Once cash is collected, you need to pool it from multiple accounts or collection points into one convenient point of access. Concentrating your cash in one place simplifies access and control. Companies with multiple locations and accounts at various banks are particularly concerned with concentrating cash rapidly and efficiently. First Midwest's Concentration services enable your business to consolidate cash and make it available for funding your strategies – operating your business, paying down debt or just earning more cash. Cash Concentration services are ideal for companies with large balance accounts in outlying banks, multiple lockbox collection sites, multiple banking relationships and/or branch locations or regional collection centers.
Reduce the time and expense your company spends collecting recurring receivables with preauthorized electronic transfers. First Midwest Bank's Automatic Clearing House (ACH) Collections service can save time and money by eliminating check processing. Through ACH, your customers can have their payments automatically deducted from their bank accounts and deposited into your checking account.
For more information on our ACH Collections capabilities, call us at 800-322-3623 and we will connect you with a First Midwest Business Banker.
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Wire Transfer Services
Wire Transfers are the fastest way to electronically send and receive funds on a same day basis. Our service can be accessed via a telephone or personal computer and can move your company’s funds virtually anywhere in the world for same day use. Unlike large dollar check transactions that might have delayed availability, your funds are available the same business day.
For more information on our Wire Transfer Services, call 800-322-3623 and we will connect you to a First Midwest Business Banker.
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For more information on Concentration options for your business, call us today at 800-322-3623 and we'll connect you with a First Midwest Business Banker.