When it comes to disbursements, the goal for most companies is to hold onto cash as long as possible, within vendors' payment terms. These services will help you enhance your control over cash outflows:

Automated Clearing House (ACH) - Electronic payments and collections via the Automated Clearing House (ACH) are the best way to streamline payables and receivables and reduce your costs of collecting and receiving payments. ACH transactions offer a host of cash flow benefits, including reduced payment costs, better control of payment timing, greater payment reliability and more accurate cash forecasting. The most common ACH applications are:

• Payroll direct deposit
• Pre-authorized debits and credits
• Vendor payments
• Cash concentration and disbursement
• State and federal electronic tax payments"

There are three different ways to originate ACH payments:

1. With a direct transmission, you create a pre-formatted file and send it directly to Hancock Bank, which makes the payment electronically.
2. You can also use Hancock Net Solution to send batches of payments to the bank online for origination.
3. Or, you can work with a third-party vendor (a payroll processor, for example) who will send files for origination to the bank for you.
   

Hancock Net Solution from Hancock Bank includes an ACH module that lets you consolidate or disburse funds between companies or subsidiaries, create and initiate consumer electronic debits and credits, originate direct deposit of payroll, and originate state and federal tax payments. You can also use Net Solution to initiate repetitive and non-repetitive wire transfers.

The only technical requirements for initiating and receiving ACH payments are a PC with Internet access, a 128-bit encryption browser and a Windows 98 or later operating system.

Wire Transfers - Wire transfers are the most immediate, reliable and secure means of transferring funds available. They are usually most appropriate for high-dollar, time-sensitive transactions. A variety of disbursement, collection and reporting options are available.

Direct Deposit - Payroll direct deposit has become increasingly common today as more and more employees have accepted the idea of having their pay deposited directly into their bank accounts, instead of receiving a paper check.

Direct deposit is a tremendous time saver for employees, who no longer have to worry about going to the bank to cash or deposit paychecks (not to mention losing their paychecks). For employers, direct deposit streamlines payroll operations, saves money in payroll processing costs, improves cash management and simplifies account reconciliation.

MY PayCard - Most employers today are seeking ways to pay their employees through direct deposit, instead of a paper check. However, many businesses still have some employees who do not have bank accounts, and therefore can't receive direct deposit through the traditional method.

With Hancock Bank's MY PayCard, payroll can be deposited directly onto a Visa-branded stored value card for employees. The cards may be used to withdraw cash at thousands of ATMs across the U.S. or make purchases at any retailer where VISA Debit Cards are accepted. Employees will also have access to account activity through the Internet, by toll-free 24/7 customer service, and will receive a monthly statement by mail recapping account activity.

For employers, costly payroll check preparation, distribution and reconciliation can be eliminated. And there are no more inconveniences to distribute payroll to workers located over a wide geographical area, shift workers, workers who travel or are on vacation, or to employees during an evacuation or after a natural disaster.

Find out more information about Cash Management Services please contact a member of our Cash Management team.