Some businesses use a lock box system for checks received through the mail.

Question

Quizplus · Accepted Answer

This statement is true. Many businesses use lock boxes to securely receive and process checks that are mailed to them. The lock box is a secure box with a lock and key that is located at a bank or other financial institution. Customers can send their payments directly to the lock box, and the bank will process the payments and deposit the funds into the business's account. This system helps businesses to streamline their accounts receivable process and improve their cash flow.

Some Businesses Use a Lock Box System for Checks Received