ACH Payment and Collection Services
ACH Services reduce expense and increase control of your company's disbursements and receivables by use of electronic funds transfer through the Automated Clearing House System. In addition to CentralNET ACH options, a NACHA formatted data file created by your company's payroll or accounting software can be provided to us by diskette, email, or PC to PC direct file transfer for upload into our Federal Reserve System.
- ACH Payment is ideal for payroll direct deposit of employee wages, or other disbursements such as expense reimbursements, payments to suppliers and vendors, interest payments, etc.
- ACH Collection can be used for recurring receivables such as insurance premiums, membership dues, utility payments, pledged donations, and loan or lease payments. Streamline collecting your receivables by eliminating mail delays and check float, allowing your funds to be immediately ready for investment.
Automated Reconciliation
CentralNET Business allows you to download your account activity anytime you need to export a file of paid items for reconciliation. For higher volume accounts that are reconciled on a monthly basis, two additional options are available:
- Full Account Reconciliation compares all checks paid to a list of issued items provided by you, with a resulting list of outstanding checks and paid/issued item exception reports.
- With the Partial Reconciliation method, we provide your company with a list of your Paid Items for you to upload and compare to your issued check file.
Central At Work
As part of our business relationship, we'd like to offer your employees this special banking services package, Central At Work. Your employees will enjoy free checking services, no minimum balance savings accounts, no annual fee credit cards, discounted loan rates and much more. We're happy to come to your business to introduce Central Bank to your staff.
Controlled Disbursement Accounts
Companies with very high check disbursement totals and volumes may benefit from our Controlled Disbursement Account. With this service, we provide your company with the total of daily inclearing items that will be presented against your account on today's business, letting you calculate a very accurate cash position, as you make your daily investment decisions.
Courier Service
Central Bank will send a courier to retrieve and deliver your daily bank deposits. For a set per pick up fee, you will begin using your staff's time more efficiently by eliminating daily trips to the bank, allowing you and your employees to concentrate on the important issues at hand.
EDI Reporting
You are probably receiving more payments electronically than ever before. Central's Electronic Data Interchange reporting provides you with those extra ACH detail records sent by your payor, like invoice numbers and amounts, so you can efficiently update your receivable records.
EFTPS - Electronic Federal Tax Payments
The Treasury Department offers two methods of electronically paying your federal tax payments. EFTPS Debit is a free service sponsored by the U.S. Treasury allowing the payment of your federal taxes by touchtone phone or PC. A confirmation code is given with each payment assuring an accurate and timely payment.
With EFTPS Credit, you will fax in your tax payment request to us (2) business days prior to your tax due date for processing through our Automated Clearing House (ACH) System. A per payment fee is assessed for each tax payment made through EFTPS Credit. (Also, available online with CentralNET Business.)
Line of Credit Sweep
Our deposit and loan systems are integrated allowing the ability to link your operating Line of Credit (subject to credit approval) to your depository account, providing convenient access to your credit line. This interface of accounts facilitates automatic pay down of the outstanding balance on the Line of Credit whenever there are excess funds in the depository account. In addition, this daily automated sweep allows the operating Line of Credit to fund checking account disbursements, as needed.
Zero Balance Accounts
If you need separate accounts to track specific activity for your business, such as disbursements, payroll or tax processing, and credit card merchant activity, we offer our Zero Balance Account (ZBA). Each night, as the special activity is posted to the ZBA, our system will automatically fund any disbursements by transferring from your operating account or will move excess deposits to your operating or consolidated funds account.
Using these types of subsidiary accounts to separate the transaction types can streamline the account reconciliation process for your accounting staff.
For additional information about Cash Management Services, please call (859) 253-6368
