University Bank is proud to sponsor the Ypsilanti Area Chamber of Commerce March Breakfast and look forward to working together with providing solutions to the local community and businesses. We are constantly looking for new products and services that can best meet the needs of the communities that we serve.
Today we highlight one of our products useful to business owners; BusinessManager is a complete system that allows you to get cash for your receivables on a daily basis. The service also frees up your time for more important tasks. University Bank sends statements on your behalf, even offering discounted payment terms to your customers. We even provide you with detailed management reports outlining critical information about the aging of your receivables to help you manage your business better
As your business sells products or services to customers, you submit one or more batches of transactions to University Bank. We purchase the receivables. A portion of the money you get for your receivables is put into an interest-earning savings account. The rest of the funds are placed in your business’s checking account within 24 hours, for your business to use to make payroll, buy equipment, and facilitate future growth. As you business grows your working capital needs grow. BusinessManager lines can grow as your business does.
When you receive cash for existing and ongoing receivables, the Business Manager program essentially puts you on an all-cash basis with your customers. This allows you to:
- Pursue new business opportunities
- Take early payment discounts from suppliers
- Make payroll
- Remit payables in a timely manner
- Take advantage of quantity buying discounts
- Reduce lines of credit
In these troubled economic times when so many large banks are not lending, University Bank is proud to be your community bank that is lending. University Bank is conveniently located in The Mansion, at 2015 Washtenaw Ave. You can also visit us online at www.university-bank.com