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Lock Box Services

BankAtlantic Lockbox services are designed to accelerate your receivables cycle, while giving you access to funds and treasury management data sooner.

How Lockbox works:

Your customers are instructed to mail their payments and invoices to a bank-accessible post office box, set up in your name. After your mail is picked up from the post office by an authorized BankAtlantic employee, it is processed according to your customized instructions. Funds are deposited directly to your BankAtlantic account on the day of receipt. Copies of checks, remittance documents and reports detailing payments received and deposits made are delivered to you daily.

BankAtlantic offers three specialized types of lockbox processing suited for specific types and volumes of payments. The Treasury Management Consultants at BankAtlantic will work closely with you to explain the many processing options available and will design a lockbox program tailored to your company’s needs.

Wholesale Lockbox – Business-to-Business payments, usually low-volume, large-dollar payments sent with an invoice:

  • Image capture of check and invoice
  • Correspondence, invoices and detailed deposit reports forwarded daily
  • Optional data entry of check and/or invoice information may be transmitted daily to your company to speed the receivables updating process.
  • Current-day reporting of deposits with float detail is available online
  • Property Management Lockbox – A specialized lockbox service for property management firms or associations that allows for segregation of funds into various accounts, with customized reporting features:
  • Detailed deposit reports by association
  • Advanced technology is used to capture data from checks and scannable remittance documents
  • Data transmission for automated posting to receivables system
  • Retail Lockbox – Consumer-to-Business payments accompanied with scannable remittance documents, allowing payments to be processed in an automated manner:
  • Advanced technology is used to capture data from checks and scannable remittance documents
  • Data transmission for automated posting to receivables system
  • Image capture of check and remittance documents

Lockbox Benefits:

Savings

  • Saves time and money: Lockbox Services increase the efficiency of your collection process while expanding your usable cash for investments or debt reduction.
  • Increases staff productivity while decreasing workload: reduces clerical labor costs and workload through the elimination of in-house payment processing and deposit preparation, while providing an outside audit control.

Control

  • Customized processing: reporting and remittance procedures are adaptable to your company's specific needs.
  • Timely receivables updating: allows your company to make more informed credit decisions.
  • Achieve separation of the billing and receivables functions

Efficiency

  • Immediate processing: mail is picked up early each day and checks are immediately processed for deposit.
  • Improves receivables and cash flow: available cash is increased by reducing mail float, check transit float and internal mail processing float. Same-day credit to your company's designated depository account expedites receivables processing and accelerates cash flow.

 

 

Securities and Investment Products are:

• Not a Deposit • Not FDIC Insured • Not Bank Guaranteed • Not Insured by any Federal Government Agency • May Lose Value

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