Thursday, May 25, 2017

Lockbox Banking

Lockbox banking is a service provided by banks to companies for the receipt of payment from customers. Under the service, the payments made by customers are directed to a special post office box, rather than going to the company. The bank will then go to the box, retrieve the payments, process them and deposit the funds directly into the company bank account.
 
E.g. Lockbox banking helps the U.S. treasury collect tax payments
.................................................................................

No comments: