PAYSTAND BLOG

Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.

What is a Bank Lockbox Service and How is it used for Payments

Across the cash management process of many businesses, Bank Lockbox Services have been around for decades as a way for treasury & finance teams to improve their receivable process for checks and other corporate payments sent through the mail. But in today's digitally connected Internet economy, electronic alternatives to traditional lockbox services have emerged. Today we'll explore a little bit about the advantages and disadvantages of a lockbox services and how electronic lockbox alternatives such as an online billing portal may be the next step in the evolution to a traditional commercial lockbox service.

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Kenzie Earle Kenzie Earle on February 9, 2017

Payments, B2B, Accounts Receivable, Lockbox Services

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