Wholesale and Retail
Lockbox is generally divided into Wholesale and Retail. Retail lockboxes are for companies with high volumes of consumer oriented payments such as utility payments, loan payments, etc., and these remittances often include a standardized 'payment coupon'. Wholesale lockboxes are for corporate to corporate payments and tend to be higher dollar amounts than retail lockbox transactions. These transactions usually do not include a standardized payment coupon and require more manual effort for the bank to process.
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Famous quotes containing the words wholesale and/or retail:
“As for piracy, I love to be pirated. It is the greatest compliment an author can have. The wholesale piracy of Democracy was the single real triumph of my life. Anyone may steal what he likes from me.”
—Henry Brooks Adams (1838–1918)
“A free-enterprise economy depends only on markets, and according to the most advanced mathematical macroeconomic theory, markets depend only on moods: specifically, the mood of the men in the pinstripes, also known as the Boys on the Street. When the Boys are in a good mood, the market thrives; when they get scared or sullen, it is time for each one of us to look into the retail apple business.”
—Barbara Ehrenreich (b. 1941)