For this next iteration of our Treasury Management strategy series, we’re focusing on Receivables Management.
For most companies, Accounts Receivable is the most important phase of the Cash Flow Cycle. It is how a company gets paid, and without it there is no business. Receivables Management isn’t simply accepting payments from your customers, it’s about being flexible and catering to their individual payment preferences. While still utilized, check and cash payments are on the decline. In today’s world, businesses are expected to accept electronic payments in addition to the traditional checks and cash. Convenience is king, with the expectation that customers can pay anytime, from anywhere.
Being able to accept these various forms of payment means having a banking partner that can accommodate your customer’s preferences- whatever they may be. As we mentioned in our Small Business Saturday article, not all banks are created equal. This is especially relevant when it comes to technology. Commercial banks, like Central Bank & Trust, are more likely than a retail bank to use the most up to date technology to help manage your receivables.
For example, here at Central Bank & Trust, we’ve partnered with the Merchant Services provider FITECH to provide solutions for all forms of customer payment. This includes everything from countertop terminals to online payment portals. FITECH also has a robust back end system for tracking these payments, including easy to pull reports for daily, weekly and monthly reconciliation.
In addition to an extensive merchant services offering, an Integrated Receivables Platform is a convenient tool for both the customer and the business when it comes to several things, such as invoicing. Whether you’re sending a one-off invoice or have regular invoices that need to go out on a certain date, an Integrated Receivables Platform helps streamline the process. The business can easily create and send the invoice from the platform, and the client can pay with a single click without having to tap into any other platform, app or physical form of payment.
At Central Bank & Trust we believe in partnership. We actively research and invest in technology that provides the best possible experience to our clients. To learn more about our Treasury Management process and technology, contact our team today. Our VP of Treasury Management, Greg Guidici would be happy to walk you through our offerings and provide a demo.
Be sure to check back for the next installment of our Treasury Management Strategy Series.