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Bank of Utah Introduces Two New Online Treasury Management Services Using the Latest Technology to Help Utah Businesses Accept Payments and Prevent Payment Fraud
Ogden – Bank of Utah has introduced two new treasury management services for businesses that are designed to provide simple, convenient, secure online payment options for customers and protect businesses from fraud: Total Transact Card Payment and an Automated Clearing House (ACH) e-check payment solution.
Total Transact card payment allows businesses to accept bill payments via their web site for anything that can be invoiced. It allows businesses to manage phone, credit, and debit card payments all on one online console. Total Transact also enables business operators to set up automatic payment plans with customers, which initiates an agreed-upon withdrawal from customers’ checking or savings accounts. This Automated Clearing House (ACH) account-to-account electronic transfer simplifies the payment process for both the business and the customer.
Also as an added layer of protection, businesses can be immediately alerted through multiple channels of a potential fraudulent entry before the ACH debit hits their account. This real-time debit approval process allows business owners to easily identify trusted payment sources and to create an “approved list” for future transactions, eliminating the need to maintain labor-intensive debit filters. Businesses can also make payments through the system, which is very useful for employers in sending commissions to sales representatives via direct deposit, paying vendors electronically, issuing customer rebates or sending money to multiple payees in a single batch, simply by uploading a file with the payment details.
“We’re very pleased to be one of Utah’s first hometown community banks to add such robust treasury management services to our suite of services,” said Scott H. Parkinson, Bank of Utah senior vice president of marketing and communications.