Initiate electronic debits for recurring customer payments.
Electronic Collections are ideal for recurring receivables such as insurance premiums, lease or loan payments, utility payments, subscription and membership fees and charitable contributions.
Your customers simply authorize an electronic debit from their account. Funds are then electronically transferred from your customers’ accounts to your account at First Bank on the specified date.
The system can also be used to easily manage multiple accounts at different banks. With a simple online process you sweep funds from your other bank accounts. A single, concentrated account helps to maximize your investment opportunities.
In most cases, electronic transactions are less expensive to initiate and reconcile than paper instruments.
Maximizes your investment potential.