Streamline Payment Processing
Signature Bank’s Image Lockbox Service is ideal for any business or organization that receives check payments and any corresponding remittance documents by mail and is looking to streamline the process. Check payments are processed the same day and funds are deposited directly into your Signature Bank checking account. Image Lockbox Service can streamline the check payment process, expedite cash flow, and minimize the time it takes to update your account receivable systems through the various reporting options available.
How It Works
- Signature Bank will establish a P.O. Box in your business's name at the main U.S. Post Office in Toledo, Ohio.
- Signature Bank will collect and process payments from the local Post Office Box daily, Monday through Friday, excluding Federal holidays.
- All checks and remittance documents will be scanned, with images typically available through Signature Bank’s lockbox portal by 2:00 PM ET the same day.
- Checks and remittance documents will be held for 90 days before being destroyed. Alternatively, they can be returned via your preestablished UPS or FedEx account if requested.
- Please allow 30-60 days for Image Lockbox setup.
Next Steps
- Work with your Signature Bank representative to determine a specific start date and any custom reporting needs.
- Review and sign necessary agreements.
- Notify your customers of your new P.O. Box address for remitting check payments.