Receivables Management

These services speed the conversion of receivables into cash and assist in the movement of funds to a control account for your business or organization.

For more information, please call Business Services Sales at (808) 844-3151.

 

Concentration Account -- At the close of each banking day, excess funds in your operating accounts are consolidated automatically into a single master account. Subsidiary accounts are left with zero balances. This allows you to save time in determining your daily cash position.

Deposit Identification -- Provides a single depository account but allows deposits to be identified by store, department, or purpose, as determined by you. The same identifying number (location ID) also earmarks returned checks and change fund orders, allowing you to allocate debits to the proper origin. Our Account Reconciliation Package provides totals by location and statement cycle.

Automated Clearing House (ACH) Collection Service -- With this service, you provide us with an electronic file to debit your customers' accounts and credit your own on a specified settlement date. You may use the same file to update your receivable system. This is a very efficient and low-cost service (subject to credit approval).

QuickPaySM -- Gives you prompt notification of incoming electronic ACH deposits to your accounts for federal contracts or vendor payments, plus other payments with addenda information.

Remittance Processing (Lockbox) -- The bank handles all incoming payments mailed by your customers, processes them, deposits the checks in your account, and forwards the input to you. This reduces float time on payments and minimizes clerical work. In the case of an Automated Lockbox, the bank also transmits the processed item file, which allows you to electronically update your receivables.  You can also view your view your processed lockbox coupons, checks, and supplemental images using our eLockbox service.

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