Meaning of “lockbox” in the English Dictionary

business-english dictionary

"lockbox" in Business English

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lockboxnoun [ C ]

uk /ˈlɒkbɒks/ us BANKING

a service provided by banks in which a company's customers send payments directly to a bank so that the money can be paid immediately into the company's bank account:

lockbox facility/service Checks are sent to a post office box in Pittsburgh, to be processed through the bank's lockbox facility.

a strong, locked container used for storing money and valuable possessions:

He has a lockbox at the back of the office where he stores cash and other valuables.

(Definition of “lockbox” from the Cambridge Business English Dictionary © Cambridge University Press)