What are the benefits of cash management?
You don’t need to be a large corporation to take advantage of cash management services. Cash management refers to the day-to-day administration of managing cash inflows and outflows. And most of the time it can be integrated with your company’s online banking. This will provide you with better control of your cash flow accessibility. Here are a few ways that cash management can help your business.
Save time
Avoid the hassle of taking checks to the bank and reduce costs with a remote deposit service. This service utilizes a desktop scanner that you can easily connect to your PC and internet connection.
Get paid faster
Get payments from customers faster with ACH (Automatic Clearing House) origination services1. ACH is a cost-effective way to get next-day or same-day payments. ACH origination also is an efficient way to pay employees and vendors. Funds can be credited to and debited from almost all banks and credit unions in the United States.
Creating and setting up online invoices is another useful way for small business owners to get paid accurately and efficiently. You can send recurring or individual invoices, accept payment online, and track who has paid you with Autobooks2.
Accept credit, debit, and gift cards, as well as NFC and mobile wallets in person or contactless with Clover Point of Sale systems3. The Clover platform also offers add on features that allow you to manage inventory, employee scheduling and more. You’ll enjoy next day funding when card payments are deposited into your TCF Bank checking account.
Another helpful tool for businesses such as property management companies, insurance companies, or other businesses is using a lockbox service to receive and process checks for deposit to your business account.
Stay in the loop
Cash management is all about receiving timely information to help you better manage your cash position. Get real-time information on current balances and pending transactions via online reports.
Mitigate fraud risk
When fraud occurs, recovering lost funds may take a long time and is not always possible. Utilizing Positive Pay reduces the risk of fraud. Positive Pay services will help you identify fraudulent checks and unauthorized ACH debits to safeguard your business against check or ACH fraud.
Enhance your payroll
If you’re doing payroll yourself, then you understand how complicated and tedious that can be. Teaming up with a payroll service allows you to be confident that you’ll have payroll accuracy, expert 24/7 support, and concise reporting4. Plus, it’s easy for you and also for your employees.
Why is cash management vital to your business?
Even though your business may be small doesn’t mean it can’t benefit from cash management. Accurately and efficiently managing your cash flow allows you to focus on the future growth for your business.
Contact your local banking center or a business banker to see how we can help your business thrive.
1 ACH services are subject to credit approval and eligibility requirements.
2 Accounting and payment processing services are provided by Autobooks, Inc., an unaffiliated third party. TCF receives revenue from Autobooks, Inc.
3 Merchant card services are provided by First Data Merchant Services, an unaffiliated third party. TCF receives revenue from First Data Merchant Services. The Clover name and logo are registered trademarks owned by Clover Network, Inc.
4 HR and Payroll Processing Services are provided by ADP, LLC, an unaffiliated third party. TCF receives revenue from ADP.
All products and services listed are subject to fees and the terms and conditions as described in the applicable agreements for such products and services. Special small business pricing is available for some products and services.
