How Your Growing Businesses Can Help Address Receivable-Related Risks

  • By PNC, Cash Flow Strategies
  • May 22, 2013

financing small business

As an owner of a growing business, you know that turning your receivables into cash can be an on-going challenge.

Yet there is no reason to face it alone. By choosing a bank that offers enhanced deposit and merchant services, you could more quickly convert your customer payments into usable cash and minimize receivables-related risks. Here are some key services to look for:

  • Remote Deposit—When checks mount up waiting for a trip to the bank, your access to cash is delayed. Remote deposit can help reduce security-related risks associated with physically transporting checks, such as theft, fraud or loss. By making remote deposits from the privacy of your office or multiple business locations, you can more quickly convert your customer payments into usable cash and help address some receivables-related risks.

  • Night Deposit—When you have both cash and checks to deposit, use of a special night deposit drop box at your branch insures that they will be processed into your account the next business day. It also helps to reduce the risks associated with having excess cash at your place of business – such as theft or fraud.

  • Versatile Point of Sale Payment Options—Increasingly, your customers pay for goods and services in a variety of ways that do not involve cash. Bank merchant services* can enable you to offer versatile payment options such as credit cards, debit cards, checks, gift cards or other methods. Being able to accept a wide variety of payment options can help to build repeat customer traffic. Be sure to look for merchant service processing security features such as encryption of sensitive cardholder data.

  • Electronic Check Acceptance (ECA)—Minimize the risks of lost or delayed deposits by converting your customer’s checks at the point of sale into electronic transactions for faster deposit into your business checking account. Converting paper checks into electronic transactions also reduces the risks associated with check handling and depositing.

  • Next-Day Funding for Card Transactions—To minimize the risk of slow cash flow, be sure that your bank’s card payment solution provides next-day deposit of your credit card transaction funds into your business checking account.

  • 24/7 POS Help Desk & Customer Service—Point of sale systems are of little value if they fail when you need them the most. Be sure that your bank offers 24/7 access to professionals trained to troubleshoot and keep your payment processing systems secure and running smoothly.

Managing risks related to your receivables is an on-going challenge. As a business owner, your choice of a bank that offers the latest technology and services can make your life easier while helping your business grow.

PNC Cash Flow Options

Few banks offer more easier-to-use online technologies to improve your business efficiency than PNC —but are you using them? For example, with PNC's online Cash Flow Options you can check your funds and the payment status of your bills 24/7 from any web browser. Mobile banking enables you to use your phone to manage cash flow. Even more advanced web-based cash management tools can help keep it all in focus. Your PNC Business Banker will be happy to recommend the technology options that could help your business run better.

Although the number of web-based services is increasing rapidly, the best solution is often to find the online service that best mimics the way you like to work. The more services you move to the web, the greater your ability to work efficiently from almost anywhere—and the more successful your business could be.

To Help Your Business Grow, Consider a PNC Cash Flow Conversation

Growing a successful business means thinking ahead—and sometimes a little help can go a long way. So when it is time to tackle cash flow challenges head-on, a one-on-one cash flow conversation with your PNC Business Banker can be a smart move. To learn more, call us at 1-855-PNC-CFO5, or submit our Contact Request form.




The article you read was prepared for general information purposes by Leadsource. These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions.These articles may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products, or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed, and links provided by these resources are not investigated, verified, monitored or endorsed by PNC.

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