My Dog Ate Your Check Excuses, excuses. Chances are, you've heard them all. So why not explore your direct deposit options?
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I'm sick and tired of waiting for customers to fork overoverdue payments, yet I dread dunning them. So I found twounderutilized services, offered by many banks, that can help cutpayment delays or eliminate them outright.
An ACH (automated clearinghouse) is a cybercash direct-paymentalternative for established customers, in which payments areelectronically transferred into your business ACH account. No"the check's in the mail" excuses or mad dashes tothe bank to make a last-minute deposit. A number of financial Websites offer information about ACH with directions and advice, butthe best of these is operated by the National Automated ClearingHouse Association (http://www.nacha.org or call703-561-1100).
Automated lockbox is another service offered by many majorbanks. Wells Fargo's Wholesale Lockbox, for instance, serviceintercepts customers' mailed payments, processes and depositsthem into your account, then immediately reports receivables andimproved funds availability. You don't even need a letteropener (http://www.wellsfargo.com).
Concord Servicing Corp. also offers an automated lockboxservice, as does SunTrust Banks--but SunTrust also throws in aspecial image browser so you can immediately review images ofchecks and other payment documents at any time, day or night.. Italso lets you research and verify checks before releasing goods orproviding services to unfamiliar clients. Check out http://www.concord.com and http://www.suntrust.com/bus/corp/treas_mngmt/lockboxfor more information.
Hot Links
Other ACH/Lockbox sites:
http://www.wespay.org
http://www.primenet.com
http://www.cybercash.com/cybercash/billers/bank.html
http://www.irs.ustreas.gov/basic/ind_info/lockbox.html
Contact Source
ACH/Lockbox
Mike Herd, National Automated Clearing House Association(NACHA)
Web: www.nacha.org Phone: (703)561-1100 Fax: (703) 787-0096
Wells Fargo's Wholesale Lockbox
Larry Haeg
Phone: (415) 396-3606 Fax: (415)362-6958
Kurt Samson is a freelance business writer and publicrelations consultant in Annapolis, Maryland.
