Accelerate your receivables processing
With lockbox service from YNB, your business can cut days out of your collections process by automating your receivables posting.
Improve deposit availability
Our lockbox services deliver comprehensive, flexible remittance processing that can substantially streamline your accounts receivable function. In addition, our lockbox services can help you to:
- Reduce outstanding payments.
- Improve staff productivity by outsourcing payment collection and deposit preparation.
- Decrease the potential for theft, fraud and error by reducing the number of employee “touches” on each deposit.
- Speed-up remittances – and improve overall cash flow
How Lockbox works
Payments mailed from your customers are remitted directly to YNB where they are processed daily and credited to your account. This time-saving service expedites the credit to your account of oustanding receivables and eliminates the need for your staff to review and prepare deposits to your business account at YNB. Payments from your customers are deposited into your account by YNB. You receive a report detailing the deposit and payments received. This allows you to update your internal accounts receivable system with customer payments.
For additional information, please contact a New Accounts Representative at any YNB location.