Collections & Deposits

It is often time-consuming and costly to gather and process receivables. Accelerate the task and put your money to work sooner using our automated collection/receivable services.

Save time and money while remotely depositing checks from the convenience of your business location(s). With a scanner linked to your computer, you can image capture check payments and electronically deliver them to us for deposit into your account(s). You’ll be able to eliminate courier fees and time-consuming trips to the bank, increase efficiency, and have faster access to your funds.

Expedite the depository and collection process of payments to your company. This efficient, cost-effective service acts as a processing house for your receivables. It reduces mail processing and collection float, accelerates your cash flow, and optimizes funds availability. Our lockbox service works as follows: Your customers send the payments to a designated PO Box that can be accessed by FENB personnel. Each day your mail is collected, processed, and deposited to your FENB checking account for same-day ledger credit. All paperwork including check images, invoices, and any other correspondences are returned to you via email for updating your accounts receivable.

Accelerate your deposits and give your customers a convenient payment option. Accepting credit and debit cards increases sales, improves cash flow, and reduces check losses.

Benefit from the convenience of having your check deposits and other paperwork picked up and delivered to the bank – saving you time and improving productivity. For businesses that deposit a large amount of cash, we offer armored transport service, a safe and economical alternative to making your cash deposits in person. With our courier/armored transport service, your business gets increased security over your deposited funds and decreased float as your funds are in your account sooner.

Your customers save the time, hassle, and cost of writing and mailing checks by authorizing your company to debit their checking accounts automatically. It is an ideal way to collect recurring payments, such as insurance premiums, mortgage payments, health club dues, and utility bills. It’s a good tool for businesses that want to increase control over receivables and reduce expenses associated with the collection process.

Learn More

To learn more about our collection services, please call (213) 687-1370 or your local Far East National Bank branch.