Meanwhile, corporations that deals with lots of cheque payment coming through mail, a simple lock or cashbox saves time and is far effective than any known alternative. It goes like this: customers would mail the payments to a P.O. Box under the corporate title, the bank staff would collect and process the payment received as per the requirement and deposit the sum directly in your account.
Cash distribution management
Internet/online banking for businesses nowadays is considered a safe and flexible alternative to the traditional method. It allows you to create profiles and access particular levels for various employees, instant balance review and cash transfer between two or more accounts depending on the services provided by the bank. With time and development, more viable cash disbursement techniques are expected!
The Automated Clearing House (ACH) is quite common to pay-off employees. Worker’s bank account details and payment rates are registered exclusively with your bank which allows the salary to be transferred directly in beneficiary’s account. Business industries such as utility companies, charities or healthcare centres that collect regular donations and payments through direct debit benefit most from the service.
If your business generates lots of payment cheques or includes large amounts, controlled distribution is a must to ensure clear and hassle-free transaction. The bank would email or text-message a report every day, early in the morning as a reminder or advising if any cheques are due to clear within the same day. This would help you to transfer the precise amount required for the distribution account. Your cheques won’t bounce and also save you interest on earnings simply through idle cash in the account.
Positive pay is the best safety mechanism against fraudulent cheque. All you need is to update the bank daily on the cheques issued through your company and before they’re clear, the bank compare the details against the comprehensive list to ensure credibility. In a reverse positive pay, business keeps the list whereas the bank sends you the verification information of the cheque before clearance. Wire transfer is also secure and an instant way to transfer funds be it to local or international bank accounts.
Selecting the technique
Banks have incorporated variations in the techniques for businesses of all sizes and therefore training advisers to choose the best one as per nature of operations. Target small to medium size businesses before jumping on to large corporations!
Conclusions
Cash management banking jobs Dubai, UAE sector is much esteemed ever since the industry has swept across the region and incorporation of local and international banks.
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