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Improve Your Business Financial Processes with These Key Treasury Management Tools

September 07, 2022

No matter what type of business you have, a consistent, reliable cash flow makes it possible to get what you need when you need it. However, late invoices, mail-in payments, and other lagging processes can make it tough to achieve stability and make your next move.

You shouldn’t miss out on your next opportunity because you lack cash on hand. Our treasury management solutions enable your business to improve its cash flow, guard against fraud, cut down on manual tasks, and put idle money to work.

 

ACH Services and Positive Pay

With less than 48 hours to dispute ACH transactions, safeguarding your accounts from any unauthorized activity is a top priority. Tools like ACH Positive Pay from Renasant place you firmly in control of who can debit your account. Notifications allow you to reject or approve unauthorized transactions as they occur in real-time. If there’s an ACH transaction in dispute, you can simply freeze ACH activity on the account altogether.

 

Mobile and Online Banking

Our online and mobile banking suite allows you to handle all your business banking needs from anywhere at any time, 24/7.

At Renasant, our business mobile banking services are free to sign up for and use. Review balances and transactions, transfer funds, pay bills, originate wire transfers, and initiate stop payments. With enhanced features like mobile check deposit, it’s now easier than ever to manage your cash flow more efficiently on the go.

 

Business Check Express

With Business Check Express, you can spend more time on what matters – running your business efficiently and making fewer trips to the bank.

Our Business Check Express service eliminates trips to the bank and extends deposit cutoff times to 6:00 pm CST – ensuring you receive same-day ledger credit for your deposits.

Installing a remote deposit capture machine (RDC) on-site gives you the ability to scan checks and electronically transmit the data to Renasant—all from the convenience of your office. By providing you with images of all deposited checks, and email verification when delivery of the deposit has been accepted, Business Check Express further reduces the need to make paper copies. 

 

Merchant Card Processing

Credit cards are the safest and most secure payment methods for customers to use. In 2021, credit and debit cards were the payment method of choice for roughly 57 percent of consumers—so choosing the right payment processing solution can be essential to your bottom line. Our merchant card processing system lets you take payments in almost any form they come, from credit and debit cards to digital payments.

Here at Renasant, payment processing options through merchant card processors are provided to businesses by BancCard of America, Inc., (a company not affiliated with Renasant Bank). Renasant can bring BancCard’s experienced professionals to your doorstep to discuss your payment processing options and provide a cutting-edge setup that’s tailored to your specific needs.

 

Investment Sweep Account

For those with excess funds in their accounts, an investment sweep account at Renasant is one unique way to improve your day-to-day cash management and put an idle balance to work for you.

Investment sweep accounts allow any excess balance identified to be “swept,” or transferred, into an interest-bearing account after each business day. These excess funds earn interest (typically a modest calculated APY) before being swept back for use the next morning. Daily transfers allow flexibility and access to account funds.1

 

Lockbox

Lockbox solutions are perfect for businesses who regularly receive payments through the mail or are unable to deposit checks in a timely manner. A Lockbox allows your customers to send payments to a physical location, and Renasant will process those payments for you and deposit them into your account.

Our Lockbox services include accelerated payment processing and same-day deposits, enabling you to focus more on running your business and less on efficiently capturing and processing a steady stream of customer payments and information through the mail.

If you’re looking to reduce some of the expenses associated with your business’s financial processes, while still processing customer information in a secure and streamlined manner, then Lockbox is a great choice.

 

Check Positive Pay

With roughly two-thirds (66 percent) of businesses impacted by fraudulent check activity in the last year, it’s more important than ever to protect your account and stop this activity in its tracks.

Renasant’s Positive Pay is highly effective in the prevention of check fraud and is just one of the many ways we’re always working to identify these potential threats before they impact your account.

With Positive Pay, we systematically compare checks presented for payment against those in your check-issued file, sending an immediate notification when checks presented to your account differ in any way. Providing you with control over daily check activity like this offers you the ability to pay or return any check identified as a discrepancy.

 

Zero-Balance Accounts

Zero-balance accounts allow you to disburse funds from a centralized account into associated accounts dedicated to a particular purpose or department. Zero-balance accounts let you automate these transfers, so you don’t have to perform them manually.

Zero Balance Accounts are often great tools to keep incidental spending under control, prevent misuse of funds, ensure proper processes are followed when spending on projects, etc. It also provides a simplified way to allocate funds for a particular department or function (e.g., payroll) and often gives a more accurate picture of your overall cash position.

 

Employee Purchasing Cards

We’ve partnered with Elan Financial Services to offer the Elan One Card, and employee purchasing card that keeps you in control.

With the Elan One Card, you can set spending parameters for each cardholder—from dollar limits to places they are allowed to charge. Not only does the Elan One Card help decrease costs associated with processing checks, invoices, and purchase orders, it offers annual rebates for businesses with high annual charges.

 

Improve your Business’s Financial Processes with Renasant Business

At Renasant, we’re proud to offer comprehensive treasury management solutions for businesses. Get started today by calling 1-844-680-3739, using option 3 to speak with our Treasury Solutions specialists, or stop by a Renasant branch today.


1 Terms and Conditions on DDM Sweep Account(s): funds participating in the DDM Sweep Account are deposited into money market deposit accounts at participating banks, which are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 for each category of legal ownership, including any other balances you may hold directly or through other intermediaries, including broker-dealers. The total amount of FDIC insurance for your account depends on the number of banks in the program. If the balance in your account is greater than the FDIC insurance coverage in the program, any excess funds will not be insured. Please read the Program Terms and Conditions carefully before depositing money into the program, and for other important customer disclosures and information. To assure your FDIC coverage, please regularly review banks in which your funds have been deposited and notify your bank immediately if you do not want to allocate funds to a particular bank or banks.