The timely management of receivables–income from cost of goods sold and services provided, including cash sales, checks, credit card sales, invoices paid and royalty payments–can make all the difference when considering the financial goals of most organizations. Read below for more information on the bank’s receivables management tools.
Lockbox services accelerate your company’s collection of account receivables while providing the necessary daily information to update any format of account receivable systems. Signature Bank offers three types of lockbox applications to meet the specific needs of your business:
- Retail Lockbox: This lockbox arrangement provides consumer-to-business small dollar payments (cable, utility, mortgage, and consumer loan) with no manual entry of remittance information.
- Wholetail Lockbox: Process your high-volume, low-dollar remittances with the flexibility and data collection capabilities of wholesale lockbox. This is a retail lockbox application that meets customized needs including a provision for manual data entry of remittance information.
- Wholesale Lockbox: This lockbox structure is designed for corporate-to-corporate payments, with small volume and large dollars. Payments are processed manually or may require a combination of data entry and imaging of remittance information.
Remote Deposit Capture is an electronic check conversion system that offers you the ability to process checks received at your own business location, eliminating the need for a trip or delivery to the physical bank. The system relies on a check scanner provided by Signature Bank to convert paper checks scanned at your office into a computer image or file (per Check21 rules). Once scanned, check images are transferred to the bank through a secure website and they post instantly to your Signature Bank account and are available the next business day. The remote deposit capture system also records data that can be uploaded into your accounts receivable program to improve overall accounting and accuracy.
Electronic Remittance Delivery is a data processing service that originates and consolidates the financial and electronic information for payments and receivables. Signature Bank’s Electronic Remittance Delivery program accepts financial data files in a variety of electronic formats and translates the data to a format compatible with your financial system. Enjoy the capacity to receive electronic bill payments, accept lockbox and pre-authorized debit transactions and merge them together into one posting file for your company’s receivables system.
This service provides your business complete account reconciliation of deposits and deposit adjustments made from multiple locations to a single account.
Signature Bank offers you safe and convenient coin and currency services, including:
- Deliveries and pick-ups
- Deposit detail reporting
- Processing for any kind of deposit
- Same day credits
- Merchant services
Begin or enhance your company's ability to accept debit and credit card payments through Signature's relationship with one of the industry's leading merchant services providers, First Data Corporation.
Use Signature Bank’s Automated Clearing House processing to originate electronic receipts including rent payments, monthly dues and membership fees, and cash concentration transactions.
A software-free cash management tool, Monogram Business Online™ provides a wealth of reporting and transactional functions. Click here for more information on Monogram Business Online™.
In order to increase the convenience of banking with Signature Bank for our business clients, we offer you bonded messenger services for pick-ups of cash and/or checks.
Signature Bank will link your depository account to your business operating account. As items are deposited, they will be credited to your depository account. At the close of each business day, the total credit amount will be transferred into the operating account from your depository account to keep it at a zero balance. If there is a negative balance in your depository account, Signature Bank will automatically transfer funds from your operating account to your depository account to replenish the funds.