How to Improve Cash Flow; Enhance Productivity and Efficiency

Thressea Boyd

Tuesday, December 8th, 2015

Managing cash while increasing efficiency and productivity are critical success factors for today’s business managers. State Bank offers a suite of treasury services to help companies of all sizes manage financial transactions securely and efficiently. 

Among the services from State Bank are Electronic Bill Presentment and Payment (EBPP) and Lockboxes for payment collection.  They help businesses increase cash flow and improve productivity and efficiency, without hiring additional personnel.  

“Electronic bill presentment/payment and lockboxes allow the customers of any business to make payments anytime and anywhere,” said Tracy Dalton, senior treasury professional with State Bank. “These choices build customer loyalty because they meet demands for multiple payment methods, reduce the collection cycle and provide a natural means to improve a company’s cash flow.” 

“Giving customers choices on how to pay increases the probability of an on-time payment, reduces collections and makes your accounts receivable more predictable,” Dalton said.  “Businesses can then focus on core initiatives while retaining and growing their customer base.”

EBPP enables bills or invoices to be delivered and paid electronically via the Internet, voice or person-to-person. The service allows one-time payments or allows customers to enroll and receive future notifications as well as the ability to set up recurring payments.  

EBPP does not require software installations and minimizes company resources for implementation.  Each site is custom branded for the business. The customer’s invoice or bill information is accessible via the company website, as well as email notifications and reminders sent to enrolled customers. The customer is then able to pay their bill/invoice online via bank-to-bank payment (ACH), credit card or debit card.  

It also includes the ability to produce multiple invoices or split payments, a helpful feature for households with several individuals responsible for paying bills.

Lockbox is a collection service designed to speed the receipt and processing of customer payment via check or cash. Payments are sent to a company specified postal lockbox. State Bank schedules multiple daily pickups and the business receives same-day online access to checks, coupons, invoices, and reports for each transaction.  

Dalton says both EBPP and Lockbox are suited for companies of all sizes. “We have clients with lockboxes with as few as ten and as many as thousands of payments per month. The real benefit is that checks are deposited into the business’ account on the day they are received in the box.”  

Dalton said that State Bank customers can offset monthly fees for EBPP and lockbox services, in addition to its other treasury products, through earnings credits, which are based on monthly balances. Larger balances earn larger credits that can be applied to treasury services. Dalton explains that most banks do not include these higher value services eligible for earned credits, meaning the business customer pays for them directly.  

“These products are not normally available at community banks,” said Dalton. “State Bank differentiates itself with sophisticated treasury services typically only available at larger institutions.”

For more information, contact Jeremy Pritchard, Middle Georgia treasury professional, at (478) 796-6715 or Tracy Dalton at (404) 266-4693.