Final answer:
A lockbox is a postal address maintained by a third party, typically a bank, and is used for collecting checks to streamline the accounts receivables process for a company.
Step-by-step explanation:
The statement is true: A lockbox is indeed a postal address that is maintained by a third party, which is often a bank. This service is used by companies to streamline their accounts receivables process. Instead of receiving payments directly, the company directs its customers to send payments to the lockbox. The bank then collects and processes these checks on behalf of the company, deposits the funds into the company's account, and provides detailed transaction information.
This system is particularly useful for businesses that receive a large volume of checks as it reduces processing time and improves cash flow. Banks provide this service for a fee and ensure that the funds are available more quickly than if the payments were sent directly to the company, thus improving the company's liquidity and operational efficiency.