Cash Management

BNP19520_Level2_CashManagement_FINAL

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.

John Sweeney
John Sweeney

Vice President, Director of Cash Management

401.845.8762
Brennon Viola
Brennon Viola

Vice President, Cash Management Sales and Service Officer

401.619.5437
Sonia Williams
Sonia Williams

Assistant Vice President, Cash Management Sales Support Specialist

401.845.8677
Meredith Vieira
Meredith Vieira

Cash Management Relationship Specialist

401.845.8790

Cash Management Services

Commercial Remote Deposit Capture

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Conveniently make check deposits directly into your BankNewport checking, savings or money market accounts.

Features available for 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.

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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.

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ACH Origination

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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.

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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.

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Merchant Services

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Merchant Services accepts credit and debit card payments from anywhere with the ability to improve customer service and the buying experience.

Michelle Chouinard serves as our Merchant Services expert. She can be reached by telephone at 617.794.6944 or by email michelle@thrivepay.us

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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

Payroll Services

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Our Payroll Services feature with Heartland makes things simple and user friendly. With Heartland you will have access to manage all aspects of your workforce.

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