Receivables

The faster and more efficiently your receivables are collected, the quicker you can put your cash to work for your business. Our products and services give your business the flexibility to offer your customers multiple payment methods . . . making it easy for them to do business with you and providing you with the means to simplify the collection process. 

ACH Collections

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 traditional check processing. Using the ACH, your customers can have their payments automatically deducted from their bank accounts and deposited into your checking account.

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Electronic Lockbox

In today's world, where consumers are seeking convenience and simplicity, utilizing First Midwest Bank's Electronic Lockbox service can give your business the winning edge. Your customers win with more convenient payment methods – online or by calling a toll-free phone number – and your business wins by receiving your money sooner. 

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Lockboxes

  • Retail Lockbox
    • Our Retail Lockbox service is designed for organizations that generate a high volume of low-dollar remittances accompanied by a scannable document. By scanning your remittance documents, First Midwest can capture payment information and provide a transmission to update your receivables system.
  • Wholesale Lockbox
    • Receivables in the process of being collected represent unusable funds to your business. With First Midwest Bank's Wholesale Lockbox service, your customers' remittances come directly to a post office box where they are picked up daily and processed by the Bank. Funds are deposited directly into your account and all correspondence is forwarded to you daily or made available via the Internet. Because everyone has special processing needs, we tailor our service to meet your unique needs.
  • Wholetail Lockbox
    • For organizations that require hands-on attention for medium range volumes, First Midwest offers a hybrid service. Wholetail combines the flexibility of wholesale lockbox processing with the convenience and speed of electronic remittance scanning found in retail lockbox processing.

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Merchant Services1

Offer your customers the convenience of choosing plastic for their purchases. The growth of plastic payment options has been dramatic. Charge and credit card sales volume is on its way to $1 trillion worldwide, as even previously credit card-resistant industries embrace the convenience of plastic. First Midwest Bank's Merchant Services will enable your company to accept Visa®, MasterCard®, American Express®, and Discover®. These transactions are processed quickly and easily right at your company's location.

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Remote Deposit Capture2

Checks waiting to go to the bank represent unusable funds for your business. With First Midwest Bank's Remote Deposit Capture service, you can scan and electronically deposit your customers' checks without leaving your office. Checks are electronically deposited into your account the same day you scan them, eliminating the need to race to the bank before the end of the daily deposit deadline. In addition, images of the scanned items are readily available on your computer for easy reference.
View Remote Deposit Capture Demo

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Financial Electronic Data Interchange (EDI)

Originate and settle financial transactions via direct computer-to-computer data exchange. Financial EDI is the electronic exchange of payments and payment-related information in standard formats between business trading partners. This process utilizes the Automated Clearing House (ACH) network between buyers, sellers and financial institutions, simplifying and accelerating the exchange of payments.

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Get Connected

Connect with a Treasury Management Officer to add a little momentum to your business today.

Kristen Saranteas
708.831.7466

Momentum Makers | We've rolled up our sleeves and helped over 25,000 businesses build momentum. | See the stories.

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