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"Time is Money." - Benjamin Franklin
This still holds to be true in the modern era of business. Everyone wishes to have a lively streamlined payment process in their business.
The traditional process of check collection, clearance, and remittance from customers is very sluggish and consumes a major portion of business time. What if this tedious process becomes intelligent and less laborious? What if you could have more business time, funds, and profits?
To cut down on the extra processing time and facilitate efficient bank-to-bank transfer, companies started creating accounts called 'lockbox' at their banks. With the use of these lockboxes, companies were able to have hassle-free clearance and remittance with a higher level of control and security over their due payments.
This method of collection, clearance, and remittance reduces one's own time and money. Watch this tutorial to learn more about lockbox remittance processing in cash applications and how you could leverage this time-saving feature in cash applications and have more business time.
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