Receivables (Cash Inflows) - Wholesale Lockbox
Country Club Bank’s wholesale lockbox service is available to customers who are interested in accelerating the conversion of receivables to cash. The wholesale lockbox is especially useful for companies with low volume, large dollar remittances. Receivables data is processed according to an agreement, with checks deposited directly to the customer’s account. You will direct your clients to send remittances to a special post office box rented in your name. Country Club Bank collects the remittances each day for processing. All processing is done manually, allowing for a higher level of customization.
Benefits
- Allows your receivables to be sent directly to the main post office.
- Allows the process to be customized and deposits expedited.
- Reduces administrative costs.
- Provides better internal controls with a separation of duties.
- Expediting the collection process improves funds availability, cash forecasting and audit controls.
For more information please email a Treasury Management Representative , or call (816) 931-4060.