Collections & Receivables

For most businesses, improving cash flow starts with improving collections. The primary goal of these services is to expedite or simplify the flow of funds into your operating accounts. We offer:

Remote Deposit Capture

Tired of trying to beat the afternoon traffic and the clock to get your deposit to the bank before it closes? With Remote Deposit Capture, you don't have to leave your desk. Using a special scanner, you can securely make your deposit with captured check images. Then you can safely transmit them to the Bank through Treasury Solution. As a result, you will receive faster access to funds and a better cash flow.

The key features of Remote Deposit Capture:

  • Accelerate Deposits – You can deposit any time, any business day, with same-day credit up to 7 p.m. (CST).
  • Reduce Cost and Risk – Increases efficiency by eliminating trips to the bank. Reduces risk of taking deposits to the branch.
  • Improve Deposit Accuracy & Recordkeeping – Deposits are validated and balanced when scanned and you have access to check images for 45 days.

Wholesale and Retail Lockbox

Lockbox is a widely used cash management tool for speeding up the collection of accounts receivable and maximizing available cash. By establishing a post office box in your company's name, we can collect, open, process and deposit your payments directly into your commercial checking account. Our lockbox services use the latest technology to create solutions that allow us to handle a variety of payment types.

The Wholesale version of the service is well suited to high-value payments (such as company-to-company payments), while Retail Lockbox can accommodate high volumes of consumer payments. The use of centralized mail hubs across the country results in faster delivery for mailed payments; since the payments arrive sooner, you have use of your cash more quickly.

Other benefits of lockbox can include:

  • Separating your payment receipt function from your billing function to improve accounting controls.
  • You can view images of your payments on the same day they are processed.
  • Lockbox shifts the labor of deposit preparation outside of your organization. Electronic output options can enable you to automate the entry of payment data into your accounting system.

Automated Clearing House (ACH)

Using the Automated Clearing House (ACH) can streamline your process for collecting payments, often at a lower overall cost than other collection methods. ACH benefits also include better control of payment timing, greater payment reliability and more accurate cash forecasting. The most common collection applications for ACH are:

  • To create pre‐authorized ACH debits to extract payment
  • To receive vendor payments
  • For cash concentration

There are two ways to originate ACH payments for collection purposes:

  1. You can use our online banking application, Treasury Solution, to send batches of payments to the bank online for origination.
  2. You can send your ACH batches to the bank via a direct data transmission.

The Bank recommends you use our UPIC Service when accepting ACH Payments from outside sources. A Universal Payment Identification Code (UPIC) is a unique account identifier that takes the place of a company's bank account number on an electronic ACH payment transaction.

A UPIC makes it safe to publish electronic ACH payment instructions. Using an UPIC in an ACH payment transaction reduces the risk of unauthorized ACH debits, demand drafts and fraudulent checks on corporate accounts. A UPIC cannot be used to initiate ACH debits.

Whether you use Treasury Solution's ACH module or direct transmission, your access to the Automated Clearing House lets you concentrate deposits from your accounts at other banks or collect recurring payments from your customers.

[Note: ACH is addressed here as a Collections & Receivables tool. ACH is also used as a Disbursements and Payable tool, so you will find further discussion about ACH in the Disbursements section.]

Wire Transfers (incoming)

Wire Transfers provide a fast, secure and reliable means to receive funds. You can know exactly when your payment or transfer is received – by e-mail, fax or by monitoring transfers in Treasury Solution.

Wires are ideal for receiving high dollar transfers or when you need to accept collected funds quickly. The Bank recommends you use our Safe Wire Service when receiving domestic wires from outside sources. Safe Wire combines the bank's routing number and your UPIC, making it safe to give a payer your wire instructions without the risk of compromising your account number.