By A.J. Kaufman, Managing Editor
Photo contributed
Treasury Management Solutions help businesses improve cash flow, reduce fraud and streamline their daily operations. They are essential software platforms for companies, particularly banks, managing complex cash flows and regulatory compliance.
According to Kathryn Keith, Senior Vice President and Executive Director of Treasury Management at Powell Valley National Bank, a comprehensive treasury management strategy allows businesses to spend less time managing finances and more time growing their business. Modern treasury services provide secure, efficient tools for businesses of all sizes.
Among the key benefits of Treasury Management Services (TMS) are improved cash flow visibility, increased operational efficiency, a reduction in manual processes and strengthened fraud protection. They save time with digital banking solutions, support business growth with scalable financial tools and enhance convenience for business owners and finance teams.
“When you bank with us, you work directly with a local treasury management specialist who will understand your business needs,” Keith told the Business Journal, noting her customers can receive customized recommendations rather than a one-size-fits-all solution. “This builds long-term relationships with bankers who know you and your business’s financial goals while allowing for faster responses to service requests and account needs and greater flexibility in meeting unique business needs.”
As they pertain to merchant services, it accepts payments wherever customers do business-in person, online or on the go.
Keith explained additional benefits of Merchant Services that include:
- Improve customer experience with fast, secure payment processing.
- Integration with business operations to simplify payment reconciliation.
- Opportunity to work with a trusted payment solutions partner.
- Dedicated support throughout the implementation process.
- Access to payment processing expertise and ongoing service.
- Solutions tailored to meet the unique needs of each business.
She also mentions Clover, the cloud-based point-of-sale system, noting its benefits:
- Modern, affordable, all in one point of sale system.
- Accepts credit cards, debit cards, contactless payments and digital wallets.
- Inventory management and sales reporting tools.
- Employee management and scheduling features.
- Invoicing
- Customer loyalty and rewards capabilities.
- Flexible hardware options for retail, restaurants, and service businesses.
- Scalable platform that grows with the business.
Finally, Automated Clearing House (ACH) Services — the electronic payment systems that lets money move directly between bank accounts without using paper checks or card networks — can:
- Send and receive electronic payments quickly and securely.
- Automated payroll, vendor payments, and recurring customer collections.
- Reduce paper checks and manual processing saving time and money.
- Improve payment efficiency while lowering processing costs.
- Faster settlement and improved cash flow management
Keith claims TMS also have “powerful” fraud prevention tools for business checking accounts, which include the ability to review exception items before payment decisions are made. Per Keith, this reduces the risk of check fraud and financial losses, while also enhancing account security and peace of mind.
TMS also allows individuals and businesses to deposit checks directly from the office using a desktop scanner or via a mobile device which can process multiple checks quickly and eliminates trips to the bank. This makes the service ideal for businesses of all sizes.
“Many business owners are surprised to learn just how much they are paying in monthly bank fees,” Ted Fields, PVNP executive vice president and chief banking officer, told the Business Journal. “Our philosophy is simple: keep banking affordable so our customers can continue to reinvest in their resources back into their own companies.”
