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 Glossary   >   L   >   "Lockbox" Definition   

        Lockbox

A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box that the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firms bank account.

Lockbox


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Lockbox - A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box that the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firms bank account.


Lockbox : a collection and processing service provided to firms by banks, which collect payments from a dedicated postal box that the firm directs its customers to send payment to. the banks make several collections per day, process the payments immediately, and deposit the funds into the firms bank account.