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Guest Column: Document Scanning + Wholesale Lockbox Processing = Big Revenues
Source:
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By Russell L. Smith
Lockbox processing is a cash management service that banks provide to corporate customers. The service remains a big business for banks.
Lockbox processing remains popular because it accelerates the collection and deposit of mailed check payments and related remittance documents. This, in turn, provides corporate billers with:
- Faster access to funds
- More timely receivables information
- Customized remittance processing
- More efficient use of office staff
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