Business Cash Management
One of the most overlooked areas is cash management in business. You can increase profits just by having the right cash management tools. Monroe Bank & Trust’s Business Services Group offers ways to monitor and control the flow of money through your organization or business in order to quickly and easily access your funds. That increases revenue, decreases interest expense, and improves your bottom line.
Take control of your payables
We offer all the cash management tools that you need to run your business. That includes wire transfers, and on the payroll side, online tax payments, direct deposit and payroll cards, as well as payroll services and human resources compliance, and much more…
Online Bill Payment1 – Monroe Bank & Trust offers this service for free! It offers easier navigation, and makes online payments more convenient. You can set your payments to match the exact dates that you want them to happen. You can also view electronic versions of some of your paper bills, and even pull bills from many of your payees directly into the system.
ACH Payables – Manage your payables more quickly and efficiently, with this simple, streamlined way to manage outgoing transactions.
- Improved forecasting with scheduled payments.
- Operational efficiency and accuracy over manual check payment processing.
- Eliminates the need for check writing and mailing of regular disbursements.
- Ideal for recurring disbursements including: payroll, annuity or pension payments, interest and dividends, expense reimbursements and accounts payable.
Take control of your receivables
We have all the tools that you need to ensure quick and efficient receipt of income and receivables.
ACH Collections – Monroe Bank & Trust’s Automated Clearing House Collection Services allows your customers to authorize electronic debits from their accounts when payments are due, reducing late payments.
- Improved forecasting with scheduled payment collections.
- Operational efficiency and accuracy over manual check processing.
- Fast conversion of receipts to cash flow cuts down float time.
- Ideal for recurring customer invoicing for gym memberships, lawn services and other companies collecting payments on a regular basis.
Merchant Card Service – Accept payments from your clients and customers any way they want to pay. Accept Visa, Mastercard, Discover and American Express, as well as PIN-based and signature-based debit cards.
Remote Deposit Capture – With this check deposit solution from Monroe Bank & Trust you can make your business deposits electronically, anytime of the day or week! No more running to the bank to make deposits!
By equipping your office with a secure desktop scanner and the software to run it, you can scan checks from your desktop. Set it up for single or multiple locations. Prepare documents efficiently, save employee and management time, and reduce labor costs! eBusiness Deposit is a safe and secure way to deposit checks.
Lockbox Services – We establish a P.O. Box for your company, then payments are processed and deposited within hours of receipt. No effort on your part is required! Lockbox Services reduces float time and accelerate collection.
Electronic Check Recovery – Monroe Bank & Trust has partnered with checXchangeTM to provide a free check and ACH recovery service that automatically and strategically collects your dishonored items, all at no cost to you! We use our highly specialized and strategic presentment system, to initiate the representment process automatically. All successfully collected checks are reimbursed weekly to your business account at 100% of the face value of the returned check. If the check is not collected, then it is returned to your business or optionally placed with an outsourced secondary collections agency.
- It is a No Cost service.
- Keeps your company out of the collection business.
- All returned checks are handled automatically.
- Recovers 100% of the face value of the check.
- Significantly enhances collection Rate of Recovery 75%-80%
- Improves cash management by recovering your money faster.
- Saves you time – your company does not have to waste time chasing down bad checks
- Provides 24/7 real-time, on-line access to all checks being collected by checXchangeTM.
Service is offered through checXchangeTM and its licensed affiliates. checXchangeTM is a separate entity and not affiliated with Monroe Bank & Trust.
Additional Cash Management Tools
If it has anything to do with commercial cash management, Monroe Bank & Trust has you covered!
Commercial Rewards Credit Card – This card offers you the ultimate in power and flexibility. This single card is perfect for travel, entertainment costs, procurement, fleet expenses, and more and provides you with detailed reporting.
Sweep Services – If you have excess cash sitting in your primary business checking account, a Monroe Bank & Trust Sweep Account will convert it into interest-bearing deposits! Daily transfers of excess funds into an investment account where you earn interest, or into a line of credit, reducing your interest costs.
Account Reconciliation – If your business writes a lot of checks, Monroe Bank & Trust’s Account Reconciliation Services provides complete reconciliation of your account. High-level processing ensures control, information, audit reporting and account managing capabilities.
The Partial List Service provides reports of all checks paid, while the Full Reconciliation Service provides complete reconciliation of your account, showing checks issued, but not paid. If you feel like you’re losing control of your account because of all of the checks you have outstanding, this is the service for you.
Positive Pay – Protect your business from checking fraud! Positive Pay automatically finds suspect items on your business check register, and flags them for review. You can then decide which items to pay, and which to return. Stop getting burned by bad checks!
ACH Filter – Check fraud isn’t the only type of banking fraud you need to be concerned with – ACH fraud is on the rise! An ACH filter enables you to set up customized filters that allow you to block certain transactions, as well as to receive email alerts for unauthorized ACH activity.
Business cash management is one of the most overlooked areas of business. Let us help you find the many ways that you can improve the speed and efficiency of cash collections and payments. Contact one of our Business Services Team members, and we’ll get right to work!
1 A $7.00 inactivity fee for Monroe Bank & Trust Online Bill payment applies if the account goes unused for 30 days. The fee stops on the next billing cycle if online bill pay is resumed.
2 Mobile Banking is a free service from Monroe Bank & Trust. However, you may be charged access rates depending on your carrier. Web access is needed to use Mobile Banking. Check with your service provider for details on specific fees and charges.