Managing your cash

If your company hasn’t looked into more effective ways to handle its cash, now is the time as new programs offer paperless systems and faster posting of cash receivables.
One such program is Bank One’s payroll card.
“Payroll cards are an option that mid-market companies are just starting to consider,” says Jean Hilliard, senior vice president and regional sales manager of Bank One’s Treasury Management. “It is best suited for companies that already have multiple output systems.”
Payroll cards are a substitute for checks or direct deposit and are helpful for employees without bank accounts. The cards are used like a debit card, and the amount available on them is updated each pay period.
Hilliard says government agencies, colleges, employment firms and trucking companies find payroll cards most beneficial.
“Any company that has employees that travel or not at centralized locations would find them helpful,” says Hilliard. “A trucker on the road can have access to his or her pay the instant the card is updated, wherever he or she is.”
Another cash management tool is Fifth Third’s Wholesale Lockbox Imaging program, which is becoming a standard service for its lockbox customers, says Beth Nicholson, Fifth Third’s lockbox product manager.
Lockbox deposits and the correspondence that comes with them are imaged and available the same day.
“By 1 p.m., they can see their deposits and can make investment decisions, move money between accounts if needed and post receivables,” says Nicholson.
The images are available online and are also sent to the company on CDs, eliminating the storage of multiple boxes of paper.
“Our customers are finding that by reducing the paperwork, the program costs no more than their previous lockbox system and in some cases it is even less,” Nicholson says. How to reach: Bank One Treasury Management, 248-5947, Fifth Third Treasury Management, 341-2553