My business is processing 100s of checks per week and we’re at the point that I think the physical act of opening and processing the checks is kind of a waste of our hours. In addition, we’re now a 90% remote company since the pandemic so there’s also the issue of actually sending our in-house bookkeeper to the office once a week to have a check processing day. She’s one of my favorite employees in the company for the value she brings to me personally day to day and I’d rather have her doing the higher value tasks that make her so valuable to me than have her getting papercuts in the office once a week.

I’m considering switching to a lockbox A/R service with our bank. For those who don’t know, this is essentially where you switch your address for receiving physical payments to an address provided by the bank which sends your mail to a lockbox/PO Box style location and they handle the physical processing of the checks for you, then send you a PDF of everything that came with the checks in the mail.

I think I generally understand the obvious pros/cons, but I’m wondering if others had things they learned after making the switch that surprised them to the positive or the negative about having made the switch.

Would you make the switch again? Are you happy with your service? What kind of cost structure are you getting? How did it change your workflow for accounting?

Curious to hear feedback from anyone who has feedback to offer. Thanks!