What is on the list? Choosing the right cash management products for your agency

This post is part of a series sponsored by InsurBanc.

Choosing the right cash management products for your agency can be overwhelming.

It’s similar to what you go to when you go to your favorite restaurant, and you want to choose the right appetizers, but you have a lot of options. Most of the guests in the restaurant have an idea of ​​what they are looking for when they open their menu. If they don’t, they definitely have an idea of ​​what they like and dislike. The way the menu is organized can direct guests to what they want and avoid making them feel overwhelmed.

Choosing the right cash management solutions can be equally confusing.

Cash management products and services may not spring to mind as a top priority for your agency, until you are aware of hidden costs or encounter inefficiencies in managing carrier payments, commissions, and bills. Poor technology solutions can leave the agency vulnerable and negatively affect your bottom line. Here are five cash management items that should be on your list and should be carefully reviewed before making the right choice for your agency:


Financial audit and account analysis

A financial review is a snapshot of the activity in your account and a roadmap that a banking professional can analyze before recommending cash management solutions that will help improve your agency’s cash flow.


Online Banking

Online banking gives you 24/7 access to funds, allowing you to view accounts, transfer funds, and pay your bills. Administrator jobs in online banking help strengthen internal controls and improve efficiencies for your agency.

positive Pay

This popular automated cash management service helps detect fraud by matching checks issued by the agency or ACH with the check or ACH presented for payment.

Remote deposit pickup and business transfer

Remote deposit is a way to process payments without sending checks to the bank. Smartphone-based Remote Deposit Capture (RDC) can keep your agency in cash.


Overnight investment sweep

Automated scanning products take and automatically transfer excess balances from a non-interest bearing trading account, leaving your agency with the ability to earn interest instead of leaving cash idle in your checking account.

Before diving in, work with a good banking partner who can help you make the right choice for your agency.

As with any good restaurant experience, you need to start with a good menu. Each month, I will delve into the details of a new course.

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