Process Remittances Faster

Providing your business lockbox services with a dedicated location where remittances are received and processed.

Lockbox Services

TowneBank promptly captures and processes all envelopes, records payments, and electronic bill payments from your customers and initiates deposits into your accounts. Our value-added wholesale, retail, and electronic lockbox services provides a single, dedicated location where all your check payments can be received. And, it relieves your staff of the time-consuming tasks of opening received mail, preparing deposits, and delivering them to the bank. 

What are the Benefits of Lockbox?

Access to images of deposited checks and accompanying remittance advice or correspondence helps you post receivables efficiently and accurately, while the funds are already in your TowneBank account.

Customized Lockbox

Tailor your Lockbox to your unique business needs, with special lockbox capabilities.

 Decrease Expenses

Save time and labor costs by outsourcing your receivables processing.

Detailed Reporting

Take advantage of our robust online remittance reports.

Electronic or Paper Funds Accepted

We can process both electronic and paper remittances, through our Lockbox services.

 Optimize Cash Flow

Post payments much faster and more efficiently, because the receivables come to a central location.

Data Available Online

Easily monitor customer payment status online with our prompt and efficient posting process.

Which Lockbox Service is Right for Your Business?

No matter what kind of business you operate, TowneBank can provide the right lockbox for your specific needs. Our lockbox services include imaging of received payment items/correspondence and indexed reporting of deposits received. Your Treasury consultants can help arrange the perfect lockbox structure for your unique business.

  • Electronic Lockbox converts payments originated by your customers through their online bill pay service from a paper check to an electronic credit and sends it directly to your account. This means, that you eliminate the time required for a check payment to travel from the payer to the payee through the postal system—providing you with faster and more reliable payments. Plus, you can implement an optional custom payment data file so your team can eliminate manual payment posting. Electronic Lockbox can be set up alone or in conjunction with our Retail or Wholesale Lockbox offerings. 
  • Designed to receive and process larger volumes of payments with payer remittance coupons included.

  • Receives and processes transactions that are sent without a remittance coupon.

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All terms applicable to Online Banking apply to Mobile Banking.
Fees may apply.

Tour Business Online Banking

Tour Business Online Banking

Explore a complete library of Business Online Banking simulators to learn how to create reports, add a user and more. 

Lockbox FAQs

  • No, Electronic Lockbox is a great option to supplement an existing physical lockbox but can also stand on its own to provide benefits.
  • Yes! We offer retail, wholesale, and electronic lockbox services.
  • IF you have customers who pay your business through their bank’s online bill pay service, electronic lockbox can convert those payments that would have otherwise been delivered through the mail into an electronic credit to your TowneBank account. Electronic payments take 1-2 days to process depending on the payment processor. Compare to one week when payments are sent through standard mail delivery.
  • If you are having trouble logging into the TowneBank Electronic Lockbox system, please contact our Treasury Support team at 844-638-6724, M-F, 8:30 AM - 6:00 PM.
  • With lockbox, you have a centralized location to process your payments whether they are sent in by check or electronically from your customers. Plus, you will have access to reporting that can help you track information and provide correspondence to help you post receivables. And, all funds are deposited directly into one TowneBank account.
  • A lockbox is a service provided by banks that allow business customers to collect and receive payments from their customers in one centralized system. With a lockbox service, the business' customers can send their payments electronically or through mailed check to one place. The business can then log into a portal to view, sort, and process payments.
  • If you have a business that receives frequent payments by mail or through bill pay services from your customers, a lockbox service provides a centralized location for these payments, as well as, reporting to help your accounts receivable team speed up processing. Then, the funds can be deposited directly into your account through one single credit.
  • These services are specially designed to speed up the collection of paper-based payments as well as electronic payments. With lockbox services from TowneBank, you can speed up reconciliation and save time and money.
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