box in a U.S. Postal Service facility, used to facilitate collection of customer remittances. The use of a lockbox also reduces processing float. The recipient's local bank collects from these boxes periodically during the day and deposits the funds in the appropriate corporate account. The bank also furnishes the company with a computer listing of payments received by account, together with a daily total. Because the lockbox arrangement has significant per-item cost, it is most cost-effective with low-volume, high-dollar payments.