CIBC Canadian and U.S. Dollar Lockbox Service

Eliminate in-house remittance processing for receivables.

A CIBC Lockbox eliminates in-house cheque and invoice processing for payments you receive from your clients. We handle the entire process - from opening the mail to sending you the information you need to update your receivables - giving you faster access to your payments. Lockbox locations are available in Canada and the U.S.

Get access to your funds faster

• CIBC offers Lockbox locations across Canada and the U.S.- helping reduce the time it takes for a cheque to reach your account
• We handle cheque and invoice processing on your behalf - making the process more efficient so you can concentrate on what matters most to your business

Lower your operating costs

• CIBC Lockbox Service eliminates the manual process associated with payment processing - saving you time and money
• We handle all aspects of the entire process on your behalf - including opening the mail, capturing payment details, preparing control reports and crediting deposits to your account

Outsource remittance processing to an expert

• Lower your operating costs by outsourcing a critical part of your receivables management to CIBC's business banking experts

Automate your receivables process

• CIBC can provide you with an electronic file listing details for all invoices paid
• You can use this file to automatically update your receivables ledger - making it easier and more efficient to reconcile and manage your accounts

Establish a presence in locations where you don't have an office

• Instead of sending payments to a remote head office location, your clients can send them to a familiar address nearby - reducing mail float time
• CIBC can set up a Lockbox in the location most convenient for your clients
• Lockbox locations are available in Canada and the U.S.

Is it right for my business?

Consider Lockbox services if you:

• Want to significantly reduce a costly mail float
• Want to reduce processing costs
• Have business across Canada and/or the U.S.
• Want to create a corporate presence in remote markets

Information you need to know

Feature	Description
Same day processing	Remittances are typically sent to CIBC-managed post office boxes. The value for all payments received by local processing cut-off time will be deposited into your account on the same day.
Lockbox locations	You can maintain Lockboxes in as many CIBC Lockbox locations as you wish. CIBC Canadian Lockbox centres are located in: Halifax Montreal Toronto Winnipeg Calgary Vancouver CIBC U.S. Lockbox centres are located in: Atlanta, Georgia Philadelphia, Pennsylvania Los Angeles, California
Reporting	For Canadian Lockboxes, service reporting on remittance information is available online, by fax or on paper. Both transaction images and reports are available online. Users have the option to view and download their reports from a web application, thus eliminating the need to receive paper reports. Images and reports are available intra-day as the work becomes available, once the processing of the batches is completed.
Data Delivery	Remittance information needed to update your Accounts Receivable ledger can be sent electronically on the same day as deposit. Remittance information is sent electronically in industry standard BAI or EDI format and is available via CIBC Business Banking® (CBB) and File Transfer Service (FTS) channels. Information regarding file formats is available from your CIBC advisor. For U.S. Lockboxes, reports are available via fax.
Images	Available for Canadian Lockbox service only. Our imaged-based service feature can create images of remittances and supporting documents. These images are available to you online or on CD-ROM. Image services can replace the need for the return of backup materials, eliminating the need for daily courier service. You can receive images (front side) of invoices, cheques, correspondence and envelopes, presenting each transaction as it was processed. This should help you eliminate the need for some conventional lockbox activities such as photocopying of cheques and faxing photocopies. You can use monthly CD-ROMs to maintain an archive of your Lockbox receivables. Image Bundle If you do not require paper or fax output, you may benefit from CIBC's Image Bundle offer that comes with discounted and simplified pricing.
Image retention	CIBC retains images of all cheques processed for 7 years.
Back up materials	Daily backup materials are batched and sorted according to your specifications. These materials can be sent to your CIBC branch, delivered to your office by mail or courier, or kept at the Lockbox centre for pick up. In your backup materials, you can receive: Copies of cheques and invoices processed as well as any attachments your clients may send with their payments Any items that cannot be processed (e.g., stale-dated items, cheques with no signature, cheques with incorrect payee information) will be sent to you for further handling
Service Support	Client Support Hours: 7 a.m. to 8 p.m. (eastern time)
Technical and administrative requirements	Lockbox services are available to clients who have a CIBC Business Operating Account™. In order to receive electronic remittance reports, you must have the appropriate hardware, access to the Internet and the capability to accept files in either BAI or EDI (ANSI X.12 823) formats. The payment address on your invoices and other pre-printed materials must be amended to reflect the mailing location(s) of your Lockboxes.

Run your business your way

CIBC Cash Management Solutions can help you take better control of your banking needs - giving you more time to focus on what matters to your business. Get started today- Talk to a CIBC advisor at your nearest branch

Additional CIBC business banking solutions

When it comes to your business banking needs, we want to ensure you get value, convenience and control. That's why CIBC offers a range of banking and cash management solutions designed to save you money, provide convenient access to your accounts and give you more control over your cash flow.

Electronic Funds Transfer (EFT) Pre-Authorized Payment

EFT Pre-Authorized Payment service gives your business a fast and simple way to withdraw funds from clients' pre-arranged accounts and get paid on time, every time. CIBC EFT Pre-Authorized Payment service makes bill collection more predictable and cost-effective.

Prior-day transactions BAI file (Unattended Raw Data Delivery)

The prior-day transactions BAI file makes it easy and convenient to upload transactions into your treasury workstation or accounting system each day - eliminating manual data-entry and giving you more time to focus on what matters most to your business.

Government Payment and Filing Service (GPFS)

All businesses are required to remit taxes to Federal and Provincial government agencies. Government Payment and Filing Service provides you with a simpler and faster way to remit payment, giving you more control over your cash flow.

™ Trademark of CIBC.

® Registered trademark of CIBC.

The above is intended to be only a general description of this product and its features. Some conditions may apply. CIBC reserves the right to change or discontinue this product or any of its features at any time. This product and its features shall be subject to the terms and conditions of the applicable agreement governing its use.

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