Lockbox Collection Services
Simplify and speed your remittance process.
Bank of Tennessee's lockbox program is designed to speed up the collection of remittances (incoming payments) by reducing the amount of mail, processing, collection and float, customers would otherwise encounter. Lockbox expedites the clearing of checks into funds that can be used by a company.
The process is simple.
- Your customers mail their remittances to a local post office box addressed to your company
- Every business day morning, Bank of Tennessee picks up the Lockbox mail from the post office and processes the mail that same business day
- The mail is opened, checks removed from the envelopes and deposited to the company's account
- Remittance information is captured and delivered with a photocopy of the check to the customer for manual capture of remittance data in-house
- All items mailed to the Lockbox are deposited the day they are received. Bank of Tennessee's Lockbox staff will work with your staff to compile the Lockbox receipts and deliver as instructed by you
For added speed, Bank of Tennessee has Lockbox operations located at the Operation Center in the Northeast Tennessee Business Park adjacent to the Tri-Cities Airport. All remittances will be forwarded to a P.O. Box located in Johnson City.
So choose Lockbox from Bank of Tennessee and lock down the advantages:
- The collection of the receivables is accelerated
- Getting checks into the check-clearing system faster accelerates availability of funds. Increased availability of deposits can be used to fund checks, invest or pay down loans
- Provides high quality service since unique customr needs are addressed with customized processing
- Stability of location of service