calculator on a desk

Cash Management Services

Managing your business in today’s marketplace can be complex.


At Lake Elmo Bank we have designed products and tools to help you manage your business, your funds and your time.

Cash Management Services are available for businesses of all sizes and are designed to meet all of your needs. Our Personal Bankers will work with you to tailor a program that maximizes your resources and bottom line
ACH Origination
With Lake Elmo Bank’s ACH Origination service it allows our business customers to process the collection of payments and more through our business online banking.

  • Monthly association or membership dues
  • Account receivables
  • Collect donations for non-profits

SmartPay Express
SmartPay Express makes it easier than ever for small businesses, nonprofits, and other organizations to accept online payments or donations.

It’s an ideal tool for businesses that do not have a need for a shopping cart functionality but still want to enhance their online revenue stream or accept donations. Lake Elmo Bank creates a unique URL address that can be custom-branded to match your current websites look and feel. Simple links to the business website creating a seamless experience for the end user.

Lockbox Service
Lockbox service allows our business customers to streamline receipts directly to Lake Elmo Bank. When your customer and/or business partners write you a check, you have those deposits directed to a specific PO Box owned by Lake Elmo Bank. Every business day we will pick up and process those payments directly into your account.

Why would you use a Lockbox?
The main reason is speed and efficiency. With our lockbox service your money gets into your bank account faster by eliminating you from having to process your mail, create the deposit and drive to the bank.

Imaging with Lockbox Service
We offer image based lockbox service. Each business day a copy of all the checks and documents included in the envelope we received is delivered to you by secure email.

Merchant Processing
In today’s world most businesses need a way to accept debit or credit card payments for their services. Lake Elmo Bank is able to offer you this service with competitive rates due to our long partnership with Heartland Payment Systems. We have a solution for your business whether it’s taking the payment in person, over the phone, on your mobile device and online.
ACH Origination
With Lake Elmo Bank’s ACH Origination service it allows our business customers to initiate payments to their consumer or corporate customers through our business online banking.

  • Payroll
  • Payment to suppliers
  • EFTPS (federal) tax payments
Wire Transfer Service
Business customer can initiate a domestic or international wire transfers during business hours. Click here for instructions on how to send or receive a wire transfer.

Online Bill Pay
Bill Pay eliminates handwritten checks, purchasing stamps and addressing envelopes. Pay all your bills under your Online Banking login. Schedule your payments as a one-time or recurring payment from a Lake Elmo Bank checking account.

Business Debit Cards
Your Lake Elmo Business debit cards is the easy way to pay for purchases, like office supplies, gas, bills and more. Deducted right from your checking account. You can also have the choice to use the card for ATM transactions like a withdrawal from your checking or making a deposit.

Provide your employees with a business debit card to make purchases for your business. You maintain control by setting daily limits. We offer 24 hour of real time fraud monitoring.

Business Credit Cards
Lake Elmo Bank offers you a competitive interest rate on your business card. Individual credit limits are available on a per card basis. You business name and personal names are embossed on the card.
Commercial Repurchase Sweep Account
Our Commercial Repurchase Sweep Account is designed for high balance and high volume commercial checking accounts. Any excess funds over an established target balance in your Classic™ Checking Account automatically transfers at the end of each business into the Repurchase Sweep Account. Funds are automatically transferred out of the Repurchase Sweep Account to maintain the required target balance in the checking account if the account falls below the target. Daily confirmation emails are securely delivered to the customer with their sweep account balance and what securities secure those funds.

Automatic Sweep
Lake Elmo Bank offers several automatic sweep options for our business customers. At the end of each business day, funds can automatically be transferred between your business checking to and from a checking, savings or line of credit.

Zero Balance Accounts (ZBA)
These checking accounts are designed for companies that maintain a general checking account and separate accounts for payroll, petty cash, automatic withdrawals only and for several other purposes.

How does it work?
  • All funds are held in the general checking account.
  • Each ZBA you have for payroll, petty cash or similar is offset by a debit to the general checking at the end of the day.
  • Any credit items in the ZBA will be transferred to the general checking at the end of the day.
  • Transfers in or out of each account is cross referenced on each of the bank statements for easy reconciling.

Deposit Solution For Your Business

It's the easy, fast and secure way to deposit checks without every leaving the office.

Remote Deposit Capture is a technology that allows our business owners to scan checks remotely and transmit the images to Lake Elmo Bank in an instant.  This allows you to spend more time on your business and less time at the bank.

How it works

A Lake Elmo Bank specialist will arrive onsite to install a small desktop scanner and provide training.  There is no need to create a deposit ticket or endorse the back of the checks as the system automatically completes those tasks for you.  Deposits made by 4:00 PM CST on business days post to your account for same-day credit maximizing your business operations with quicker access to capital.
 
All scanned images are transmitted using a secure, encrypted internet connection. For 30 days you will retain the original check and then securely dispose of them.  You will be able to generate pre-defined deposit reports and/or create custom reports. Reports can be exported into a Excel spreadsheet, a tab-delimited file (.TVS) or a comma delimited file (.CSV)for your convenience.

Positive Pay
We can help you reduce the risk of check fraud with Positive Pay. If your business writes several checks a month, especially for payroll, this electronic reconciliation process can help reduce fraud on your account. We match your issued check records with the checks that are coming in for payment and any exception items are reported for your review. You are required to review and approve exception items daily through Online Banking.
 
ACH Block Services
Implementing an ACH debit block is an effective measure to safeguard your business checking account against unauthorized electronic debit transactions. Simply furnish Lake Elmo Bank with a list containing authorized company names and their company IDs. Any electronic ACH debit not listed as authorized will be automatically returned as unauthorized if it attempts to post to your account. 

Business Check Orders
Order your business checks directly through Lake Elmo Bank. You will find our pricing reasonable and a variety of options available.   





For more information on our business cash management services, please contact us or call 651.777.8365.