Every day, a steady stream of visitors cross the Cape Cod Canal bridges ready and willing to spend money at our local small businesses, restaurants, galleries and service providers. But now, more than ever, that buying power is not in the form of paper currency.
Are you ready to maximize revenue by safely accepting multiple forms of payment for goods and services and easily making fast, frictionless and secure deposits? If not, you should be.
The first step is to work with a community bank vested in local business success to evaluate cash management services. These services will help your business maximize and manage cash flow, increase operational efficiencies and maximize earnings on account balances.
Key components to an effective cash management strategy should include an all-in-one payment processing system for credit card transactions; a secure method for depositing checks directly from your office or business location using a bank-issued scanner, computer and internet connection; an ACH origination service that provides the ability to collect recurring payments from customer checking and savings accounts; and a lockbox service that collects and processes payments sent to a dedicated post office box and deposits the funds directly into your business account.
Other essential elements for a robust cash management initiative include the ability to send ACH or wire transfer instructions to a bank from your business location, and fund management solutions such as a line of credit sweep, which automates transfers from a commercial line of credit to meet daily cash needs and reduce interest expense.
Fortunately for local businesses, The Cooperative Bank of Cape Cod has recently introduced a full suite of cash management solutions that can be customized to meet the unique needs of every business. Cash management products are not a one-size-fits-all solution, and a strong banking partner with expertise and experience implementing these services and products is essential to success.
The Coop has also introduced Positive Pay, a powerful fraud prevention solution that protects its clients’ business accounts from fraud by monitoring for unauthorized ACH and check transactions.
To schedule a meeting with The Coop’s Cash Management team to evaluate product and service offering that may be a good fit for your business, call 508-568-3260 or email cashmanagementsupport@mycapecodbank.com. More information about The Coop’s offerings can be found at mycapecodbank.com as well.
Stephanie Burbine is First Vice President, Cash Management Officer at The Cooperative Bank of Cape Cod. She can be reached at sburbine@mycapecodbank.com or 508-568-3213