Accept Pain-free Payments
Enhance your cash flow by outsourcing your accounts receivables for simplified handling of customer payments. The faster your customer payments get processed, the faster your business gets paid!
Lockbox Services from First National Bank of Michigan offer a convenient way to improve the efficiency of collecting and posting receivables.
How Lockbox Services Work
With Lockbox Services, all remittance mail is directed to a special address. In a traditional check payment processing scenario, a lot of labor and time is involved for your business. You have to collect check payments, open envelopes, sort and endorse checks, prepare deposit slips, take deposits to the bank, and, finally, update your accounts receivable software.
Outsource those pains with Lockbox Services from FNBM.
Utilizing Lockbox Services provides:
- A reduction in internal overhead — Your staff can concentrate on the core functions of your business by eliminating the time-consuming task of keying in remittance data.
- Shortened processing time — Having bank staff directly deposit payments into your bank account ensures payments are received and deposited the same day, accelerating cash collections, and improving cash flow.
- Information on demand — Transaction images and data can be queried and downloaded as needed.
- Viewable check images and remittance documents online, the same day the items are processed.
- Streamlined operations — Lockbox Services increase your internal efficiencies by simplifying the collection and processing of payments.
- After-hours processing — With outsourced assistance, processing keeps moving even after your business hours.
In addition to its convenience, Lockbox Services offer added safety in the form of reduced:
- Fraud risk.
- Accounting errors.
- Theft and lost checks.
Running your business is a full-time job. That’s why First National Bank of Michigan offers professional assistance for Lockbox Services questions and concerns.
The FNBM Difference Working for You
We believe in local leadership and local decision making.
We understand that direct access to your banker is important.
We know the importance of giving back to our community.
Learn more about why First National Bank of Michigan is right for you.