WHAT IS LOCK BOX ? GIVE ME SHORT DESCRIPTION?

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WHAT IS LOCK BOX ? GIVE ME SHORT DESCRIPTION?..

Answer / sachin kedar

Lock box is created by bank with specific code which they
will provide to customer to drop their checks into it. As
we received the check and update into system

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WHAT IS LOCK BOX ? GIVE ME SHORT DESCRIPTION?..

Answer / chinnareddy

The lockbox procedure is a system mainly used in the USA to accelerate payment receipt and check processing. The bank keys data from the checks sent by customers and notifies the payee of the entered information via file transfer.

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