A lockbox is used by the selling corporation to speed up the cheque collection and cheque-clearing process.

Question

Quizplus · Accepted Answer

A lockbox is a service provided by banks to manage cheque payments for their corporate clients. It involves the bank setting up a designated post office box for the corporation to receive cheque payments, which are then collected, processed, and deposited into the corporation's account by the bank. This speeds up the cheque collection and cheque-clearing process, as the corporation does not need to handle the physical cheques themselves.

A Lockbox Is Used by the Selling Corporation to Speed