27. Lockboxes (S31.4) Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lockbox

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27. Lockboxes (S31.4) Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lockbox system. She forecasts that 300 payments a day will be made to lockboxes with an average payment size of $1,500. The bank’s charge for operating the lockboxes is $0.40 a check. What reduction in the time to collect and process each check is needed to justify the lockbox system?

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Gauri Hendre

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