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Cash is King

Expediting collections is critical to efficient and effective treasury management. Greater efficiencies mean improved cash flow and more money at work for your business.

Woman typing on a public touch screen.

Automating processes through enhanced technology can make sure cash is quickly transferred into your accounts. Following are considerations for quickening your electronic payment systems.

Make it easy to be paid.

Expediting collections starts with making it easy for your clients to pay you. Invoice promptly and work with a merchant services provider to accept credit and debit card payments. Further streamline either side of the transaction by establishing pre-scheduled automated clearinghouse debits.

Take a thoughtful approach to paying bills.

You should also plot your outflow for maximum business benefit. The payables team may impulsively want to pay invoices as soon as possible. You need to pay bills on time, but a more thoughtful disbursement strategy could improve your cash position.

Accuracy is key.

An effective payments strategy relies on accuracy. Technology is available to make sure every outbound transaction is legitimate. A business specific mobile banking app can make it easier to monitor account activity and approve transactions even when you are on the go.

Find a good fit.

The most important factor when implementing new processes and/or technology is that they work within you operating cycle. Be sure to work with a banking partner with extensive experience and customized solutions that works for you to help you save time and money

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