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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 firm's bank account.

 
 Embedded terms in definition
 Box
Firm
Its
 
 Referenced Terms
 Cash concentration: The process used by the firm to bring Lockbox and other deposits together into one bank, often called the concentration bank.

 Concentration services: Movement of cash from different Lockbox locations into a single concentration account from which disbursements and investments are made.

 
 Related Terms
 Lockbox system

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