bank lockbox -- anyone use this feature??

Discussion in 'Business Operations' started by hunter, Jan 23, 2004.

  1. hunter

    hunter LawnSite Senior Member
    from Texas
    Posts: 254

    I've just got off the phone with my bank about using a lockbox to have all our payments mailed to for deposit.

    Just wondering if anyone else is using this feature. The cost is higher than I expected. $100.00 per month plus 40 cent for each deposit item.

    What are you paying? If you use this feature.
     
  2. KenH

    KenH LawnSite Bronze Member
    from CT
    Posts: 1,622

    Can you elaborate a bit more??? Do all the payments get sent directly to the bank??? Do they keep records of who pays??? What do you get for the $100+ per month???

    What would this be saving you, timewise???
     
  3. hunter

    hunter LawnSite Senior Member
    from Texas
    Posts: 254

    they fax a daily report of the account number, payor and the check number. And the money gets processed and collected same day. No waiting for your check to clear.
     
  4. Creative Lawn Care

    Creative Lawn Care LawnSite Senior Member
    from NC
    Posts: 271

    Personally I use a PO box for all payments and bus. mail. works fine for me. No way would i pay 100 a month plus .40 per deposit item.
     
  5. WeatherMan

    WeatherMan LawnSite Senior Member
    Posts: 692

    why are you even thinking about it? Thats to much money wasted
     
  6. NCSULandscaper

    NCSULandscaper Banned
    Posts: 1,557

    You are spending $100 per month plus $.40 per deposit to save what 5 min of time?

    Get quickbooks software if you have to have something easy to keep up with bills and deposits.
     
  7. hunter

    hunter LawnSite Senior Member
    from Texas
    Posts: 254

    It's a time factor item. How much time do you spend getting your deposits ready, going to your po box to pick up your checks and then going to the bank to stand iin line or wait in the drive-thru.

    It's a time factor thing. Int the busy time of the year I just don't want to make the time. This most likely will save me 1/2 to 3/4 of a day to mow more.
     
  8. promower

    promower LawnSite Bronze Member
    Posts: 1,232

    If you think it's worth it and it saves you $100+ per month then go for it. For me this seems like a costly luxury.
     
  9. NCSULandscaper

    NCSULandscaper Banned
    Posts: 1,557

    I was about to type the same thing. If it takes up more than $100 a month of your time then go for it. It would be a wasted expense for myself.
     
  10. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

    Hi Hunter,

    It does sound like a time-saver. If you do try this and it works for you, please post your results. I am sure others would appreciate hearing this.
     

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