When making routine payments for trade or payroll activity, managing your working capital effectively and efficiently can be a challenge. First Independence Bank offers comprehensive payments solutions to help you integrate control and efficiency into accounts payable processes and systems. No matter what kind of payment you’re making – check, cash, or electronic – First Independence Bank will help you strategically manage payments and reduce processing costs.
Streamline your reconciliation process with our Account Reconciliation Services. We have several options available that can enhance your account information as well as minimize losses due to fraudulent check activity through electronic data transmissions and consolidated information reporting.
- Full Reconciliation
- Receive Electronic reporting of both paid and unpaid checks.
- On a check issue basis, electronically transmit your check issue information on a monthly basis and we will do the rest!
- Partial Reconciliation
- Receive Electronic listing of paid checks for the prior statement cycle.
- Additional report summarizes stop payment activity.
Check Imaging Service
- Use check images to monitor paid items.
- Access images through the Internet with Business Online our commercial Internet Banking platform. Check Images can be available on all prior day transactions for viewing and storage on your computer.
Electronic Payment Solutions
As companies look for ways to minimize costs and improve efficiency, electronic payments are now common practice. Consider these solutions to help streamline your own payables, payroll and receivables process.
- Automated Clearing House (ACH) Services – This service allows you to originate and receive ACH transactions. These cover a lot more than just payroll payments. They can be used to pay any accounts receivable, recurring payments such as; utility bills, taxes, insurance payments, transfer balances, and the countless other costs of doing business for which checks are issued. They are also used to collect accounts receivables due to your company, both repetitive and non repetitive.
- Wire Transfer – When speed is essential, wire transfer facilitates the same-day transfer of funds. Some day and time restrictions may apply. Contact your banking representative for details. Initiate one-time or recurring domestic or international wire transfers over the phone or at any one of our branches.
Processing payroll can be one of your most cumbersome payment activities. Using our electronic payroll solutions can help decrease the time required for your staff to prepare, distribute, and reconcile these routine payments. Options include:
- Direct Deposit – Deposit employee pay directly into their checking or savings account eliminating the need to mail checks to local or remote employees.
Have questions? We’re available to serve you. Contact us at 313.256.8439, or Email Us to request information.