Get Business Done While Managing Your Cash
Take control of your receivables and payment processing activity with BankNewport’s cash management solutions. Our suite of services makes it easy to increase operational efficiencies, manage cash flow and working capital, maximize earnings on deposit balances, and run a successful business. To learn more, contact one of our team members below.
Sonia Williams
Assistant Vice President, Senior Cash Management Relationship Specialist
401.845.8677
Cash Management Services
Positive Pay
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Positive Pay is the fraud prevention method most used by businesses to protect against fraudulent checks and ACH transactions.
Positive Pay will alert your business by email if a check or ACH withdrawal appears to be fraudulent. You can easily access your ACH transactions and issued checks easily from your PC.
Wire Transfers
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Wire transfers allow a business to initiate domestic and international/foreign wires quickly and conveniently in real-time without the need to visit a branch.
Lockbox Services
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Lockbox Service reduces the potential for theft, fraud and also assist your accounts receivable department by sending receivables checks to a designated P.O. Box.
Improve office efficiencies by streamlining check receivable activities. Enabling you/your team to focus on the more challenging receivable accounts and growing your cash flow. All check images will be available to you electronically.
Zero Balance Account
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A Zero Balance Account (ZBA—sometimes called a sweep transfer account) is a business checking account dedicated to funding a specific expense, such as payroll, petty cash, travel reimbursement, or any other business need.
Your ZBA is linked to your company’s main operating account, which disburses funds to the ZBA for the exact amount needed to cover that day’s transactions. At the close of each business day, after paying all obligations, the ZBA always has a zero balance unless you set a minimum balance threshold.
You can use a ZBA to concentrate deposits made to multiple accounts into a single operating account. The transfers between accounts are automated, relieving your staff of the need to reposition funds manually.
Business Line of Credit Sweep
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To ensure your businesses line of credit is paid down at regular intervals, credit sweeps can be a helpful tool. Credit sweeps automatically transfer any idle or excess cash in your account to your credit line.
Loan pay down – set amount is transferred at the end of each business day from your account to your credit line. You can adjust the daily amount as needed.
Two way loan sweep – create a designated balance in your checking account. When it falls below the target balance, it will sweep from your line of credit to your checking account or vice versa
Zelle®
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Send, Receive and Request Money with Zelle®
We have partnered with Zelle® to bring you a fast and easy way for your business to send and receive money and request payments. More convenient than cash and checks, encourage customers to pay you with Zelle right from their mobile banking app1. You can also pay eligible suppliers and vendors and request payments with Zelle.
Zelle is available in Online and Mobile Banking so you don't need to download anything new to start sending and receiving money! Don't have the BankNewport app? Download it today!
To enroll your business, please reach out to our Contact Center Team at 401.845.2265 or 877.709.2265 during regular business hours and a Representative will work with you to set up your account. Once you are enrolled you can start using Zelle right away.
1U.S. checking or savings account required to use Zelle®. Transactions between enrolled consumers typically occur in minutes. To send or receive money with a small business, both parties must be enrolled with Zelle® directly through their financial institution’s online or mobile banking experience.
ZEscrow
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Move and grow your business faster with modern cash management tools.
ZEscrow is a modern escrow and subaccounting service wrapped up in one digital system that accommodates a wide range of businesses and special use cases. With secure online access through our digital banking platform, your organization can manage all subaccounting tasks virtually with all the critical information you need in one place.
Discover how ZEscrow can help your business run more efficiently. Contact our team today at CashManagementSales@BankNewport.com.
