2019-03-07 23:56:59

Automated Banking Services for Small Business

As a small or medium-sized business owner, you likely started an enterprise because you have a passion or special skillset that’s in demand. In an ideal world, you’d spend your days doing that work, not balancing a checkbook. Unfortunately, there’s a lot more to running a business than just doing what you’re best at.Mature_Woman_Holding_Open_Sign


Thankfully, there are options that allow business owners to delegate these less exciting tasks to experts who have a passion for balance sheets and payroll.

Business Treasury Management Services

One of the services the United States Federal Reserve offers to the country’s businesses and financial institutions is the Automated Clearing House (ACH). This is essentially a transfer station that allows financial institutions to electronically transfer money between one another. The ability to debit and credit accounts from other financial institutions is what allows for everything from direct deposit of tax returns to direct electronic vendor payments.

From a small or medium-sized business owners’ perspective, ACH is a huge time and energy saver. Instead of having to write physical checks every month to pay employees or mail to suppliers, they can just fill out a couple fields on their bank’s website or mobile app to instantly send money digitally.

Business Treasury Management services from Bank of the Pacific makes things even easier by handling ACH tasks for Washington and northern Oregon businesses. You can work with your Bank of the Pacific Treasury Management Consultant to schedule one-time or recurring payments or set up collections accounts to receive payments from your business partners. Our Business Treasury Management services allow you to automate things like:

  • Direct Deposit Payroll
  • Payments to Vendors or Service Providers
  • State and Federal Tax Payments (EFTPS®)
  • Cash Concentration (Transfer Funds From Several Accounts Into One Central Account)
  • Pre-Authorized Debits (Automatically Pay Your Business Credit Card Bill From a Designated Account)
Integration With Your Partners’ Electronic Data Interchange

One of the many things the internet has made easier is the standardization and easy communication of things like invoices and purchase orders. Electronic Data Interchange (EDI) essentially standardizes format for all companies so the purchase of goods and services can be accomplished virtually instantaneously without the need for mailing paper forms back and forth.

All types of business management software solutions have been designed with EDI integration so even if your vendors or clients are using a different accounting or bookkeeping system they can still seamlessly integrate with the shared EDI formatting. This allows for the creation of reports and summaries that can be easily accessed in a format that works for your business.

One of the many treasury management services we offer at Bank of the Pacific is automated delivery of EDI notices, so you don’t have to worry about creating reports or developing an EDI compatible system from the ground up.

Fraud Protection

Our Positive Pay fraud detection services crosscheck checks and ACH transactions to catch fraud before your accounts get debited. Any checks being exchanged are compared with our records to ensure they are legitimate before funds are transferred. This same system is utilized to check ACH transactions to ensure any electronic transfers are only occurring between authorized parties.

Remote Check Deposits (RCD)

Our Treasury Management Service clients can deposit physical checks by scanning them with a desktop scanner and sending us the digital image through our convenient online platform. Even if you do receive payments with a physical check, you won’t need to worry about driving to a branch to deposit it.

Automated Sweeps

You can set various thresholds on your accounts to automatically trigger certain actions. For example, you could set up a separate business savings account to acquire a new piece of equipment and set up a target balance sweep so once your daily revenue exceeds your daily operating costs your additional revenue goes into that savings account.

Our business clients can also set up automated loan sweeps between lines of credit and checking accounts to make sure you’re not over drafting or borrowing more than you need to.

Shopping_farmers_marketDo What You Do Best and Let Us Handle the Rest

At Bank of the Pacific, we’re committed to being a reliable partner for businesses in Washington and Oregon. We want you to be able to focus on the work you’re passionate about while we worry about payments reaching your vendors on time and your employees getting their income direct deposited. The less you have to worry about financial busy work and administrative hassles the happier we are.

Learn more about our many Treasury Management Services by calling 844.505.5661.

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