What is Lock Box Payment Services?
Lock Box Payment is a service provided by banks and finance companies to clients for the receipt of payment from customers (Account Debtors). Under the service, the payments made by customers are directed to a special post office box, rather than going to the company. The bank/finance company will then go to the box, retrieve the payments, process them and deposit the funds directly into the client’s bank account.
Factoring companies including ECapital also use a lockbox payment arrangement for Account Debtor payments. ECapital also offers 24-hour online report access to our clients as part of our A/R Management and Credit Protection Programs.
Audio Definition/Pronunciation
OTHER TERMS BEGINNING WITH "L"
- Less-Than-Truckload (LTL) Carriers
- Letter of Comfort or Financial Capability Certification Program
- Letter of Credit
- Letter of Credit (L/C)
- Leveraged Buyout
- Liability
- LIBOR Rate
- Licensed Insolvency Trustee (LIT)
- Line Credit Account
- Line of Credit (LOC)
- Line-haul Shipment
- Liquid Asset
- Liquidity
- Load Tender
- Load Tendering
- Loading Allowance
- Loan Covenant
- Loan-to-Cost (LTC) Ratio
- Loan-to-Value (LTV) Ratio
- Logbook
- Long-Term Debt (LTD)
- Low Boy (Heavy Equipment Hauler)
- LTL Shipment
- Lumping