Cash Management & Electronic Banking
BancFirst’s Cash Management Services give you the managerial tools needed to control cash flow efficiently and effectively. Because every business has its own unique requirements, you select only those tools that are appropriate to your business situation, giving you exactly the suite of resources you need. BancFirst’s Cash Management Services are designed to help your business by streamlining its collections and disbursements and providing you with up-to-date information about your financial situation at any time you choose.
For more information about cash management and electronic banking, please contact your local BancFirst.
PC BASED ONLINE SERVICES
BancFirst provides your accounting staff the tools to do more work in less time. Utilizing an operator identification and password security system you can retrieve a history of your banking activity, check on current and available balances, view paid check images, and verify account transactions all from the convenience of your desktop computer. Stop Payments, ACH Origination and transfers of funds between accounts, as well as transferring funds to another institution are just a few of the many features of Online Banking.
ELECTRONIC DATA INTERCHANGE (EDI)
EDI allows the electronic exchange of information between two trading partners in a specific pre-determined format. BancFirst will supply EDI receivable information to your company via fax or electronic transmission.
With BancDisc, you have at your fingertips, images of monthly items normally returned in your bank statement. Within minutes, you can locate a check or a deposit with each deposited item by keying in the information about the item, such as the check number or amount. You can retrieve the item, view the front and back, flip it, rotate it, enlarge it for easier reading, and print a copy.
POSITIVE PAY SERVICES
BancFirst provides the leading method of Automated Clearing House and Check fraud deterrence available today. ACH positive pay is performed by comparing policies created by your company for both debit and credit transactions that are authorized to post to your accounts. Check positive pay is performed by comparing items presented for payment against an issued items file submitted by your company or a barcode printed on the face of the check. This barcode is created by a special application that "reads" the print stream sent to the printer and creates a special encrypted barcode that contains the necessary issued items information. Either form allows a daily comparison to transactions posting against your account and items that you have identified as properly issued. This process allows for suspect items to be presented to your company for a "pay/no pay" decision.
A complete reconcilement of both outstanding and paid checks is available by verifying paid items to an issued file supplied by your company to BancFirst. The file can be transmitted to BancFirst via electronic transmission. By supplying BancFirst with a list of all issued items, the reconcilement is fully automated. Reports will list all paid and outstanding items, as well as voids.
AUTOMATED CLEARING HOUSE (ACH) ORIGINATION
Whether it’s a direct deposit of payroll, pre-authorized payments or concentrating cash on your accounts, BancFirst’s ACH will assist you in these areas.
With Direct Deposit of Payroll the employees’ pay is deposited directly into their accounts, your payroll process is easier, quicker, and much more convenient for both you and your employees. Utilizing payroll information you provide, BancFirst will electronically transfer your employees’ net payroll into their checking or saving account at any bank anywhere in the United States. Your employees’ pay is available to them immediately and is accessible at their bank.
If you originate a Pre-Authorized Payment you can expedite the collection of receivables and reduce costly processing errors. You create a debit file containing payment instruction, and on the settlement date you specify, your account is credited with funds from your specified customer.
By creating a Cash Concentration file you concentrate funds from various banks that your outlying offices or subsidiaries use, to your account at BancFirst.
Controlled Disbursement is designed to help you control your account balances by giving you same-day check clearing totals. This is accomplished by setting up a disbursement account utilizing a participating Oklahoma bank’s routing and transit number, with a BancFirst funding account. We provide you the totals needed to fund your day’s disbursements early in the morning. Because you receive this information early in the day, you can more effectively make investment or borrowing decisions.
CORPORATE CREDIT CARD SERVICES
With our Visa Corporate Credit Card* Program, you have the ability to set spending limits on the employee cards issued. A monthly summary itemizes expenses and gives you more information and control.
REMOTE DEPOSIT ELECTRONIC CHECK PROCESSING
Remote Deposit electronic check processing gives you the freedom to make your BancFirst deposit anytime, anywhere. Enjoy extended deposit deadlines, improved funds availability, streamlined banking operations, reduced deposit preparation costs, and reduced risk of fraud. All you need is a check scanner and a personal computer to make deposits electronically to your BancFirst account. Your daily trip to the bank will be an option, not a chore.
LOCK BOX SERVICES
Lockbox Banking Services are designed to improve efficiency and cash flow by accelerating the processing of payments received from customers. This is accomplished by directing customer payments to an Oklahoma City Post Office box that BancFirst accesses. BancFirst personnel collect your customers’ payments each banking day and process the payments according to your specifications. Checks are deposited directly into your account. Deposit information is then reported and remittance information is sent to your office. Because we are using an image based system, complete details, including images, are available to your accounting staff shortly after we have completed processing your work.
ZERO BALANCE ACCOUNTS
This service facilitates the movement of funds between your company’s accounts, ensuring the most efficient possible use of your dollars. By automating this function, customers are able to maintain separate accounts with statements for activity such as payroll and payables.
Make the most of your money by investing excess operating funds each working day. After your daily checks and deposits have cleared, if needed, funds will sweep into your operating account to cover those checks. If you have an excess balance, it will transfer to your sweep account where it will be invested into your choice of our money market mutual funds. This service eliminates manual fund transfers and you experience no loss of income due to missed investment deadlines or opportunities. Sweep Account funds invested in the money market fund are not FDIC insured.
Customers today are using credit and debit cards more than ever to make purchases. BancFirst realizes that in today’s competitive marketplace, merchants need to offer their customers flexible payment options including credit, debit and gift card acceptance. No matter what business you’re in, BancFirst has a full suite of industry leading payment processing products and services that can be tailored to meet your special needs.
*Subject to credit approval