One of the banking services that businesses of all sizes may find useful is a lockbox service. Essentially, a lockbox is simply a post office box that your bank establishes for your business and that the bank will control. You are issued a remit to address that will allow your customers to send payment for all invoices issued by your organization directly to the lockbox. In turn, your bank will open all correspondence, deposit the cheques into your accounts, and provide you with electronic access that allows you to see daily activity. In short, your bank becomes the means whereby you collect receivables and deposit them into your operating, payroll or other designated business account.
The lockbox procedure can make it much easier for you to post payments into your accounting system. Our service able to provide detail about the deposited payments that includes images of the cheques and any other documents that come with the cheque. Often, a daily feed files can be sent to customer for them to upload to their transaction processing system.
Our services are currently in use by a major global banks in Malaysia. We are the Top lockbox services company in Malaysia with highly skillful employees and proven SLA track record.
- Banks can increase its average current account balances, as clients with huge daily collection value will need LockBox services.
- Banks can also increase its Fee revenue, as client will pay for the various types of services utilized.
- Defend its client base by preventing the clients from switching to other banks, which offer LockBox services.
For the Bank’s clients
- Savings in operating cost. To meet the increase in Collection volume, clients need not plan for increase in staff to process its collection, as ALBS is scalable.
- Automation of the credit control process – By automatically updating the collection information into their ERP system with the information provided via the Bank or Ascertain.
- Data capture – Improved accuracy rate. (service level agreement will be required)
- Return cheque notification via SMS/Email secured medium.