Commercial Cash Management
Cash Management is formally defined as "the systematic gathering of information about a firm's collections, disbursements, and balances to effectively manage funds available to the firm".
In plain English, our Progressive Bank Cash Management Division takes your company's dollars and makes them work smarter for you at all stages of the cash flow cycle. Progressive products enable you to:
- Receive the most up-to-date information on your cash position
- Set up automatic withdrawals/payments to your company credit lines and/or deposits to your investment accounts with Progressive Bank
- Consolidate funds from various locations into a single "concentration" account to maximize funds utilization (minimize float, improve cash flow, etc).
- Make electronic tax payments
- Direct Deposit
- Perform many banking transactions, such as wire transfers, loan payments, internal transfers, and stop payments
- And much more
Here are just a few examples of our Cash Management Services
- Internet Banking... Access your Progressive Bank business accounts 24 hours a day...seven days a week from any personal computer. All you need is Internet access from an Internet Service Provider and a standard web browser. Specially designed software allows you to access information on checking, savings, loans and CDs. View account balances, account history, current day check clearings, and check images; pay bills; transfer funds between your Progressive Bank accounts; place stop payments; initiate internal transfers, wire transfers, and loan payments.
- Credit Line or Investment Sweep Service... Ensures that there are no idle balances, allows commercial customers to have excess funds in an operating account automatically transferred into an investment account administered by the Investments Department or swept to pay/draw on their line of credit.
- Zero Balance Accounts... Provides commercial customers more efficient use of their checking dollars. One or more subsidiary accounts are tied to a master account. At the close of each business day, the subsidiary account disbursements and deposits are totaled. Funds are then transferred to or from the master account as needed to bring the subsidiary account to a zero balance.
- Automated Clearing House (ACH)... Through ACH, you can move money and payment information electronically between member banks. A transaction file is received before the effective date of payment. Transactions are settled one to two business days before payment information is entered into the payment system - much more quickly than the normal paper check process. Available transactions include: payroll direct deposit, direct debits concentration, and most types of corporate payments (including supplier payments and state and federal tax payments).
- Merchant Processing... Do you currently accept credit and debit cards for payment at your business? Would you like to provide this service to your customers? Here at Progressive Bank, we provide credit and debit card processing services to business owners. We also have the ability to set up merchants allowing them to accept and process transactions over the Internet. Various terminal types and printers are available for lease or purchase. In some instances, if you currently own your own terminals, they can be programmed for Progressive's merchant processing. Our staff will work closely with you to establish the most cost effective and efficeint technology platform.
- PowerLink Remote Deposit... Deposit checks electronically from your desktop. PowerLink Remote Deposit utilizes a desktop scanner that connects to your PC and the Internet. With it, you can scan checks received from customers and issue deposits electronically to the bank. Any time day or night. It's the quickest way to turn check deposits. To find out more about PowerLink, click here.
To find out how your business can benefit from Progressive's Commercial Cash Management Services, .
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