Collections.
An eleven-letter word that makes the hair stand up on the back of your neck? Or a convenient, safe, and dependable way to
make sure your receivables make it to your bank, without leaving your desk? You decide! We have, and we MUCH prefer the latter!
For many years, the word “collections” in the financial
realm was akin to harassing phone calls, or someone coming to your house in the
night to reverse-pimp your ride (not to be confused with Pimp
My Ride), after you’d missed a payment or three.
Now, however, collections are taking on a new meaning across
the Receivables landscape. There are
collections as in collection centers, where you can pay your electric bill at
the grocery store, but today, we’re focusing on the kind where you don’t have
to drive ANYWHERE!
Typically, for your business to get paid, someone has to leave
their desk to get the mail, un-envelope the checks, enter them into the
accounting package, only to have to lug them back off to the bank later in the
day. Trust us, there is a better
way. Collections (in the LockBox sense)
to the rescue!
A LockBox is a service provided by some of your finer institutions which allow all
of your receivables (and payables too, for that matter), to be routed securely
to one dedicated P.O. box. Here, bonded
couriers retrieve the contents of your business’ box twice a day, scanning in
payables invoices, receivables checks and remittance information, and taking
the checks and cash to the bank…all while you enjoy your 3:00PM Mocha Mocha Latte at your desk, where you’re
comfy. Best of all, the LockBox and all
of it’s time and gas-savings prowess will cost you less money than your sugary,
chocolaty, whipped creamed friend there. Now that’s sweet genius!