With Westminster Savings’ Lockbox Service, you can eliminate or reduce in-house processing of payments you receive from your corporate clients and speed up the collection of your receivables.
With a Westminster Savings lockbox, your corporate bill payments go directly to a post office box. You simply ensure the lockbox is cleared daily to our processing centre, and we do the rest. From opening the mail, to depositing the funds into your account and sending you the payment details.
Eliminate manual processing and cheque handling expenses, and reduce account reconciliation time.
Simplify accounts receivable management and reporting and improve cash flow forecasting.
Improve turnaround times for customer orders that require payment processing before shipment.
With Lockbox, you get your money faster, and you can lower your receivables processing costs.
How it works
How Lockbox works
- Your customers can send their remittances to a postal box with their payment enclosed
- A courier can access your postal box on a daily basis and deliver the remittance and payments to our processing facility in Vancouver
- Our processing facility will open and process the payments and automatically credit your account
- You will receive an electronic file listing the payments made, the date of payment and the payment account, which you can then automatically input and reconcile against your business' accounts receivable system.
Why you should use it
Why you should use Lockbox
- Eliminate manual processing and cheque handling expenses, and reduce account reconciliation time
- Simplify accounts receivable management and reporting and improve cash flow forecasting
- Improve turnaround times for customer orders that require payment processing before shipment