Our Lockbox helps process your customer payments by handling the preparation and deposit of your accounts receivable payments for you.
- Reduced mail and processing float
- Improved access to remittance information
- Reduced risk and improved security (since payments are no longer received internally)
- Improved control and record-keeping
- Uninterrupted service
Because we process payments locally, we can customize our services to meet your company’s needs. We also provide you online access to review customer payments and other information needed to reconcile your account receivables.
How it works:
- Your customers will send their payment and remittance to a PO Box in Hills, Iowa.
- Hills Bank will retrieve mail daily and process your accounts receivables by scanning checks and any applicable remittance information into the Lockbox system.
Types of Lockbox:
- Generally high volume and low dollar payments with machine-readable remittance
- Common for consumer-to-business payments
- Generally low volume and high dollar payments with no machine-readable remittance
- Common for business-to-business payments
To learn more about Lockbox or to get started, contact a member of our Treasury Management team.