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How Cash Management Services help improve your cash flow

August 18, 2020 | TS Bank

The COVID-19 crisis has created an environment of uncertainty for every one of us. Feeling that impact more than most are small businesses. There have been big changes in forms of payment including a reduction in the use of cash and coin. Seeing employees or vendors face to face may not happen as often as it once did. Even your trips to the bank may have decreased as many people are choosing to just stay put. So how do you keep your business’s cash flow in check? Being able to collect and pay faster and electronically is as important as it has ever been. 

Below are several quandaries you may find yourself in with Cash Management service options to help you keep your cash flow in check!

My customers are no longer carrying cash and I am not even sure I want to accept it. What options do I have?

Does your businesses offer debit and credit processing*? Our partner provider offers next day deposit of funds and a very competitive fee structure. Your business may even qualify for a no-cost terminal!

I already offer debit and credit card processing. Are there touchless payment options?  

Your customers could pay using Apple Pay through your card-processing terminal. It is very easy to set up and is completely touchless. Ask your merchant provider if your terminal accepts Apple Pay. If not, they may upgrade your terminal free of charge. 

Sending checks in the mail to pay invoices is costly and time consuming. Also, sometimes my biller holds my check! 

Consider using ACH Origination* services to reduce check writing and paper invoices. You can send or receive funds electronically. You can even create and save templates for recurring payments or receipt of funds. Your funds can be sent same day or next day and the money is deducted from your account immediately. No more waiting for a check to clear! When you receive payments via ACH, they are automatically deposited into your account. 

My employees would rather not get a paper check. This will also help reduce my check writing and I could have control over when the funds are deducted from my account. 

ACH Origination also works for employee payroll direct deposit. You can even import files from most accounting software tools. Simply log in and input your payroll amounts. You can even have the payroll files dual approved. 

I would like to reduce my trips to the bank to deposit checks. How can I get my checks there faster? 

TS Bank’s Cash Management services offers remote deposit* for our business clients. If you have only a few checks a day, you can use our TS Bank Cash Management app to deposit your checks with your mobile device. Simply endorse the back of the check and add “TS Bank for Mobile Deposit Only.” If you have a higher check volume, we can install a desktop scanner right in your office. You can deposit checks without having to step outside your home or office. Either one of these remote deposit methods offers same day or next day processing getting your check funds into your account quickly and safely! Mobile deposit via your mobile device is free. 

Sometimes I need to make a larger purchase and I don’t want to spend my cash reserves.

Do you have a business credit card? A business credit card is a quick easy way to provide yourself a smaller loan. You can schedule recurring payments and pay down the card balance in a timely manner reducing your interest costs and leaving your cash reserves intact. 

You could also consider applying for a business line of credit* with an automatic transfer. If you need to make a larger purchase, funds from your line will automatically transfer into your checking account to cover the purchase.  

Now more than ever it is important to have control over your business’s cash flow. Being able to get funds into your account quickly and easily track when funds are leaving your account is a huge advantage.

For further conversation about any of the above-mentioned services or additional services, please contact me at mycmhelp@tsbank.com  or 712-487-3000. It would be my pleasure to assist you!

At TS Bank, we IGNITE PROSPERITY® by helping our clients do more with their money. Whether it’s saving a little extra cash each month or accomplishing a long-term strategy, our goal is to help you transform your financial life. Call and schedule an appointment today, one of our team members would love to help you do more with your money at TS Bank. TS Bank has eight locations in central and southwest Iowa. For more information visit tsbank.com or call 844-487-3030. #igniteprosperity


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Sally Myers
Cash Management Manager

Sally joined TS Banking Group in 2007 as a Client Service Representative at the Hy-Vee Branch in Council Bluffs, Iowa. In her thirteen years with the bank, she has held the roles of Operations Manager, Branch Manager, Talent Development Coordinator, Senior Business Banking Associate and currently serves as the Cash Management Manager. In her previous roles, Sally enjoyed spending time in all of our bank markets including our two locations in North Dakota and our location in Illinois. Sally is responsible for client service, vendor communications, the promotion and development of Cash Management products and services, and new Cash Management client onboarding. Sally graduated from Treynor High School in Treynor, Iowa, and attended Northwest Missouri State University where she obtained her Bachelor’s Degree.

 

*Services may require a monthly maintenance fee.