Cash Management Services
Receivables Management and More for Property Managers
Flushing Bank understands the special needs of the real estate industry. Our Cash Management services, including lockbox services, remote deposit, information reporting and tenant lease security services help property managers streamline and manage their day-to-day treasury operations.
Receivables Management
Lockbox Services
Lockbox services accelerate your company's collection of account receivables while providing the necessary daily information to update your property management system. Flushing Bank offers two of the most common types of lockbox services utilized in the real estate industry:
- Retail Lockbox
This lockbox arrangement provides consumer-to-business small dollar payments with no manual entry of remittance information. - Wholesale Lockbox
This lockbox structure is designed for corporate-to-corporate payments, low volume and high dollar items. Service options include data capturing payment information for electronic posting to your receivables system and viewing images of deposited items online.
Remote Deposit
Remote Deposit is an electronic check conversion service that gives you the ability to process checks received at your own office, eliminating the need to travel to your local branch. This cash management service relies on a check scanner provided by Flushing Bank to convert paper checks scanned at your office into a computer image document called an Image Replacement Document. Once scanned, check images are transmitted to the bank through a secure website and they are posted to your account.
Information Reporting
Flushing Bank's Cash Manager Direct Service is an Internet-based online banking system. This secure cash management service allows you to view, manage, and originate your business banking transactions online. Functions include:
- View previous day and current day balances and transactions
- Initiate wire transfers
- Initiate ACH debit or credit transactions including tax payments
- Transfer funds between accounts
- View check images
- Place stop payments
Tenant Lease Security
Flushing Bank's Tenant Lease Security service helps owners comply with the New York State law pertaining to the placement of tenant security deposits in interest bearing accounts. Our service provides you with accurate, current information each month. Additionally, we'll mail your tenants their 1099 Interest Statements annually.
Find Out How Our Cash Management Services Can Benefit You
Save time, optimize cash flow and increase efficiency with our suite of Cash Management Services. To learn more about Flushing Bank's real estate Cash Management Services, simply call us at 718-512-2773 to speak to a Business Banker or fill out the information request form. We're here to help you achieve your business goals.
