Today we'll explore the pros and cons of using lockbox services and how electronic lockbox alternatives, such as an online billing portal, will be the next step in the evolution of the traditional commercial lockbox. However, not all lockbox solutions are made equal, and it's important to understand when to use which type of lockbox service. But in today's digitally connected internet economy, alternatives to traditional lockbox services have emerged.Īnd for AR teams and their payors, these solutions are a win-win.Įlectronic lockboxes can streamline receivable systems and improve cash flow. Across the cash management process, bank lockbox services have been around for decades as a way for treasury and finance teams to improve their receivables process for checks and other payments sent through the mail.
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