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Commercial Cash Management


Posted on Friday, May 25, 2018 in News & Events

Recently, I was asked by a friend and business owner in Ames what value direct deposit adds to their business. The question caught me a bit off guard since I thought the explanation was obvious. It saves time, it gets payroll funds off the books, it gives your employees an easy way to receive their well-earned funds. But to some, it’s just easier to write checks. I understand that sentiment. In fact, Americans remain the number one user of checks worldwide and the decline in use has actually slowed 60% in the last few years. If you find yourself in that boat, I hope to change your mind and bring you over to the side of ACH and direct deposit. This service is available through First National Bank’s business online banking solution called Commercial Cash Management.

First and foremost, let’s not discount what occurred to me as obvious. Using ACH services for direct deposit really does save time both for you and your employees and it gets those funds off the books. The initial setup of entering your employees’ bank information is the most time consuming, but after that it’s as simple as changing their payment amounts and initiating the direct deposit in just a few clicks. The funds can clear as early as the next day and your employees’ will have their funds available without any trips to the bank.

Checks, however, are comfortable. They’re what we’ve been doing for decades and we know what to expect when using them. But checks can run out and requiring reordering, they take time to write and print, and perhaps most conspicuously – they put your account information out into world. Using an ACH service such as ours available through Commercial Cash Management simplifies the payment process and doesn’t display your account information. It’s fast, easy, secure, and further, there are no supplies to maintain – the only thing required is an internet connection.

In short, direct deposit adds value to your company by offering your employees the benefit of a secure, fast, and easy way to receive their funds, and First National Bank’s business online banking solution can provide that for you. The process is simple. There is a one-time setup wherein you enter your employees’ banking information and after that it’s as easy as changing their respective amounts and clicking “initiate” to submit the deposits for processing. You can make the deposit available as early as the next business day or up to 30 days in advance. Commercial Cash Management is a great way to get started in the world of electronic ACH transactions, and what better way to start then to give your employees the added benefit of direct deposit? Contact Steven today at 515-663-3018 to get that discussion started. 

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