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12 Days of Cash Management


December 19, 2013

12 Days of Cash Management

Cash Management - Tips

Can you feel it? It’s that most wonderful time of year again. That Bing Crosby crooning— It's a Wonderful Life TV marathon playing-- tinsel glittering—gingerbread baking—fuzzy sweater wearing—present wrapping time of year. That Christmas Tree time of year, with the ornaments and lights that shine. And that smell, that sharp smell of pine that’s just so Christmas Morning.

If you couldn’t tell, we’ve been swept up by the enchantment of the season, but we’re unapologetic about it. Because this is the one time of year that it’s quite all right to believe in magic.

Provident Bank’s cash management experts are of such good cheer that we’re sharing it with you. Below, we give you the 12 Days of Cash Management, 12 gifts that cash management services will bestow upon your business. (And we don’t mind if you rip the wrapping). 

On the 1st Day of Christmas…

Your cash management department gave to you 1 post office box included with your Lockbox Services. It is maintained and operated by your financial institution; bank personnel open and deposit checks into your account, speeding the collection and posting of business receivables. 

On the 2nd Day of Christmas…

Your cash management department gave to you 2-year archives of check images scanned with your Remote Deposit Capture (RDC) scanner. RDC is a compact check scanner that allows business owners to deposit checks into their bank account from the convenience of their home or office. Check images will be stored for 2 years* (the time period varies per financial institution.)     

On the 3rd day of Christmas…

Your cash management department gave to you 3 channels to identify yourself when using out-of-band authentication. OOBA is an online security protocol triggered when the user’s login attempt or transaction initiation seems suspicious. Users are required to identify themselves through a second channel: by phone, text, or mobile app.   

On the 4th Day of Christmas…

Your cash management department gave to you 4 steps to bank securely online:

  • Don’t share personal information.
  • Know the details of your billing statements; be on the lookout for unauthorized charges.
  • Secure your computer and network connection.
  • Enlist the help of your financial institution.      

On the 5th Day of Christmas…

Your cash management department gave to you 5 Online Banking features. Online Banking is a comprehensive tool for managing all aspects of your business accounts. It typically has a host of features, including:

  • 24/7 account access 
  • Detailed transaction reporting
  • Payment Services, including ACH and wire transfers, commercial credit lines, and online bill payment.
  • Enhanced security (security tokens, out-of-band authentication, single sign-on, etc.)
  • Deposit Escrow Sub-Accounting for attorneys, property managers, title companies, realtors, and housing authorities.    

On the 6th Day of Christmas…

Your cash management department gave to you 6 benefits of cloud computing. Using the cloud for banking services (e.g. online, mobile, and social banking apps) provides numerous benefits:

  • Cost savings
  • Business Continuity
  • Consumer-Centrism
  • Tailored-Banking
  • Increased Time to Market
  • Simplicity

On the 7th Day of Christmas…

Your cash management department gave to you 7 pieces of a sound Business Continuity Back-Up Plan. 

Every business should possess a business continuity plan. And every business continuity plan should have back-ups/redundancies in place. Consider 7 alternate methods of moving money in case of emergency:

On the 8th Day of Christmas…

Your cash management department gave to you 8 benefits of positive pay. Positive pay is a check fraud detection service that provides your business with 8 benefits:

  • Automates check reconciliation
  • Easily reconciles your business’s payroll
  • Simplifies your accounts payable process
  • Improves audit control
  • Improves accuracy of deposit balancing
  • Reduces disbursement risk
  • Streamlines check storage and retrieval
  • Saves your business time and money!

On the 9th Day of Christmas…

Your cash management department gave to you 9 total cash management services, including:

  • Online Banking Services
  • ACH Origination Services
  • Positive Pay
  • Remote Deposit Capture
  • Lockbox Services
  • Sweep Investment Accounts
  • ACH Debit Block
  • Zero Balance Accounts
  • Wire Services 

On the 10th Day of Christmas…  

Your cash management department gave to you 100% commitment. A good cash management department is deeply committed to your business’ growth and prosperity, acting as a strategic partner in every phase of your development.   

On the 11th Day of Christmas…

Your cash management department gave to you 11 industries already using UPICs. A UPIC is a unique identifier that looks and acts like a real account number but doesn’t expose sensitive banking information on ACH payment transactions. More than 30 industries are already taking advantage of UPICs, including these 11:

  • Agriculture
  • Automotive
  • Communications
  • Construction
  • Education
  • Health Services
  • Hospitality
  • Food Services
  • Real Estate
  • Retail
  • Transportation

On the 12th Day of Christmas… 

Your cash management department gave to you 12 ACH Origination Services benefits. ACH is a more convenient, secure, and low cost way of moving money over paper checks and wire transfers. You’ll benefit from:

  • Improved cash flow
  • More predictable settlements
  • Scheduled payments
  • Check fraud mitigation
  • Elimination of check printing, distribution, loss, and reconcilement expenses
  • Greater payee satisfaction due to prompt payment
  • Simplified payment processing
  • Updated account information

And simplified:

  • Pre-authorized collections
  • Cash concentration
  • Direct deposit
  • Vendor payments

The Gift that Keeps on Giving

Give yourself the gift of cash management services this year. And long after the snow melts and the pine needles fall, your business will still be benefiting. To learn more, contact your financial institution’s cash management department.

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