Collection Solutions

Cash Concentration Benefits

• Eliminate or reduce idle balances in outlying accounts; may also be used in conjunction with a Loan Sweep to minimize interest expense
• Pooled cash maximizes overnight investment opportunities and reduces the need for short-term borrowing
• No more waiting for mail processing and float delays
• Save money by using lower-cost ACH transactions instead of wire transfers

How does Cash Concentration work?

• Initiate using Commercial Online Banking. ACH transactions are created that automatically debit your outlying accounts and move the funds to your Merchants Cash Concentration account.
• Funds in the main checking account are available for use
• Print detailed reporting

Would my business benefit from Cash Concentration?

Yes, if you:

• Have multiple locations, subsidiaries, branches, or lockbox locations depositing to accounts at multiple banks
• Are interested in increasing control over your cash resources
• Use available cash for overnight investment or daily loan pay down

Direct Debit Benefits

• Reduce the costs of collecting, depositing and reconciling checks
• Faster funds availability compared to traditional deposits
• Forecast cash flow more accurately
• Eliminates the possibility of lost, delayed, stolen or forged checks
• Increase customer retention as customers who set up electronic payments are less likely to move their business from you
• Provide service many customers have come to expect

How does Direct Debit work?

• You receive authorization from your customers to collect their payments using direct debit
• You create a file through ACH software or Commercial Online Banking
• ACH files are processed based on your instructions
• Your customer’s payment is withdrawn from their account at the opening of the business day, as authorized
• Your account is credited for the total file amount and is immediately available as cash

Would my business benefit from Direct Debit?

Yes, if your business:

• Wants to streamline the receivables function and reduce paperwork
• Wants to eliminate costs associated with collecting and depositing customer payments
• Has recurring monthly payments from the same customers

• Make deposits without going to the Bank on your schedule
• Choose from desktop or mobile option

How does Deposit on Demand work?

• Using your check scanner or mobile phone, paper checks are converted to images and electronically transmitted to the Bank
• Your business can access past check images and view reports
• Deposit faster with character and legal amount recognition to reduce hand keying

Would my business benefit from Deposit on Demand?

Yes, if your business:

• Doesn’t handle a lot of cash
• Is geographically challenged (not located near our Bank locations)
• Has few personnel available to take deposits to the Bank
• Receives checks throughout the day and would like to make multiple deposits without multiple trips to the Bank
• Has higher receivable volume and wants to add efficiency to the deposit process