Collection
Square 1 Toaster™ Remote Deposits
Open an account and get a toaster! (No, not that kind.) Our Square 1 Toaster™ is a desktop scanning device that allows you to deposit checks without ever leaving your office. By enabling you to make deposits any time that is convenient for you – 24 hours a day, 7 days a week – the Toaster keeps pace with the schedule of an entrepreneur. The Toaster captures an image of each check and, through our online banking platform eSquared, electronically transmits it to Square 1 for processing. You don’t even have to prepare a deposit ticket – the system creates one for you. It is the quickest, easiest way to turn your deposits into cash. To learn more, visit the Square 1 Toaster™ page.
Lockbox Services
Square 1 Bank’s wholesale lockbox service speeds the collection and processing of your receivables. Checks are retrieved from the post office and processed for you, thereby reducing mail, processing and check clearing times, and converting incoming payments into usable funds quickly and efficiently. Our lockbox service eliminates the time and cost of internal remittance processing. Allow our trained personnel to perform these tasks faster, more accurately and at substantially reduced costs. The information you need to update accounts receivables can even be captured and sent to you, along with images of customer coupons, payments and correspondence. Lockbox collection sites are available in California, Florida, Georgia, Illinois and North Carolina.
ACH Debit Origination
ACH debit origination allows your company to collect payments from your clients via the ACH network. Based on information you provide, fixed or variable dollar amounts are transferred directly from your customers’ account to your account at Square 1 Bank. You benefit from reduced billing costs, quicker collections and greater control and predictability of the accounts receivable process. Your customer benefits from the added service and convenience. With ACH debit origination you can also concentrate funds from other financial institutions to your account at Square 1 Bank.
Zero Balance Accounts
A Zero Balance Account (or ZBA) account provides flexibility by concentrating incoming deposits made to multiple individual accounts into a master account. True to their name, ZBAs typically maintain a zero dollar balance through these automatic transfers, though they may be preset to maintain a target balance. The need to transfer funds manually is eliminated, as are idle balances. ZBAs also allow for segregation of accounting duties and ease of reconciliation for role-specific accounts. With a ZBA structure, you will have improved control and visibility with your collections and cash.