Cash Management

Lockbox

Accelerate the Collection of Receivables

Alta Alliance Bank's Lockbox service is a cash management tool designed to accelerate the collection of your receivables and improve your company's cash flow. Our Lockbox service increases the efficiency of the collection process and expands your usable cash by reducing delays caused by:

  1. Mail float and postal system delays
  2. Transit float in clearing a check through the banking system
  3. Internal processing float for your handling of the remittances prior to delivery of the checks to the Bank for deposit.

The faster availability of funds increases opportunities for debt reduction or short-term investments are provided by faster availability of funds.

Reduces Company Workload

Our Lockbox service reduces your clerical workload, provides outside audit control, furnishes daily remittance information for timely updating of accounts receivable ledgers, assures daily deposit of funds, eliminates the need for daily trips to the Bank, and provides thorough documentation of all activity. Another benefit: it is comprehensive, flexible and cost effective.

Advantages of Lockbox:

  • Accurate and timely processing. Alta Alliance Bank's rigid standards for processing accuracy and meeting depositing requirements are a priority. Once you send payments to a post office box, an Alta Alliance Bank employee picks them up and delivers the payments to the Lockbox Department at the Bank for processing and deposit into your account.
  • Comprehensive reporting. Remittance notices, inquiries and all correspondence are forwarded to you each day, along with a receipt for the day's deposits. A record of all checks is maintained as a digital image to assist in any research requests.
  • Same-day deposits. There is no need to make a trip to the Bank because your deposits are made for you. This step eliminates the risks associated with employee absenteeism, internal workload or other circumstances.
  • Customized processing. Reporting and operating procedures are developed to meet your individual needs and requirements.

For more information, contact your Alta Alliance Bank Relationship Manager.