items are processed from 7:30 a.m. to 6:00 p.m. Monday through Friday, and 7:30 a.m. to 4:30 p.m. on Saturdays. Items are posted daily into your BankNewport account, and there is no limit to the volume of checks that can be processed!
What are some of the benefits to you?
- Streamlines check receivable activities
- Reduces costs associated with high volume routine receivables
- Allows for maximum effort collecting slow/delinquent account receivables
- Customized solution
- Reduces potential theft and fraud
- Protects your clients' information
- Same day deposits
- Maximizes cash flow
- Check image payment storage for up to 7 years for easy research and compliance
- CD images available for greater storage needs
- Services multiple office locations with a single PO Box
Interested in learning more about our Lockbox services or want to get started now? Contact our Cash Management Team today.