Cole Taylor’s Lockbox Services
Speed Collection Processing
Many companies use bank lockbox services to speed the collection and processing of remittance mail and thereby gain faster access to remittance funds.
Cole Taylor offers a mail-intercept or lockbox service designed to convert remittance checks into available funds quickly. Cole Taylor employs special post office boxes to collect remittance mail at local postal facilities before transporting it to our bank processing site.
Multiple daily mail pickups enable Cole Taylor to move remittance funds swiftly into our customers’ bank accounts. In contrast, companies that collect remittance mail at their own offices receive customer checks only once a day. Since remittance mail is sorted and sent to Cole Taylor directly from the main post office, the speed of collection is improved greatly since no intermediary post office stops are required.
Reduce collection float
By using Cole Taylor’s lockbox services, a company can generally reduce by a day or more the time between when its customer mails a check and when the company gets available funds on that check. Lockbox services also eliminate the labor-intensive process of having somebody in the office sort the mail, go to the bank and personally make a deposit.
We can provide convenient, timely reporting of remittance information to ease the task of cash application. Cole Taylor delivers receivables information via faxed reports. ColeTaylor Reporter, our online cash management tool, also enables our customers to view deposit information securely via the Internet.
Factors to consider
The decision to use a lockbox is an economic one. A company should consider such factors as its average daily sales, average remittance size and opportunity cost of funds to determine its expected float savings from using a lockbox.
Another consideration is quality of service. For the past 12 months, Cole Taylor’s lockbox services have exceeded industry-wide quality standards, with a 99.9% timeliness rate and a 1% error rate.
At Cole Taylor Bank, we try hard to understand our customers’ unique needs and will customize lockbox services to fit those needs.
Learn more about how Cole Taylor’s lockbox services can help speed up your collections processing at www.coletaylor.com. Call us at (312) 442-5070 to hear about our full suite of Cash Management solutions and to receive a testimonial from one our of satisfied customers.
By using Cole Taylor’s lockbox services, a company can generally reduce by a day or more the time between when its customer mails a check and when the company gets available funds on that check.
Visit us at
www.coletaylor.com