By Asiyah Ratrie, Vice President/Cash Management Sales Manager
These unprecedented and challenging times have significantly impacted businesses and will continue to do so in the days to come. Digital banking has become more essential now in order to assist in managing cash flow, receivables, payables, risk and more. Lakeland’s Cash Management Solutions allow your business to control and monitor your funds and maximize the productivity of your cash resources with these strategic services.
Lakeland Bank Commercial Card
Our card program enables organizations to consolidate spending and streamline purchases with detailed reporting and online account management in real time. One of the inherent benefits in using our commercial card is an improvement in cash flow. This solution provides an opportunity to extend repayment of obligations and support process efficiency, with less interruption to key supplier relationships. In addition to liability protections, our program also offers the ability to limit risk of card misuse in providing options of monthly and per-transaction spending limits per card and other restrictions such as pre-defined merchant categories. These challenging times will change the way you conduct business and should persuade you to use forms of payment that are less penetrable.
In a remote environment, it’s just as important to keep your business cash flow as strong as possible. The need to foster early collection of payments with the least amount of manual intervention is becoming the “new normal”. This can be done with these types of solutions:
Easily streamline all customer debit and credit card payments in one place with increased efficiency, quick access to your money, 24/7 service and local banking convenience.
Automated Clearing House (ACH)
Send and receive money to and from people and companies across the country using our ACH service. As an integrated element of our Business Online Banking system, payments can be managed securely from one convenient location. Your business can use this electronic solution to improve cash position management.
Benefit from outsourcing collections, while reducing mail and processing time. Our service also provides deposit visibility through a secure site allowing for improved security and access to remittance information.
Remote Deposit Capture (RDC)
Using the latest technology, our desktop scanner captures digital images of checks and transmits them electronically to the bank’s secure server.
Fraud is even more prevalent in this constantly changing environment. Here are some tips to mitigate potential fraud risk:
- Segregation of Duties – Consider the segregation of responsibilities for the significant tasks in the management of funds. Such as ensuring that the individual that initiates a payment is not the same individual who approves that payment.
- Daily Oversight of Funds – Utilize our online banking portal and mobile app and stay up-to-date with daily account activity at your convenience, no matter when or where business may take you.
- Maintain tight control of Check Stock and Accounting Software login credentials
- Be aware of cybercrimes, such as, Business Email Compromise. This includes schemes in which criminals compromise email accounts and send fraudulent wire transfer instructions to financial institutions in an effort to misappropriate funds.
While the present situation is still evolving and continuing to bring uncertainty, optimizing cash management services to reduce fees may provide significant cash savings for businesses. For more information about these services and how they can help, please contact Asiyah Ratrie, Vice President/Cash Management Sales Manager.