Business Cash Management Services
Please select from the list below for more information on each service.
- Automatic Clearing House (ACH) Services
- Automatic "Sweep" Accounts
- Coin & Currency Services
- Electronic Data Interchange (EDI) Services
- Merchant Bank Card Services
- Visa Business Card Applications
Lawrence Bank is an originator for ACH debits and credits. This automated service provides you convenience and accuracy by replacing paper-based transactions with more efficient electronic transactions. Your company's payroll can be electronically deposited into your employees' personal banking accounts at any financial institution. You may also authorize us to accept debits and credits into your account. This service can help eliminate costly delays.
Automatic "Sweep" Accounts
"Sweep" arrangements are the automatic movement of funds between two accounts of the same customer within Lawrence Bank. An example of a typical sweep account arrangement would be a customer who wishes to maintain a $10,000 target amount in an operating account and wishes any deposited funds greater than the target amount to be moved automatically to an investment or repurchase agreement account. Our data processing system will post all debit or credit transactions to the operating account and determine an account balance. If the account balance is less than the target amount, funds will be moved out of the investment account to raise the operating account balance to the target amount. If the account balance is greater than the target amount, excess funds will be automatically invested.
The "target" amount can be set at any mutually agreed level. Sweep agreements are commonly used for:
- Transfers between an operating account and an investment account.
- Transfers between an operating account and a payroll account.
- Transfers to protect one account from a possible overdraft or to maintain a desired minimum balance.
Sweep arrangements often include a Repurchase Agreement account. This allows for unlimited withdrawals without violating Federal Reserve Regulation D rules, limiting the number of withdrawals per month for money market or savings accounts.
Coin & Currency Services
Lawrence Bank offers rolled coin and strapped currency for our customers' use.
Electronic Data Interchange (EDI) Services
Lawrence Bank has the ability to electronically initiate transfers of money involving an account at the financial institution. This service is also referred to as Electronic Funds Transfer Agreement. The use of EDI to transmit invoice data and payments can improve a company's cash flow and may increase the amount of working capital. Pre-authorized ACH debits and credits fall under this service. This includes direct deposit of MasterCard, Visa, and Discover bankcard transactions.
Merchant Bank Card Services
Consumers and business or government purchasing agents have come to expect, and perhaps even demand, the option of paying for goods or services with Visa credit or debit cards. As a seller, you want to give your customers every convenience, especially when it comes time to pay for purchases. Boost your business and increase overall sales volume by offering your customers more payment options. You enhance customer relationships, meet customer expectations, and increase revenue by accepting credit or debit cards. We have partnered with BancCard to provide our customers with first-rate service, support, equipment, and supplies for the processing of credit and debit cards.
Do you already have a merchant relationship in place? Let us provide a price comparison. Our fees often are less than the fees charged by competitors, and we don't require long-term contracts. Be sure to give your current service provider our ABA Routing number and your account number so that any payments they process for you will come directly to your account with Lawrence Bank.
Do you have an interest in becoming a credit card merchant? Let us know if you are interested in this service. We will be happy to send you a brief summary of basic information. Provide us with estimates of your expected credit card volume, and we will provide you with no-obligation price quotes for various processing options.
Visa Business Card Applications
Lawrence Bank offers Visa Business Cards through an arrangement with Banker's Bank. Please contact us for an application form.
