Lock Box Services
United Republic Bank Lock Box Service is a bookkeeping service for accounts receivables. It's almost like having a bank in your office. This service accelerates your company's cash flow by collecting your receivables at the post office, depositing the funds directly into your account at the bank, and providing you with the necessary information to update your receivable records. This is an excellent product for time and money management!
How it works:
- You bill your customers and direct them to send their payments to a Post Office Box controlled by United Republic Bank.
- Our bank messenger picks up the mail and delivers it to our Lock Box Department.
- The bank records the payments, endorses the checks, prepares the deposit and sends you the receipt, along with customer correspondence, every business day.
- All documentation can be mailed to you, available for pick up or a courier service is available for an additional fee.
Advantages to your business:
- Reduce time between when you bill your customers and when you have the money to use.
- No personnel to hire and train for routine bank deposits.
- More immediate use of receivable funds for your business.
The process is efficient, dependable and saves both time and money.