lockbox business definition
- A service offered by a commercial bank that collects and immediately gives credit for customer payments made to a business client. The business directs its customers to send payments to a post office box that is checked on a regular basis by the bank providing the service. The lockbox service is a cash-management system that allows a business to more quickly gain access to payments received from its customers.
- A small box containing an entry key to a home being offered for sale. The box is placed on the front door and is accessible by real estate agents who have a key or combination to the lockbox.
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