Accounts Payable and Accounts Receivable Solutions
Gain Greater Control of Your Cash Flow
You’re in business to make a profit. Balancing assets and liabilities using accounts receivable and payable solutions will give you better visibility into the incoming and outgoing of cash. Our payables and receivables solutions will help you collect funds faster and track payments while mitigating cash handling risks. Once you have a better understanding of your cash flow, you can use our liquidity management services to put your excess cash to work. Learn more about our capabilities for accounts payable vs accounts receivable. To tailor solutions to your business needs, please contact a Relationship Manager.
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Payables and Receivables Solutions Benefits
Here’s what you can expect from implementing a payables and receivables solution:
- Reduce risk of fraud.
- Save time.
- Improve access to customer and payment information.
- Optimize working capital.
- Save money on processing.
Manage excess cash with liquidity management solutions.
Zero Balance Accounts (ZBA)
Automatically and cost-efficiently consolidate deposits made at any Fifth Third location into a single concentration account. ZBAs enable you to effectively manage your daily cash position by reducing excess balances while retaining distinct information and audit trails on transaction activity.
Maximizes excess balances by automatically sweeping those balances into a short-term, interest-earning, investment vehicle.
Collected funds in excess of a predetermined target balance are automatically swept out of any checking account and are used to offset an outstanding loan. Additionally, funds if available can be drawn down on the loan to fund the balance needs of the checking account when applicable.
Manage income with receivables solutions.
Cash Vault Services
Maximizes safety, convenience, accuracy, and efficiency through a streamlined method for cash processing with over 100 vault locations. Cash Vault Service aligns best for businesses that handle large volumes of currency and coin and utilize armored courier services.
Helps automate the overall cash-handling process, from payment collection to deposits to crediting the account. CPS provides daily provisional credit, delivering faster access to funds (even while cash is still in the safe) in a managed service solution. CPS reduces the risk of theft and allows employees to focus on more productive tasks by making cash handling a smoother process.
Collect funds from your customers through the ACH network directly into your bank account. Process internet payments or convert paper checks to electronic funds transfer.
Enables your customers to send payments to one or more post office boxes. Our operations teams will collect and deposit the payments into your company’s account. Then, we’ll send reporting to you to update your accounts receivable records.
Our electronic bill presentment and payment solution enables you to accept payments online, by phone, or via mobile device. Biller Direct can reduce your costs and late payments. Your customers will have a better experience and you’ll get paid on time.
Return Management Solutions
- Returns Management: This online module through Fifth Third Direct that enables you to view current and historical return items in detail.
- Paper Representments: Collects the value of the check by redepositing a second time.
- Check Recovery: A no-cost service for Business Banking customers, where ChecXchange strategically represents items as RCK, wherever possible, to collect the face-value of the check.
Make payments with payables solutions.
Used to electronically make payments. Ideal for repeat payables, such as supplier payments, employee payroll, shareholder payables and tax obligations. ACH saves you time processing payments and reduces the risk of fraud. You’ll have better access to payment information and cash until it’s needed.
Receive invoices and send payments electronically to your suppliers who enroll on the ViewPost network. ViewPost eliminates the need for paper checks and helps you earn cashback on payments. View Post can be customized to your small business. Learn more about ViewPost.
Fintech providers and banks equally rely on each other when it comes to managing cash flow best practices and related strategies. Learn more about this collaboration today with Fifth Third Bank.
There are many ways a company can save money without hurting the bottom line and its employees. Some methods might require you to be a little creative, while other ideas are reasonably straightforward. Either way, the end goal is to save the company as much money as possible.
One of the biggest challenges for very small businesses is cash flow. There is really only one way to address cash-flow crunches, and it’s planning so you can prevent them in advance.
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