Question: A lockbox system: Multiple Choice entails the use of a bank that is centrally located to collect payments on a nationwide basis. is designed to

A lockbox system:

Multiple Choice

  • entails the use of a bank that is centrally located to collect payments on a nationwide basis.

  • is designed to deposit payments prior to recording those payments to the customers' accounts.

  • is used to reduce disbursement float.

  • is efficient regardless of the locations selected for lockbox destinations.

  • automatically records payments to customers' accounts as soon as the payments are received at the lockbox location.

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