Citizens Bank offers two separate lockbox collection programs:
Wholesale Lockbox provides one of the fastest methods for converting receipts into usable funds. If your business collects your receivables through the U.S. mail, then changing your address to one of our P.O. Boxes can accelerate your collection time and improve your information flow. We aggressively retrieve the contents of your P.O. Box and submit the checks as fast as possible for collection - often prior to when the postal service would have delivered the mail to your location. All checks are imaged for optional quick electronic reporting through several channels. Other envelope contents such as invoices can be imaged as well. Then information can be returned to your company via the Internet, package delivery, or monthly CD-ROM for updating your accounts and maintaining your records. If you receive credit card payments with your mail, ask us about how we can process these for you as well.
Retail Lockbox services are for companies with high volume mail funds collection needs. The service can significantly reduce your labor and expedite your collection process.
Benefits
- Can reduce number of accounts
- Accelerated cash flow through improved availability of funds
- Reduced processing cost
- Enhanced audit controls
- Reduced mail float
- Maximized funds availability
Features
- Can reduce number of accounts
- Accelerated cash flow through improved availability of funds
- Reduced processing cost
- Enhanced audit controls
- Reduced mail float
- Maximized funds availability