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Industry Standards for Lockbox Payment Application
January 9, 2025
Q. My team is evaluating the timeliness standard for application of lockbox payments that require manual clearing. Our company offers an online portal where customers submit payments that clear immediately, and payments received through the lockbox in correct amounts with appropriate documentation will automatically clear as well. In our situation, billing is done monthly for services provided and we are evaluating our payment application processes and standards. We are looking for insights to…
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