Corporate Collection Services

Manage cash collections more efficiently with Commerce Bank’s electronic and paper-based services. Our primary paper collection mechanisms are Lockbox Services, both Wholesale and Retail.

Wholesale Lockbox helps you turn your business receivables into cash faster than most internal collection and processing systems. Our Retail Lockbox transforms your consumer receivables into cash and assists in updating your accounts receivable records. With both, your company will enjoy these benefits:

  • Minimized collection float by directing payments to a post office box near our processing center
  • Reduce debt by reducing fund collection time
  • Customized electronic format with deposit information for direct posting to accounting and treasury management systems
  • Detailed receivable information available in a customized electronic format for direct posting to accounts receivable systems

In addition, the retail lockbox service will

  • Decrease labor, training, and processing costs associated with internal processing of low-dollar, high-volume items
  • Maximize processing and streamline document research with our OCR recognition and imaging technology

 

Automated Clearing House (ACH) origination saves time, reduces the risk of fraud, and improves your cash flow by allowing you to initiate ACH debits more easily for recurring services such as utility bills, health club dues, and insurance premiums. ACH services will:

  • Reduce costs compared with check deposits or wire transfers
  • Automate receipt of payments
  • Provide faster funds availability

 

For more information call Patricia Mahoney at (508) 797-6800 or email us.