Deciphering Lockbox Payments and Their Impact on AR Processes

General Bookmarker28 Mar, 2024Finance

The lockbox experience is entirely a different one for businesses and customers, which allows customers to pay in a lockbox while banks will collect and add funds into the company account to avoid straining the company’s cash flow. But the question arises: what is the purpose of a lockbox, and how can it help with the accounts receivable process? This blog will address this question and discuss the lockbox payment option in today’s financial landscape.