Lockbox

Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the box, take the funds, and process them accordingly.

Related Terms

  • Lockbox

    Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the...

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  • Virtual Terminal

    A virtual terminal enables the ability to accept electronic credit card, debit card, and ACH transactions over nearly any Internet-enabled device. Learn More

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