Expedite Receivables

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.

Lockbox
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.

Merchant Card Processing
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.

Courier/Armored Car Transport
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.

Automated Clearing House (ACH)
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.

Cash Concentration
A convenient, cost-effective method of electronically transferring excess funds from your local depository banks into your company's primary concentration account with FENB. Benefits include reduction in idle balances maintained at local banks, increased control over remote location's deposit activity, and one-day availability of funds so you can anticipate your overall cash position for investment opportunities.

Deposit Reconciliation
With our Deposit Reconciliation service, you get a detailed listing of deposit transactions posted to your account for a specified time frame. It is ideal for businesses that want to maintain control over a high volume of deposits.

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