Lockbox

Streamline your accounts receivable processing and free your staff for more productive tasks with Lockbox.

Powerful
You choose the processing options that best suit your company's needs, and let Franklin's Lockbox service enhance the quality of processing and customer service. Since we deposit the checks for you, you gain additional audit controls due to the further separation of the depositing and account posting functions.

Cost effective
Franklin Bank's Lockbox service eliminates mail, receipt and processing of receivables in your office, allowing for more effective use of your staff. Deposits are made promptly and your need for expensive remittance processing technology is eliminated.

Efficient
You can accelerate cash flow and ensure timely deposit of payments. Lockbox also reduces mail, processing and check collection float.

Specifications and Availability
We have several processing packages to choose from, and some customization is available.

Am I a good candidate for Lockbox?

• Does your company receive payments via the mail?
• Do you have someone on staff that is responsible for going to the Post Office to collect payments received?
• Are you spending too much time preparing checks for deposit at your bank?
• Do you send someone to the bank daily to make deposits, or do you "hold" several days' worth of payments so that you only have to make one trip to the bank?
• Are you concerned about separating the posting and depositing functions within your organization?

If you answered "yes" to any of these questions, you are a good candidate for Franklin Bank's Lockbox service.

How it works

• You provide your clients and vendors with the new post office box number which has been assigned by Franklin Bank. Your clients and vendors then remit their payments to the new P.O. Box address. (They won't know they are sending their payment to Franklin Bank.)
• Franklin picks up the mail each day. This eliminates the need for you to go to the post office or check the mail for incoming payments.
• Our highly-trained lockbox processors accurately handle your remittances per your specifications. The staff levels in our lockbox areas are coordinated to coincide with peak volume periods, so you can be assured your remittances will be processed timely.
• We deposit the checks submitted by your clients and vendors to the Franklin Bank checking account of your choice. We will provide you with an image of the check, along with all the invoice information included in the envelope.