M&T Bank's Lockbox Service is the most efficient way to collect payments mailed to you. M&T picks up mail directly from the post office throughout the day, deposits the checks into your account and sends you deposit information so you can update your records. You’ll see faster funds availability and decreased processing time and expense. Nothing could be easier!
How Lockbox Benefits Your Business
Time to focus on core business issues. Eliminate the internal costs of preparing checks for deposit. With Lockbox, staff can spend more time on other important activities.
Faster access to your money. With M&T's Lockbox service you can get your customer payments deposited as much as three days sooner in some cases.
Better understanding of your business. M&T’s Image Lockbox gives you the ability to immediately view payments into your account. You will enjoy the benefit of increased research abilities and easy access to archived payments. Lockbox will also update your accounts receivable systems through the creation of daily detailed reporting.
Peace of mind. Subscribing to M&T's Lockbox service is a cost-effective way to reduce the risk of internal fraud loss, since customer payments bypass internal processing and come directly to M&T.
Features of Lockbox
Imaging. Enhance your customer service and accounts receivable posting with Imaging. Images of remittance checks and documents are available as soon as 30 minutes after processing. You can access images via the Internet, CD-ROM or Direct Transmission.
Real Time Decision/Event Notification. Process your exception items easily and efficiently with Decisioning. Images of exception items will be posted to the Internet for your review. You can enter missing information and choose to accept or reject exception items. Accepted items will be processed with the same day’s work.
Lockbox Services Available
Wholesale Lockbox. Dynamic service providing tailored processing and reporting to ensure timely and accurate processing of your business-to-business payments.
Retail Lockbox. Automated and efficient processing service capturing and reporting critical information from your machine-scannable invoice. Typically used for consumer-to-business payments.
Property Manager Lockbox. A scannable lockbox solution to simplify the processing of payments from multiple properties to multiple deposit accounts using a single lockbox.
Tax Lockbox. Lockbox solution to help New York State municipalities collect tax payments efficiently.
Canadian Lockbox. We offer a P.O. box in Canada expressly for companies with a Canadian customer base.
Lockbox for Business. A simplified lockbox for the small business owner.
See Image Lockbox in Action
To see a demonstration of the Image Lockbox System, contact your dedicated M&T Relationship Manager, or call 1-800-724-2240 to schedule an appointment with one of our experienced Treasury Management Consultants. They will walk you through this powerful new system and the available options with the Image Lockbox Demo.
To find out more, please send us an email, call 1-800-724-2240 to speak to one of our experienced Commercial Service Team Representatives or contact your M&T Relationship Manager.