Running your business is your first priority; your business banking solutions is ours. We offer our customers a robust suite of innovative cash management services that can help you run your business more efficiently.
The Benefits of Cash Management Solutions
With cash management tools, you can:
- Remotely conduct various transactions, including check deposits, right from your place of business
- Structure business online banking for multiple users with limited access as needed
- Better monitor and protect your accounts from loss due to fraud
- Maximize your account’s value by savings time and money through automated solutions
For the best use of any of our Cash Management services, we recommend using our Corporate Analysis Checking account.
For additional information on all of our accounts’ fees and minimum balances, please take a look at our Cash Management Summary of Fees.
Remote Deposit Capture (Merchant Capture)
Remote Deposit Capture allows you to make check deposits right from your office. This service is especially useful for businesses with large volumes of check deposits, that may be unable to visit a physical branch on a regular basis.
We love when our customers visit our branches in person, but recognize that you can be doing your banking and running your business even more efficiently. With Remote Deposit Capture, you can run checks made out to your business through a scanner to deposit into your account.
The images of the checks are transmitted electronically to Main Street Bank. This is a secure way of making deposits into your business account without visiting a branch.
ACH Origination
ACH (automated clearing house) Origination service provides your business the means to effectively manage your payments and deposits processes electronically.
Our ACH Origination service gives you the ability to pay vendors, employees, and other collectors in a cost effective way. This service also allows you to manage your cash flow more efficiently with a 1-2 day settlement time-frame.
Wire Processing
Wire transfers are a way to send funds electronically, and can be used for sending money within the United States, or internationally. With wire processing services, you can request wire transfers remotely.
With Business Intelligence Online banking, authorized business customers can remotely process wire transfer requests. Utilizing this services allows wire transfer information to be securely transmitted to the bank for proper processing.
Account Reconciliation
Managing your financial activities is critical, and Account Reconciliation balances your business accounts daily and provides detailed reports of account activity.
This service is able to report checks that have been issued, cleared, and outstanding, giving you a full recap on your business account activity.
Positive Pay
Our Positive Pay feature is a proactive approach to combating check fraud, with us and your business working together as a team. As an early warning fraud detection system, Positive Pay arms your business with the information needed to stop check fraud before it becomes a loss.
With millions of checks in circulation each day, businesses don’t have the time or resources to inspect each one. Yet, no one can afford to ignore the fact that some checks are fraudulently drawn on business accounts. Unfortunately, fraud is usually undetected until the after the check is paid.
How does it work?
From high-tech counterfeit checks to simple forgeries, business checking accounts are targets for fraudsters. Positive Pay allows you to electronically share your check register for all written checks with Main Street Bank. We will only pay the checks listed on the register – with the precise specifications that you indicate – such as amount, serial number, etc.
Benefits to your business:
- Reduces fraud – We only process what you tell us to, so fraudulent checks are rejected
- Saves time and money – Reduces labor associated with manual check prevention measures
- Provides convenience – Eliminates the need for you to inspect and review checks for potential fraud issues
- Puts you in control – Provides more accuracy and greater control over your cash flow
- Offers quick and easy access – Issue checks and approve Positive Pay exception items from virtually anywhere through Internet access
ACH Positive Pay
ACH Positive Pay is an effective tool to help your business combat electronic payments fraud by allowing you to set up permissions for certain companies to make withdrawals from your account. Unauthorized transactions can be “blocked” to protect your business finances from potential loss.
As electronic payments are increasingly adopted by financial institutions and becoming popular with businesses, we are seeing one negative side effect – the number of automated clearing house (ACH) fraud incidents is on the rise. Last year, the Association of Financial Professionals conducted a Payments Fraud and Control survey and determined that ACH debit fraud is second only to check fraud. In fact, check writing leads to a majority of the fraud incidents associated with ACH payments.
Paper checks include your business name, account number and routing number and often include your business mailing address and phone number. Fraudsters can use your checks to obtain this key information and make unauthorized ACH debits from your accounts. If you are a business account holder, you have only 2 days to return an unauthorized ACH transaction, while consumer account holders have 60 days. This short time frame makes it critical for business owners to review their accounts on a daily basis for fraudulent ACH debits. Or, you can choose Main Street Bank ACH Positive Pay.
Features
Some of the advantages of using ACH Positive Pay include:
- Allows businesses to set up companies that are authorized to debit the business account and then “block” other transactions. Businesses are sent an e-mail alert any time an unauthorized transaction is being presented on the account. The business can then review the transaction and make the decision to allow the item or have it returned.
- Integrates with Check Positive Pay for exceptions, allowing users to see one screen of both check and ACH exceptions.
- Allows for multiple approvers for dual control of decisioning exceptions, ACH Positive Pay helps reduce the risk of fraud loss. The solution allows you to take control of your business account and monitor potential ACH fraud. By adopting ACH Positive Pay, you can reduce your risk of ACH fraud losses for your organization.