Please take a few moments to see how many of the following questions apply to your business and learn more about the benefits of First Bank Remote.
Your cash flow starts when the checks you receive are deposited in your account. First Bank Remote allows you to make deposits every day, even on those days when you only receive a few small dollar checks. Make deposits when it is most convenient for you, even on weekends, holidays, and other times when the bank is closed.
2. Do you always make it to the bank before the established time for same-day ledger credit?
The ability to expedite your deposits has a direct impact on your ability to meet company obligations and maximize overall funds usage. First Bank Remote expands the deposit window for same-day credit until the end of the business day, potentially enabling you to deposit more checks and eliminating the pressure of having to meet mid-afternoon deadlines.
3. Do you make copies of all checks prior to making your deposit?
Maintaining an accurate accounting of your deposit transactions is very important. But copying checks is time consuming, costly, and leaves you with cumbersome manual records. First Bank Remote automatically captures images of all checks and maintains this information online for up to two years in a fully searchable data archive.
4. Do you manually complete deposit tickets which list all checks individually?
Manual completion of deposit tickets takes time to ensure that all checks are included, listed accurately, and balanced to the proper deposit total. Because First Bank Remote uses a virtual deposit ticket process, checks are automatically captured and listed, with balancing and corrections performed easily online.
5. Does your bank ever need to correct your deposit due to listing errors, missing checks, or other problems?
Deposit corrections take time to reconcile and often can be an indication of potential internal control problems. Such problems are eliminated with First Bank Remote, which does not allow deposit batches to be transmitted to the bank until they first have been balanced. Additional security features allow you to restrict system access, establish individual user rights and limits, or use available dual control options to control internal risk.
6. Do you use employees or couriers to deliver checks to the bank for deposit?
Using employees to make deposits not only takes them away from your business and your customers, but it can also put them in situations of personal risk. Using couriers is expensive and often unreliable. With First Bank Remote, deposits are made electronically, so trips to the bank are no longer necessary.
7. Do you receive check payments at more than one location? Are these checks deposited into more than one bank account?
Maintaining relationships with multiple banks does not allow your business to maximize its cash flow and it also increases your overall banking costs. First Bank Remote enables you to immediately consolidate all company payments received at any company location into your First Bank account(s).
8. Do you manually key-enter payment data into your back-office accounting system based on check copies and associated remittance documents?
The fast and accurate posting of payments from your customers is as important as making the deposit itself. First Bank Remote can provide a number of ways to automate payment application while completing your electronic deposit. This includes the ability to scan payment coupons or capture additional data fields for direct interface with accounting platforms.
9. Do you use a bank lockbox service but still receive checks in your offices, requiring you to send the items to the lockbox or run occasional deposits to the bank?
Lockbox processing offers businesses many benefits. However, getting all your customers to remit payments to the assigned P.O. Box number can be an issue. First Bank Remote sits on your desktop, providing a convenient option for handling those exception checks that come directly to your offices.
10. Are you ready to let First Bank bring our Bank to your deposits?
Please contact your First Bank Treasury Management Officer today about getting started on First Bank Remote. Or, if you are new to First Bank, please contact the Treasury Management Officer nearest you.