Realizing operational efficiencies is critical to a company’s success. Partnering with your local financial institution can unlock a variety of cash management tools designed to simplify financial transactions and enhance operational efficiency. Cash management services come in a variety of shapes and sizes meeting the needs of businesses both large and small. Benefits include streamlined operations, improved liquidity, and fraud
protection.
Cash management services generally require enrollment with a separate service specific agreement. Additional charges may apply. Working with your local financial institution gives your business personalized access to a trusted resource that will recommend services based on your company’s unique needs.
Online and Mobile Banking
By providing an overview of the company’s financial position and cash flow, online banking serves as the gateway to cash management services. Your business has convenient access to account and loan balances, transaction history, and funds transfers. Mobile banking extends that access when you are on the go. Adding cash management services can further enhance the online banking experience and create operational efficiency.
Positive Pay
A deterrent to check fraud, enrollment in positive pay allows your financial institution to compare checks the company issued to checks presented for payment. By entering checks issued into the online banking platform, your financial institution will verify checks presented for payment and identify mismatches. In the event of a mismatch, an exception is flagged and available for your company to either approve or deny via online
banking. By verifying the check was issued for the same check number and amount, the company can reduce, even eliminate, counterfeit or fraudulent checks. Positive pay can even extend to electronic debits by creating company specific blocks, creating filters, or setting thresholds for electronic debits attempting to clear the account.
Remote Deposit Capture
Does your company accept checks as payment for goods and services? Enrollment in remote deposit capture will allow your company to deposit checks from the office rather than making a trip to the bank. Remote deposit capture provides access to a scanner and software allowing your company to scan checks and complete deposits. Is your business accepting check payments in the field? Many financial institutions offer mobile deposit via the online banking mobile application.
ACH Origination
ACH origination provides companies access to process electronic credits and debits through online banking. Enrollment in ACH origination allows your company to quickly create electronic credits and debits for electronic transactions such as employee direct deposit, payment of invoices, processing membership fees, etc. ACH origination is convenient, fast, and most of all, secure.
Sweep Accounts
Surplus operational funds can be transferred automatically to an interest earning account using a sweep account. Rather than allowing excess funds to sit idle, your company sets a threshold in the main operational account, and funds exceeding the threshold are automatically transferred into a higher interest earning account at the close of each business day. If the balance dips below the threshold, funds are automatically swept back to the main operational account.
Merchant Services
Processing card payments is standard protocol for businesses of all sizes. Far from the traditional point of sale card terminal, partnering with your financial institution gives your company access to cutting edge card services designed to give your customers access to safe, secure card payment options online, in person, or wherever your business takes you.
Reach out today and see what your local financial institution can do for your business.
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