Letters of Credit
A letter of credit is issued by the bank to a vendor that your business is working with in some capacity. Typically, you apply for a letter of credit using cash, real estate, or some other business asset as collateral. Once approved, your lender will create a letter of credit guaranteeing funds to a specific vendor. If you are unable to pay the vendor, the bank is obligated to do so and will use the collateral to cover the amount paid.
Do you have a hard time making it to the Bank during regular business hours just to make a deposit? If so, Remote Deposit Capture may be just what you need. With Remote Deposit Capture, you can scan multiple checks directly from your business using a leased scanner. For more information on this service, contact Jason Doggett at (931) 363-1796.
Do you wish you could cut out the hassle of writing payroll checks? Maybe you would like the ability to automatically draft payments from customer accounts. The Bank of Frankewing offers ACH origination which enables you to make electronic credits and debits from your checking account. For more information on this service, contact Jessica Casey or Melissa Hardy at (931) 363-1796.
Accounts Receivables Management
Are you a small business owner with several credit accounts? The Bank of Frankewing can assist you with its BusinessManager® product. With BusinessManager®, you send us your invoices and we manage the collection for you. It's that simple! For more information, contact Allyson Tinnon at (931) 363-1796.