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:
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.
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.
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.
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.
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.
- 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.