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Lockbox Services

At BofI Federal Bank, our includes Lockbox Services designed to simplify the collection and processing of your accounts receivable. We offer nationwide Lockbox operations using state-of-the art integrated infrastructure in order to accelerate your accounts receivable processing and information delivery through solutions that are customized to your unique requirements.

How does Lockbox work?

With Lockbox, we provide you with a dedicated P.O. Box or P.O. Boxes to which your customers will mail their payments. We will then retrieve the payments, process them, and securely deposit the funds directly into your company’s account.

What are the benefits of Lockbox services?

In addition to the ease and convenience Lockbox offers to you and your company, this Cash Management solution also offers:

  • A faster, more accurate collections process
  • Reduced mail float
  • Accelerated cash flows
  • Flexible, customized service
  • Faster access to receivables information for improved customer service
  • Access to web-based images on a same-day basis
  • Access to an image archive for storage and research
  • Timely reporting with a variety of delivery options

What options are available with Lockbox?

We offer the following versions of Lockbox, each tailored to specific business needs:

  • Wholesale Lockbox - Business-to-business payments, lower volume, no payment coupon, varying size documents including invoices remitted with payment.
  • Retail Lockbox - Helps you manage the collection and processing of consumer-to-business checks. We also include remittance/payment stub with OCR line for automated processing, so you can access your money faster and more conveniently.
  • Whole-tail LockboxA hybrid implementation of Wholesale and Retail Lockbox. The perfect solution for businesses that generate a low-volume of retail payments (payment stub or mixed payments), which may include payments from both retail and commercial customers.
  • Property Management/HOA Lockbox – Perfect for property managers. Payments from multiple properties or homeowner’s associations can be mailed to a single lockbox, making your job easier. Payments will be sorted and reported by entity.
  • Remote Lockbox Capture - Our state-of-the-art technology allows us to offer you this convenient processing option in which you can deposit images of checks received at your location directly into your Lockbox. These deposits are seamlessly integrated with all other Lockbox receivables, making your reconciliation simple and fast.

How to Get Started with Lockbox

Find out which Lockbox solution best fits your needs by getting in touch with one of our expert Relationship Managers by calling 844-678-2726 or via email at . Start benefiting from a simple, fast, and secure way to collect your customers’ payments today.

Lockbox Service is just one component of a comprehensive selection of Cash Management Services available to customers who have a or . We invite you to available from BofI Federal Bank to determine which one is best suited to the financial needs and goals of your business.

Speak with a Relationship Manager today!

(844) 678-2726​
 

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