Lockbox Services

The Lockbox service is a time-tested cash management tool ideal for businesses receiving a high volume of check payments.  It allows for quicker processing of accounts receivables and can help to reduce costs with its increased efficiency and accuracy.  BBCN Bank can customize the services to fit the specific needs of your business.

How does Lockbox work?

• Check payments from your customers are sent directly to the payment processing center using a P.O. Box
• Check payments are delivered to the processing center several times throughout each day
• Check payments are processed and deposited into your account
• Updated payment information is accessible via online

Is Lockbox for you?

Any organization that receives checks through the mail can benefit from a lockbox; examples may include:

• Corporations
• Property Management
• Utility providers
• Schools
• Charities
• Government Units
• Medical Doctors
• Insurance companies
• Service providers who have sizable accounts receivables

Key Benefits of Lockbox

• Improved profitability
• Improve cash flow through around-the-clock processing
• Reduce cost of managing payment system
• Speed and Convenience
• Information to update internal records are available faster
• Eliminates bank deposit preparation
• Reduced risk
• Reduce risk of  misappropriate handling of accounts receivables
• Reduce opportunities for payment fraud and errors