How are treasury management services used to improve cash flow for businesses?
Treasury management services are used to help companies collect and move funds more efficiently, such as automatically transferring funds between checking accounts, lines of credit and/or investments to minimize interest expense or to increase interest income. There are also online services that help companies manage cash flow and gather up-to-date information so they can make educated business decisions. A service most businesses benefit from is lockbox. With a lockbox, the bank provides a business with a P.O. Box address for customers to send payments to. The bank picks up the mail and deposits the checks to the business’s account, notifying the company that payment was received. This notification via the Internet is timely and includes images of the checks deposited. Deposits are made daily as checks are received. A lockbox is a big time saver because employees do not have to perform all the tasks involved in mail opening and deposit preparation or take time to go to the bank. By re
