Now you can bridge the gap between payables due to suppliers today and receivables that your customers won’t remit for 30 days or more. BusinessManager® enables you to get cash for your accounts receivable deposited directly into your bank account by selling them to University Bank at a discount.
University Bank can send statements on your behalf, and offer payment terms to your customers. You’ll also receive detailed management reports outlining critical information about your receivables. When you are effectively conducting business on an all-cash basis, you can take advantage of suppliers’ prompt payment discounts, increase your sales, redirect staff time, and save the time and money typically spent on receivables management. Get BusinessManager® and get back to building your business.
With a more predictable cash flow, you can make payroll, remit payables on time, increase inventory, and pursue new business opportunities.
Save time and money
Take advantage of prompt payment discounts from suppliers and get back to doing business. Sending files electronically allows you to redirect personnel to more productive tasks.
Manage your business
Track receivables with detailed reports, reduce your debt, maintain a liquid working capital position, and prevail in seasonal fluctuations.
You can choose to use the bank’s presence on customer correspondence, which influences customers to pay on time.
Offer financing options to your customers
Sharpen your competitive edge by offering flexible payment terms. You win and your customers do too.
BusinessManager’s electronic commerce feature called “Wired” allows you to exchange receivables information with University Bank through a secure Internet site. You’ll save time, money and effort associated with exchanging “paper” invoice information. Wired also reduces the likelihood of manual errors.
Timely management reports
Reports about customers, aged receivables, credit and debit transactions, credit application, and merchant activity are available to help you manage your business.
Flexible customer payment terms
BusinessManager offers six payment terms that enable you to attract new business:
- Fixed –– a set dollar amount is due each month until the balance is paid.
- Net — the entire balance is due at the end of the term.
- Periodic — payment amount is based on the customer’s choice of billing frequency (monthly, quarterly, bi-monthly, etc.) up to one year.
- Prox — the entire balance is due on a particular date each month.
- Revolving — the monthly payment is based on a percentage of the balance or a minimum amount, whichever is greater.
- Same-as-Cash — free financing for up to one year. No payments are due until the end of the term, and then the entire balance is due.
University Bank runs the End-of-Period (EOP) process each month to close your billing cycle, total customer accounts, calculate finance charges, generate statements for customers, and create management reports for both you and the bank. You can customize statement messages and choose whether to use “bank billing” (with the bank’s name and influence) or “blind billing” (without the bank’s name).