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The number of payments made by check is declining, but lockboxes, the bank facilities that process payments for businesses, are keeping busy. The demand for their services is coming partly from companies that used to process their own payments but decided they could benefit from using a lockbox instead. Lockboxes are also increasingly processing electronic payments in addition to paper checks.

An Aite Group report released last year estimated that retail lockbox, which handles consumer payments to businesses, is growing 0.4% a year as more consumers pay bills online, while wholesale lockbox, which deals with business-to-business payments, is growing at a compound annual rate of 2.9%.

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