Banks and Credit Unions

Why Banks and Credit Unions Choose Outsourced Lockbox Services

Lighthouse Payment Services provides bank-branded lockbox services for banks and credit unions — a proven way to grow low-cost deposits and strengthen commercial customer retention. If your institution doesn’t offer lockbox, or maintains a bare-minimum in-house courtesy operation, you may be leaving the full potential of a dedicated lockbox service provider untapped. Here’s why a robust lockbox solution deserves a place in your cash management program:

Lockbox Customers Carry Higher Balances

Lockbox customers routinely maintain relatively high deposit balances. By offering lockbox service, you integrate your customer’s accounts receivable process directly into their banking relationship — a compelling reason for them to keep a larger share of wallet with your institution. It also creates natural opportunities to cross-sell additional cash management and treasury services.

A Specialist Outperforms an In-House Operation

Many banks with in-house lockbox offer bare-bones functionality and struggle to keep pace with advancements in payment processing. Lockbox remittance processing is our sole focus, so our platform is continuously improving. That’s why more than 130 banks and credit unions have partnered with Lighthouse for lockbox service — and why many also trust us to process their loan payments.

Lockbox Relationships Increase Customer Retention

A lockbox relationship makes your commercial customers “sticky.” The old retention playbook — the more products a customer holds, the less likely they are to leave — no longer holds up, and padding relationships with shell accounts and unused products can actually make customers unprofitable. A lockbox relationship is different: it anchors the core deposit relationship and remains one of the most effective ways to cement a commercial customer to your bank or credit union.

Your Competitors Already Offer It

Lockbox doesn’t come up in every prospect conversation — but when it does, the inability to support it can be a deal-breaker. Proactively implementing an outsourced lockbox service means that when a prospect asks, “Do you offer lockbox services?”, your relationship managers never have to deflect. They can answer with an unequivocal “We sure do.”