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

  • VAR Sheet

    A VAR Sheet is a file containing information, such as merchant account information, bank account information, processor information, etc. This file is typically given to a payment...

    Learn More

  • 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

    Learn More