Efficiency Solutions

FEDI (or EDI) is the computerized exchange of payment data between your business and your customers and vendors. You can receive the accompanying information you need to post and track your electronic payments.

FEDI Benefits

• Makes payment-related information easier to track. You receive the information you need for accurate posting of payments to your accounts receivable system.
• Eliminates any technology investment and ensures compatibility with EDI formats and your customers’ systems

How does Electronic Data Interchange work?

• We receive your payments through the Automated Clearing House (ACH) network
• Payments are processed and credited to your account
• Information accompanying payments, such as invoice number and payer, is translated and delivered to you via Commercial Online Banking
• You don't have to be an EDI expert or invest in EDI software. We do it all for you.

Would my Business Benefit from Electronic Data Interchange?

Yes, if your business:

• Needs to offer financial EDI receipt capability, but doesn't want to make a major investment in hardware, software, and training

What is a Target Balance?

A Target Balance is a specific balance you want to maintain in your business checking account.

How does a Target Balance Account Work?

• Together, you and your banker decide what balance makes sense for your business based on your account activity to offset account service charges.
• Funds are automatically swept into or out of your account based on the balance selected.

Would my business benefit from using a Target Balance Account?

Yes, if your business:

• Has multiple depository or disbursement accounts
• Wants to reduce staff time spent monitoring and transferring funds between separate accounts
• Wants to fund an account on an “as needed” basis
• Wants to reduce or eliminate idle balances and put your available cash to use by pooling it in a general operating account or line of credit

What is a Business Loan Sweep?

A Business Sweep automatically transfers money from your checking account into an interest-bearing account or line of credit based on your parameters.

How does a Business Loan Sweep work?

• Similar to a Target Balance Account, you and your banker decide what balance makes sense for your business based on your account activity to offset account service charges.
• Funds are automatically swept into or out of your account based on the balance selected.

Would my business benefit from a Loan Sweep?

Yes, if your business wants to:

• Save money by borrowing and paying interest on only the amount required to bring your checking account to its target balance
• A complete overdraft protection solution. When sweeping from your operating account to a line of credit, you’re using those excess balances to reduce your interest expense.

Which Business can use a Loan Sweep?*

• Any business with a revolving line of credit

Quickbooks Connect Benefits

• Save time by automatically connecting your bank and Quickbooks accounts to sync transaction information
• Helps maintain accurate information for your business accounts and tax purposes

How does Quickbooks Connect work?

Use Quickbooks Connect to automatically send bank transactions to your Quickbooks account for bank reconciliation.

Would my business benefit from Quickbooks Connect?

Yes, if your business:

• Uses a Quickbooks account
• Wants to reduce staff time reconciling bank account and Quickbooks information

Commercial Online Delivery Benefits

• An added layer of security to protect your business's financial information, including multi-factor identification for users and data encryption
• More efficient way of transferring documents to Merchants Bank
• Easily keep track of document transmission for audit purposes

How does Commercial Online Delivery work?

• Use your business's accounting system to securely send different file to Merchants Bank, including BAI, bank reconciliation files, ACH, Positive Pay files and more
• Receive automate alerts and confirmations when files are sent, received or approved

Would my business benefit from Commercial Online Delivery?

Yes, if your business:

• Uses an accounting system to manage your financial accounts and data
• Wants to simplify the process of sharing files with Merchants Bank
• Wants a secure way to transmit financial documents