Accounts Receivable Program
The accounts receivable program is a complete system by which the bank purchases your existing receivables on a discounted basis and takes over the responsibilities for billing your customers and collecting their payments. You receive your money immediately! This program enables you to offer terms to your customers; you may increase the volume of your business as well. It’s a “win-win” situation for both you and the people who do business with you.
Here’s how it works.
The bank buys your receivables up front. When we assume your billing functions, you’ll receive money in your account for your present book of receivables. So you begin the process with cash covering most everything that is owed to you. You can use the proceeds from the accounts receivable program to reinvest in your business, take advantage of suppliers’ discounts, pay off existing debt… whatever helps create additional profits for your business. On new invoices, you receive immediate cash for charge sales, less a bank service fee and a reserve for delinquent accounts.
Does the accounts receivable program make sense for your business?
Most businesses want to improve their cash flow. Some want to avoid the hassle of handling their own billing. Every business would like to have more time to get back to doing business. Whatever the reason, it is designed for all types of businesses, from manufacturers to retailers, from doctors and dentists, to wholesale distributors. For more information please contact a Business Specialist at (218) 631-1860.