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
Making Payments
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Streamline your payment processes with tools from BankNewport to make payments easily, no matter where your business takes you.
ACH ORIGINATION
Simplify your cash flow and forecasting with the electronic disbursement and collection of funds from any bank account within the United States. Process payroll with direct deposit, process electronic payments, and pay taxes.
WIRE TRANSFERS
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.
Zelle® FOR SMALL BUSINESS
Zelle® brings your business a fast and easy way 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. With Zelle, pay and request payments from eligible suppliers and vendors all through Online and Mobile Banking.
To enroll your business, 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.
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.
Managing Receivables
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Spend less time depositing checks and more time making sure your business thrives with safe and secure services you can manage on your schedule.
COMMERCIAL REMOTE DEPOSIT CAPTURE
Conveniently make check deposits directly into your BankNewport checking, savings or money market accounts.
Commercial RDC has many features and benefits available to fit your needs and volume, detailed daily reporting compatible with QuickbooksTM or Excel, and funds available the next day when deposits are made prior to 4 p.m. ET.
LOCKBOX
Lockbox Service reduces the potential for theft and fraud while assisting your accounts receivable department by sending checks directly to a designated P.O. Box.
Lockbox enables you and your team to streamline your receivables activities so you can focus on the more challenging receivable accounts and grow your cash flow. Plus, all check images are available to you electronically.
MERCHANT SERVICES
Merchant Services accepts credit and debit card payments from anywhere, improving customer service and the buying experience.
Scott Kopecky serves as our Merchant Services expert. He can be reached by telephone at 401.787.5112 or by email at scott@thrivepay.us
Managing Liquidity
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Our suite of liquidity management products and services are designed to help support your business and keep your day-to-day running smoothly while giving you a clear picture of your bottom line.
BUSINESS LINE OF CREDIT SWEEP
Credit sweeps are a helpful tool to ensure your business’s line of credit is paid down at regular intervals. Automatically transfer any idle or excess cash in your account to your credit line.
Credit Sweep options:
- Loan pay down – A pre-determined amount is transferred from your account to your credit line at the end of each business day and can be adjusted as needed.
- Two way loan sweep – Designate a minimum balance for your checking account and when it falls below that target, funds will sweep from your line of credit to your checking account or vice versa.
PAYROLL SERVICES
We partnered with Hartland Payroll Services to offer simple, user friendly access that allows you to manage all aspects of your workforce.
ZERO BALANCE ACCOUNT
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. ZBA’s concentrate deposits made to multiple accounts into a single operating account.
Your ZBA, linked to your company’s main operating account, disburses funds to the ZBA for the exact amount needed to cover that day’s transactions. At the close of each business day, the ZBA will have a zero balance unless a minimum balance threshold is set. Transfers between accounts are automated, relieving your staff from manually repositioning funds.
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ZESCROW
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.
Fraud Protection
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Reduce the risk of fraud to the business you have worked so hard to build.
POSITIVE PAY
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.