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Some companies prefer to keep the cash collection process internal by receiving customer payments by check in the mail direct to the company and maintaining
Some companies prefer to keep the cash collection process internal by receiving customer payments by check in the mail direct to the company and maintaining employees that receive, open, record and process the customer checks to the bank. Other companies prefer using the bank as an external processing service through lockboxes and using bank employees to receive, open mailed checks, record and process the checks received. Which method do you prefer? Describe the benefits and concerns with each method.
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