Why cash management services for my business?

Thursday, June 27, 2019

Cash management services are designed to save you time and effort and increase cash flow. Cash management is important for any new or growing business. Cash management provides solutions to manage your cash flow easily and efficiently helping to keep your day-to-day operations running smoothly.

There are several important features a business owner should look for when seeking out cash management services.

Having 24/7 online access to your accounts is essential. This will help you view daily cash position, verify transactions, wire funds, remotely deposit checks, send out payroll, pay invoices, make loan payments, transfer funds to cover capital expenditures or invest your money to maximize interest income.

Security is a must. Ensure your business suite offers the advancements in technology that provide complete security and fraud prevention services. Positive Pay is a great fraud prevention tool which allows you to identify fraudulent checks or debits coming into your account and stop these before funds are taken.

If others within your business will need online access to the accounts, make sure your bank discusses the options to tailor their credentials, access times, transfer restrictions, viewing access and secondary approval requirements.

Another item to consider is the ability to maintain your bank statements on a CD-ROM allowing you to perform your own research, print copies of checks, etc., if needed after hours or on the weekend.

Finding a provider with in-house merchant processing is essential in getting competitive pricing and local customer service for businesses that accept credit card payments.

Overall, business owners should look for a partner who can provide tailored solutions your business needs.

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Patty Harrell is a Cash Management Officer at Montgomery Bank in Cape Girardeau.