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Cash Management for Your Small to Medium-Sized Business

Financial accounting
Dealing with your small to medium-sized business’ (SMB) finances can be overwhelming and time-consuming. As an owner, your busy schedule doesn’t leave room for frequent trips or calls to the bank. You need a cash management strategy that will help you save time so you can focus your energy on growing your business.

The following cash management products and services are easy to use and access. They’ll help you better manage your business’ finances, improve your business’ operational efficiency and help you earn money.

Internet banking. Complete banking tasks anytime and anywhere you have an internet connection. Manage your accounts, make payments or transfer funds from your smart phone, tablet, laptop or desktop computer.

Remote deposit. The faster you get customer checks to the bank, the faster you get paid. Deposit checks from the convenience of your desk using a scanner and software provided by the bank.

Business bill pay. Quickly and easily pay your bills online with business bill pay.

Wire transfers. Transmit money from your desktop with email notification when your transaction has been sent. Funds debited and payee credited same day.

Electronic payments and collections. Transfer money quickly and securely with an electronic funds transfer (EFT) that provides real time notifications. ACH, an EFT system run by the National Automated Clearing House Association (NACHA), allows for secure vendor payments, pre-authorized debits and direct deposit.

Direct payroll deposit. Save time and resources. Direct payroll deposit allows you to directly disburse net pay to employee accounts at any bank.

Direct debit. Don’t wait for customers to mail checks or come in to pay with cash. Sign them up for recurring automatic payments.

Vendor payments. There’s no need to pay invoices upon receipt. Schedule payment for two days before the due date so you can earn interest until then.

Merchant processing. Improve service by offering customers payment options other than cash and check. Quickly and easily collect payments by accepting common brands of debit, credit and gift or stored-value cards.

Positive pay. Positive pay prevents check fraud by verifying that deposited checks match company-issued checks and alerting you of all mismatches. You receive an email when a mismatch occurs, allowing you to either pay or return the check.

Escrow management. Escrow management services are designed for escrow agents. They are well suited for attorneys, real estate and title companies, property managers, funeral homes and accountants.

Cash concentration. Streamline your cash management system by consolidating funds into a single master account. Since you won’t have to meet the balance requirements on multiple accounts, you may reduce your cash reserve needs. Plus, you can easily determine if you have excess funds to move into an interest-bearing account until you need them.

Sweep account. Manage cash flow and earn money on balances. Automatically “sweep” funds exceeding a predetermined balance into an investment account. Then automatically “sweep” them back into checking when balances drop below a predetermined minimum.

Zero balance account. Eliminate the need to track and fund individual disbursement accounts, maximize investment potential and remove the risk of overdraft. A zero balance account receives only enough funds from the concentration account to cover checks presented each day.

Choosing the right cash management products and services may be one of the most important decisions you make as the owner of an SMB. To ensure you’re implementing the best cash management strategy for your business, contact your banker.

For more information on Revere Bank’s cash management products and services, contact Ray Rohde, Vice President, at 240.264.5375.

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