Business Banking

Now you can bridge the gap between payables due to suppliers today and receivables that your customers won't remit for 30 days or more. 

BusinessManager® enables you to get cash for your accounts receivable deposited directly into your bank account by selling them to the bank at a discount. The bank can send statements on your behalf, and offer payment terms to your customers.

• Features
• Benefits
• How it works
• Can my business use it?
  
  Features
  
  Funding
  Initially, you'll get immediate cash in a lump sum for all your existing receivables. Then on an ongoing basis you'll get cash for each sale within a day or two.
  
  Wired -- the e-commerce solution
  Business Manager's electronic commerce feature called "Wired" allows you to exchange receivables information with us through a secure Internet site. You'll save time, money and effort associated with exchanging "paper" invoice information. Wired also reduces the likelihood of manual errors.
  
  Timely management reports
  Reports about customers, aged receivables, credit and debit transactions, credit application, and merchant activity are available to help you manage your business.
  
  Flexible customer payment terms
  Business Manager offers six payment terms that enable you to attract new business:
• Fixed -- a set dollar amount is due each month until the balance is paid.
   
• Net -- the entire balance is due at the end of the term.
   
• Periodic -- payment amount is based on the customer's choice of billing frequency (monthly, quarterly, bi-monthly, etc.) up to one year.
   
• Prox -- the entire balance is due on a particular date each month.
   
• Revolving -- the monthly payment is based on a percentage of the balance or a minimum amount, whichever is greater.
   
• Same-as-Cash -- free financing for up to one year. No payments are due until the end of the term, and then the entire balance is due.

End-of-Period statements
The bank runs the End-of-Period (EOP) process each month to close your billing cycle, total customer accounts, calculate finance charges, generate statements for customers, and create management reports for both you and the bank. You can customize statement messages and choose whether to use "bank billing" (with the bank's name and influence) or "blind billing" (without the bank's name).

Benefits

Improve cash flow
With a more predictable cash flow, you can make payroll, remit payables on time, increase inventory, and pursue new business opportunities.

Save time and money
Take advantage of prompt payment discounts from suppliers and get back to doing business. Sending files electronically allows you to redirect personnel to more productive tasks.

Manage your business
Track receivables with detailed reports, reduce your debt, maintain a liquid working capital position, and prevail in seasonal fluctuations.

Improve collections
You can choose to use the bank's presence on customer correspondence, which influences customers to pay on time.

Offer financing options to your customers
Sharpen your competitive edge by offering flexible payment terms. You win and your customers do too.

QuickBooks Integrated
BusinessManager is integrated with Intuit’s QuickBooks®, which enables businesses to save time and increase accuracy. They can submit receivables data effortlessly and automatically from their QuickBooks application.

How it works

1. We purchase your accounts receivable at a discount, both initially and ongoing as new receivables are generated.
2. Funds are deposited in your business checking account.
    
3. A cash reserve account is established for you by depositing a percentage of each receivable to cover delinquent customer accounts.
4. Each month the bank reviews the status of your reserve account and deposits any excess funds into your operating account.
    
5. The bank tracks the purchased accounts and sends itemized monthly statements. ("Blind billing" without the bank's name is an option.)
    
6. Your customers send payments to a bank lockbox.
    
7. We provide you with key management reports, such as Aged Receivables and Customer Balances.

Can my business use it?
BusinessManager® is well suited for all types of businesses in these industries: automotive, building materials and services, business services, electrical/gas/sanitation, home furnishings, manufacturing, retail, transportation, and wholesale distributors.