Retail Lockbox
With our Retail Lockbox service, we can help you convert your receivables into cash quickly, efficiently and accurately – so that you can maximize the use of your funds and eliminate the hours of manual entry.
Product Features
- Enhanced efficiency – Stop opening remittance envelopes and get back to the business of selling more products.
- Lowered costs – Get significant savings per item due to economies of scale. Coupon recognition allows for a high rate of automatically processed items, keeping your costs low. Image services provide an excellent tool for customer service and research, eliminating the need for paper storage.
- Faster funds availability – Reduced mail and check clearing time gives access to funds sooner.
How does it work?
Our Retail Lockbox offers a 24-hour high-speed, fully automated remittance process. Payments are received through a unique P.O. Box and are processed based on business rules provided by you. The deposit is made directly to your account, and remittance detail is electronically transmitted same-day for automated posting to your accounts receivable system. First Horizon Bank offers an excellent check clearing network for our Retail Lockbox clients, ensuring the best funds availability. Our image-based transaction process provides you with immediate access to remittance detail online.
