LP Seminar 5 FN6200
Instructions
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Answer
LP Seminar 5IntroductionLockbox system or lockbox banking is banking service provided to companies by financial institutions to show receipt of payment for products or services by customers. Using the service, all the payments made by customers get directed to the post office box rather than going directly into the company (Dominici, Del Giudice & Lombardi, 2018). The bank then gets an opportunity to retrieve the payments from the box. The bank also goes ahead to process the payments and make direct deposits into the companies bank account. The lockbox facilitates streamlining of collections or payment processing for companies that receive large amounts of money from their customers. Despite the reliability and popularity of the lockbox system, it can get costly sometimes due to the se...
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