If your company receives a large number of invoice payments, you should consider a lock box to help you effectively and efficiently manage your incoming cash.

Below are some of the most frequently asked questions about this service. If you have additional questions or if you would like to discuss this service with CIT, please e-mail us or call us at (800) 248-3240. We look forward to working with you!

Frequently Asked Questions

What is a lock box?
What are the benefits of outsourcing lock box management to CIT?
What services does CIT provide?
Should I outsource my lock box toCIT?
How can I learn more?

What is a lock box?

A lock box is a unique post office used for invoice payments. It is set up for your company so that checks may be picked up, copied, and deposited daily. Companies outsource this function to CIT Commercial Services when they want to establish a lock box for the first time, improve the service levels of their existing lock box, reduce the operating expenses of their lock box, or improve funs availability (float).

What are the benefits of outsourcing lock box management to CIT?

When you outsource this function, you free your staff from the time-consuming and cumbersome duties of opening mail, separating correspondence, depositing checks and other administrative tasks. The main benefits, however, are quality service and lower cost:

• Quality service
  CIT's dedicated professionals are committed to accuracy and efficiency.

• Lower cost
  By receiving electronic transmissions of lock-box information, your company will save both time and money. In addition, since this service does not require compensating balances, you will free up funds that could be put to work for your company.

What services does CIT provide?

CIT's lock box management includes a comprehensive array of services:

• CIT will assign a lock box specialist to your account to be your primary contact when questions arise.
• A unique post office box will be set up for your company.
• Mail will be picked up several times a day and checks prepared for bank deposit in batches.
• Correspondence will be separated and sent to you.
• Checks and deposit tickets will be encoded.
• Daily collections will be deposited in your bank account.
• Remittance documents will be matched with check copies.
• Daily checks and remittance detail will be sent to you via overnight mail.
• Payment remittance details can be electronically transmitted to you as needed.
• A daily report of all return items will be faxed to you the day before they will be charged back to the bank account.

Should you outsource your lock box to CIT? Take this test!