Lock Box Services
Accelerate funds availability and simplify remittance processing. With Mechanics Bank lock box services you can reduce your mail float and turn receivables into faster cash. Our lock box solutions provide remittance and deposit reporting information to help streamline your collections process.
How it Works
- Faster access to funds - Same-day processing and same-day ledger credit. Our lock box technology reduces mail and availability float to provide quicker access to your funds.
- Faster access to images and information - Available on CDs, or via electronic data transmission from our system to yours
- Reduce processing costs - Streamlined receivables processing decreases costs and frees your staff to work on more profitable activities
Consider our lock box service an extension of your office for remittance processing that’s quick, economical and convenient.
- Your clients send payments to a designated P.O. Box.
- Payments are collected throughout the day by our bank courier.
- Checks are scanned, processed, converted into digital images, and presented to drawee banks for payment.
- Cleared funds are deposited into your account, per your specifications.