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Lock box system

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(Querist)
03 October 2012 Any one please explain what is lock box system ?
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CA. Subhash Dangi

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CA. Subhash Dangi (Expert)
03 October 2012 Lock box systems are the two ways of collecting cash from the debtors. Through this they could efficiently manage there collection system.
In lock box system the entity puts its boxes at generally visited public places so that public can deposit their bills in the boxes and later on an authority from entity will come and deposit in the bank.. In this way people can easily deposit there debts.. It is mostly preferred by mobile companies.
The cost of operating this type system is also less as compare to regional collection offices.
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