Southern Bank’s Cash Management services are a customizable suite of tools to streamline your business operations. Provide direct deposit for your employees, pay federal taxes, collect customer payments, reconcile accounts, manage cash flow, and more from one convenient location inside online banking.
Cash Management
Making business a little easier.
Details
With Cash Management you can:
- Pay employees with direct deposit
- Collecting Customer Payments
- Balance Reporting
- Check Reconciliation (Positive Pay)
- Book Transfer
- Wire Transfer
- Electronic Federal Tax Payer System (EFTPS)
- NACHA Importing
- Secure File Transfers
Office personnel permissions: You have total control over employee Cash Management access. Each employee user has a unique access ID and passcode. Trusted employees can access online accounts, pay federal tax deposits, complete wire transfers, and manage as much or little of your operations as you wish.
Information security: All data entered into or accessed through your online banking profile is protected by Transport Layer Security (TLS) encryption technology,which requires a browser that supports a minimum of TLS 1.1 and 128-bit encryption (preferably TLS 1.2 and 256-bit encryption). Every Cash Management customer also receives a security token for an added layer of security. In addition, you can customize your account to issue alerts when account activity takes place, keeping you up to date on account activity and identifying potential fraud before it takes place.
In order to take advantage of Cash management services, you must be enrolled in online banking.
Available Options
Pick and choose or take it all.
ACH Credit Origination
Credit Origination allows your business to process employee payroll electronically and make direct deposits into their bank accounts. Direct deposit is a great way to save money and make it easier for your employees to get paid. Depositing directly into your employees’ accounts decreases the cost of checks and lessens the risk of stolen documents and identity fraud. Your employees don’t have to have an account at Southern Bank to utilize direct deposit.
ACH Debit Origination
Debit Origination makes it easy to collect payments from your customers by making direct withdrawals from their account. This gives you more control over cash-flow with pre-determined payment and settlement dates.
Balance Reporting
Balance Reporting allows your business to create balance reports on individual accounts or any combination of accounts, making it easier to keep an eye on all company accounts. Customizable transaction reporting is also available. Reports can be saved or run on demand for specific date ranges, transaction types, amounts or categorized transactions.
Check Reconciliation (Positive Pay)
Check Reconciliation (Positive Pay) reduces manual reconciliation errors and improves accuracy by providing journals on check activity and historical information. When checks are input, issued checks are paid. The software then verifies the issued amount matches the check paid amount. This makes detecting possible check fraud quicker and more efficient. You have control to return checks that may have been altered or issued by mistake.
Book and Wire Transfers
Book Transfers make it easy for your business to make account-to-account transfers within Southern Bank or to other institutions to manage cash flow.
Wire Transfer Requests can be sent directly to Southern Bank from online banking. It’s fast, secure, and a convenient way to transfer money. Reduce wire fraud, save money and time spent at the branch initiating a wire.
Additional Features
Electronic Federal Tax Payment System (EFTPS) allows your business to pay federal taxes via direct deposit. Save time and late fees by completing forms online and scheduling payments to be made by the due date.
National Automated Clearing House Association (NACHA) Importing makes it easy to import NACHA-formatted files that include both credit and debit items. No extra time spent formatting files.