What’s on the Menu? Choosing the Right Cash Management Products for Your Agency

What’s on the Menu? Choosing the Right Cash Management Products for Your Agency

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This post is part of a series sponsored by InsurBanc.

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

It is similar to when you go to your favorite restaurant, wanting to select the right entrée, yet you have so many choices. Most guests at a restaurant have an idea of what they are looking for when they open their menu. If they don’t, they surely have an idea of what they like and dislike. The way a menu is organized can guide guests to what they want and avoid making them feel overwhelmed.

Selecting the right cash management solutions can feel equally overwhelming.

Cash management products and services may not leap to mind as a top priority for your agency, until you are made aware of hidden costs or you experience inefficiencies with managing carrier payments, commissions and bills. Poor technological solutions can also leave the agency vulnerable and negatively impact your bottom line. Here are five cash management items that should be on your menu and should be carefully reviewed before making the right selection for your agency:


Financial Review and Account Analysis

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


Online Banking

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

Positive Pay

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

Remote Deposit Capture and Business Mobility

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


Overnight Investment Sweep

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

Before you dig in, work with a good banking partner who can help you make the right selections 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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