Lockbox Services

Let Broadway’s trained personnel process your customer payments.

Lockbox Services accelerate the collection of your company’s receivables by shortening mail float and reducing processing and deposit lag time. Your company will enjoy quicker access to available funds, as well as the benefits of not processing remittances internally.

Lockbox Services are ideal for:

  • Wholesale businesses that receive high dollar corporate-to-corporate checks.
  • Healthcare providers that receive checks from patients and insurance companies.

How do Lockbox Services work?

  • Your customers mail their payments directly to a unique Post Office box assigned to Broadway Bank.
  • Our staff will process the items by preparing deposits and making all remittance and correspondence documents (as well as check images) available to you online.
  • Access transaction information, document images, data files and print reports through full query capabilities within the iVIEW website.

The benefits of Lockbox Services?

They let you:

Increase funds availability.
Collect your money faster and put it to work sooner.

Save admin costs.
Reduce the time and expense of processing remittances in-house.

Increase internal control.
Separate your receivable collection and posting functions.

Ensure quality.
Receive optimum quality service from Broadway Bank personnel.

Increase Leverage with Payers.
Get information to track timeliness of payments.

 

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