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    Benefits of Lockbox

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    Can you please explain the following: What are the benefits of Lockbox?

    © BrainMass Inc. brainmass.com June 3, 2020, 5:22 pm ad1c9bdddf
    https://brainmass.com/business/accounting/benefits-lockbox-23735

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    Lockbox System: In the lockbox system instead of mailing checks to the firm, customers mail checks to a nearby P.O. Box which has been rented by the company in each principal region. A local commercial bank working as an agent of the company collects and deposits the checks in the company's local account. Surplus funds are transferred periodically to one of the company's principal banks. ...

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    The benefits of Lockbox have been explained.

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