Wholesale Lockbox
With First Horizon Bank's Wholesale Lockbox, incoming payments are automatically collected, processed and deposited into your account on an ongoing basis. And with better access to your money, you'll have greater fiscal strength and flexibility.
Product Benefits
- Saves money – Wholesale Lockbox automates the process of remittance delivery, speeds money to your account and eliminates hours of manual entry by uploading to your A/R database all necessary support data needed for your accounts receivable posting.
- Funds available sooner – frequent post office pick-ups during the day, night and weekend mean your remittances never sit idle. And our efficient nationwide payment processing capabilities help reduce mail and check-clearing time and maximize funds availability.
- Greater control – Wholesale Lockbox allows you to separate the processes of billing and posting receivables to improve internal audit controls. You can also improve research and customer service capabilities with the electronic transaction image file generated with Wholesale Lockbox.
- Puts remittance processing on "automatic" – with Wholesale Lockbox, you never have to worry about getting to the bank to make a deposit. Your money is already on its way, automatically.
How does it work?
Our Wholesale Lockbox offers a 24-hour, fully automated remittance process. Payments are received through a unique billing address provided by the bank within a priority ZIP code. Remittance payments are qualified based on business rules provided by you. The deposits are made directly to your account. First Horizon Bank offers premier mail collection sites and an excellent check clearing network designed to provide the best funds availability. Our image-based transaction process provides you real-time remittance detail.
