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Reduce the time it takes to convert your receivables into working cash.
Receivables in the process of being collected represent unusable funds to your business. With First Midwest Bank’s Wholesale Lockbox service your customers’ remittances come directly to a post office box where they are picked up daily and processed by the Bank. Funds are deposited directly into your account and all correspondence is forwarded to you daily. Because everyone has special processing needs, we tailor our service to meet your unique needs.
The Advantages
Faster Funds Availability: Lockbox accelerates the receipt, processing and deposit of your receivables, making your funds available sooner for reducing short term borrowing, funding current operations or investing.
Reduce Office Expense: Reduce your clerical costs by freeing up staff from preparing deposits to pursue more productive activities.
Reduce Risk: Your exposure to lost, misplaced or mishandled customer payments would be reduced.
Audit Control: Our role as a third party handler enhances audit control.
Same Day Deposit: All mail made available by the post office each business day is processed and deposited that day.
How it Works
1. Mailing of Receivables: Your customers will mail their remittances to a post office box reserved for your company.
2. Mail Pick Up: Bonded employees will pickup the mail at designated times during the day.
3. Processing: Payments are deposited to your account on the same day. Copies of checks and correspondence are sent back to you daily along with a deposit summary.
Contact a Cash Manager
Return to Collection
Retail Lockbox
Wholesale Lockbox
Merchant Bankcard Services
ACH Collections
Wire Transfers
Financial Electronic Data Interchange
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