Does your businesses regularly receive payments by check?
First Mid lockbox services may save you time and speed up your cash flow while increasing payment processing security. Our lockbox services take payments for you through the use of a Post Office Box and checks are deposited directly to your account daily.
Lockbox services are ideal for customers receiving a large number of payments, a small number of large payments, or where it is more efficient and cost effective for the First Mid lockbox services to receive and deposit payments, than to pay your staff to perform this function. Our lockbox services prevent deposits from sitting in a desk drawer until someone has time to go to the bank and improve your cash flow by ensuring deposits are made in a timely manner.
What are the benefits of using lockbox services?
- Reduced risks of theft and losses: Using our lockbox services, you can prevent checks from being misplaced, deposited to the wrong account, or from being kept at your business overnight. We’ll make sure payments received are deposited directly to your bank account daily.
- Improved worker productivity: Reduce administrative services for your employees when First Mid handles pickup, organization, and processing of all your deposits. The deposits will be entered into an automated system each day with details available online.
- Easier cash management and accounting: Avoid dealing with checks that may not easily integrate with your accounting system. You will also see an itemized list of deposit transactions made each day, allowing you to keep better track of what’s going on in your business.
- Easier regulatory compliance: Reduce your regulatory overhead and show you’re in compliance with tax regulations by having timely deposits of checks. Holding onto large quantities of checks for long periods of time can create issues for your business with tax authorities.
- Trusted individual service: Receive personalized one-on-one service from your Treasury Management Representative. You’ll have someone you can turn to when you have questions and we’ll get to know your business goals and your needs so that we can offer solutions that will help with your cash flow.
If you have questions about our lockbox services or want to start getting the benefits of our lockbox services, contact one of our Treasury Management Representatives.