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Close up of a businessman working with a laptop to review payments received through integrated account receivables
FLEXIBLE, EFFICIENT RECEIVABLES

Make it easier for customers to do business with you with multiple payment options.

RECEIVABLES

Collect your accounts receivable more efficiently and offer your customers more flexibility with Receivables solutions from First Midwest.

The faster and more efficiently you collect receivables, the quicker you can put your cash to work. First Midwest accounts receivables management gives your customers the flexibility of multiple payment methods, which makes it easy for them to do business with you and simplifies your collection and reconciliation process.

These solutions include:

ACH Collections

Save time and money by eliminating traditional check processing. With ACH Collections, payments are automatically deducted from your customers’ bank accounts and deposited into your checking account.

Lockbox Services

Give your customers more convenient payment methods and receive your money sooner with retail, wholesale and wholetail lockbox services.

  • Retail Lockbox: For organizations with high volumes of low-dollar remittances, simply scan your remittance. We capture payment information and provide a transmission to update your receivables system.
  • Wholesale Lockbox: Customers’ remittances come directly to a PO Box where they are processed by the bank. Funds are deposited into your account and all correspondence is forwarded to you daily. Typically used for low volume, high dollar transactions.
  • Wholetail Lockbox: This hybrid service is designed for organizations that require hands-on attention for any volume, combining the flexibility of wholesale processing with the convenience and speed of retail.
Merchant Services1

First Midwest Merchant Services lets your organization accept Visa®, MasterCard®, American Express®, and Discover®, with quick, convenient processing and numerous terminal options.

Click here to view more on Merchant Services.

Remote Deposit Capture

Increase efficiency and security by scanning checks and depositing your customers' checks without leaving your office.

  • Eliminating unnecessary trips to the branch while still providing same day access for deposits through 8pm CT.
  • Consolidation of multiple depository sites, enhancing funds availability.
Bill Payment Consolidation

Eliminate processing paper checks, manual posting of receivables, and struggling to resolve exceptions when your payors are sending payments through online bill pay. Bill payment consolidates multiple payments into a single ACH credit while retaining the remittance information for each individual payment.

Vault Services
  • Smart Safe Solutions: Eliminate the risk associated with transporting large cash deposits by collecting currency in safes at your locations. We handle secure transport from there.
  • Coin and Currency Processing: Enhance security and reduce your liability with fast, automated processing of cash deposits and cash orders. Deposits are protected by controls and safety measures every step of the way.

Talk to one of our Treasury Management specialists about our receivable solutions today.

GROW WITH MOMENTUM

A First Midwest Relationship Manager can help you secure the funds you need to grow, expand and explore new opportunities for your business.

Learn More

MARKET-DRIVEN INTELLIGENCE

Our Capital Markets partners will learn what makes your business unique, so they can help structure the credit your company needs.

Explore Capital Markets

Specialized Industries

From franchise banking, healthcare finance, and professional services, to commercial real estate, our lending experts can help give your business the momentum you want and the capital you need.

Explore Your Options

1 Merchant Services provided through a 3rd party not affiliated with First Midwest Bank.
2 Subject to credit approval. If the security interest is property, property insurance will be required. In California, loans made or arranged pursuant to a California Finance Lenders Law license.