Wholesale Lockbox
Bank of Oklahoma's Wholesale Lockbox service is designed to accelerate the processing and collection of low-volume, high-dollar remittances you receive from your customers. Once the payments are routed to Bank of Oklahoma via a designated post office box, the mail is retrieved, invoices and imaged checks are balanced, and funds are deposited into your account. Your wholesale lockbox deposit report is available 24-hours a day via NetConnect.
Benefits
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Check clearing float is substantially reduced, accelerating availability of funds.
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Your company's investable cash balances are increased, minimizing the need for borrowing.
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Data capture and transmission can automatically update your accounts receivable system on a day-of-deposit basis.
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Management reporting and control is enhanced, reducing clerical time and expense.
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With the faster update of receivables files, shipments will not be held due to delays in payment and receivable processing improving customer relations.
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