Cash Management Services
Running a business is hard work, and the last thing you need to worry about is having the proper banking tools to manage your finances. We offer business customers a robust suite of cash management services. Find out more about how these cash management services can help you run your business more efficiently.
Business Intelligence Online
Remote Deposit allows you to make deposits right from your office. The images of the checks are transmitted electronically to Marlborough Savings Bank. This is a secure way of making deposits into your business account without visiting a branch.
Our ACH Origination service gives you the ability to pay vendors, employees, and other collectors in a cost effective way. This service also allows you to manage your cash flow more efficiently with a 1-2 day settlement time-frame.
With Business Intelligence Online banking, authorized business customers can remotely process wire transfer requests. Utilizing this services allows wire transfer information to be securely transmitted to the bank for proper processing.
Account Reconciliation balances your accounts daily and provides detail reports of account activity. This service is able to report checks that have been issued, cleared, and outstanding, giving you a full recap on your business account activity.
With millions of checks in circulation each day, businesses don’t have the time or resources to inspect each one. Yet, no one can afford to ignore the fact that some checks are fraudulently drawn on business accounts. Unfortunately, fraud is usually undetected until the after the check is paid.
Preventing fraud with Positive Pay
Our Positive Pay feature represents a proactive approach to combating check fraud, with us and your business working together as a team. As an early warning fraud detection system, Positive Pay arms your business with the information needed to stop check fraud before it becomes a loss.
How does it work?
From high-tech counterfeit checks to simple forgeries, business checking accounts are targets for fraudsters. Positive Pay allows you to electronically share your check register for all written checks with Marlborough Savings Bank. We will only pay the checks listed on the register – with the precise specifications that you indicate – such as amount, serial number, etc.
Benefits to your business:
• Reduces fraud – We only process what you tell us to, so fraudulent checks are rejected
• Saves time and money – Reduces labor associated with manual check prevention measures
• Provides convenience – Eliminates the need for you to inspect and review checks for potential fraud issues
• Puts you in control – Provides more accuracy and greater control over your cash flow
• Offers quick and easy access – Issue checks and approve Positive Pay exception items from virtually anywhere through Internet access
ACH Positive Pay
As electronic payments are increasingly adopted by financial institutions and becoming popular with businesses, we are seeing one negative side effect – the number of automated clearing house (ACH) fraud incidents is on the rise. Last year, the Association of Financial Professionals conducted a Payments Fraud and Control survey and determined that ACH debit fraud is second only to check fraud. In fact, check writing leads to a majority of the fraud incidents associated with ACH payments.
Paper checks include your business name, account number and routing number and often include your business mailing address and phone number. Fraudsters can use your checks to obtain this key information and make unauthorized ACH debits from your accounts. If you are a business account holder, you have only 2 days to return an unauthorized ACH transaction, while consumer account holders have 60 days. This short time frame makes it critical for businesses owners to review their accounts on a daily basis for fraudulent ACH debits. Or, you can choose (bank name ACH Positive Pay.
Some of the advantages of using ACH Positive Pay include:
• Allows businesses to set up companies that are authorized to debit the business account and then “block” other transactions. Businesses are sent an e-mail alert any time an unauthorized transaction is being presented on the account. The business can then review the transaction and make the decision to allow the item or have it returned.
• Integrates with Check Positive Pay for exceptions, allowing users to see one screen of both check and ACH exceptions
• Allows for multiple approvers for dual control of decisioning exceptions ACH Positive Pay helps reduce the risk of fraud loss. The solution allows you to take control of your business account and monitor potential ACH fraud. By adopting ACH Positive Pay, you can reduce your risk of ACH fraud losses for your organization.