Efficiency Solutions

FEDI (or EDI) is the computerized exchange of payment data between your business and your customers and vendors. You can receive electronic payments along with the accompanying information you need to post and track them.

Benefits:

• Makes payment-related information easier to track. You receive the information you need for accurate posting of payments to your accounts receivable system.
• Eliminates any technology investment and ensures compatibility with EDI formats and your customers’ systems

How does Electronic Data Interchange work?

• We receive your payments through the Automated Clearing House (ACH) network
• Payments are processed and credited to your account
• Information accompanying payments, such as invoice number and payer, is translated and delivered to you as a secure email
• You don't have to be an EDI expert or invest in EDI software. We do it all for you.

Would my Business Benefit from Electronic Data Interchange?

Yes, if your business:

• Wants to accelerate the receipt of business-to-business payments
• Needs to offer financial EDI receipt capability, but doesn't want to make a major investment in hardware, software, and training

What is a Target Balance?

A Target Balance is a specific balance you want to maintain in your business checking account.

Together, you and your banker decide what balance makes sense for your business based on your account activity to offset account service charges.

What is a Business Sweep?

A Business Sweep automatically transfers money from your checking account into an interest-bearing account or line of credit based on your parameters.

Benefits of Using a Target Balance Account with a Sweep Account:

• Save staff time by replacing the need to monitor account balances
• Reduce or eliminate idle balances
• Put your available cash to use by pooling it in your general operating account or line of credit
• Additional benefits of a Loan Sweep:
  • Save money by borrowing and paying interest on only the amount required to bring your checking account to its target balance
  • Serves as complete overdraft protection. When sweeping from your operating account to a line of credit, you’re using those excess balances to reduce your interest expense.

Would my business benefit from using a Target Balance Account?

Yes, if your business:

• Has multiple depository or disbursement accounts
• Wants to reduce staff time spent monitoring and transferring funds between separate accounts
• Wants to fund an account on an “as needed” basis

Which Business can use a Loan Sweep?*

• Any business with a revolving line of credit