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Lockbox continues to be the most widely used and effective tool for accelerating the collection of receivables. With Hillcrest Bank’s Digital Online Lockbox service, incoming payments bypass your corporate and regional offices and come directly to the bank. This reduces mail, processing and collection float – increasing your cash flow and your operational efficiency.
Benefits
- Payments are deposited quickly, giving you more immediate use of receivable funds
- No personnel to hire or train for routine bank deposits
- Access decision-critical payment information from your desktop
- Automated payment posting to your general ledger reduces manual input time and error
- Invoice or remittance data can be captured for automated upload into your systems
- Eliminate storing and filing of paper checks and invoices
Features
- Simple fee structure and no software to load or maintain
- Same day, online viewing of lockbox content
- E-mail alerts notify you of lockbox activity to improve internal decision processes
- Items, images and reports are stored online virtually eliminating paper and research time
- Advanced search capabilities allow you to locate checks/invoice information quickly
- Your lockbox information is accessible online 24 hours a day, 7 days a week
- Lockbox services can be custom tailored to suit your receivable system requirements
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