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Collection
Services
Automated
Remittance Processing
(Lockbox)
Century's state-of-the-art
Automated Remittance
Processing assures
you efficiency
and accuracy,
while maximizing
your earnings
and cash flow.
Lockbox is a high-volume
retail payment
processing system.
It quickly converts
payments to cash
and is customized
to meet your specific
operating requirements.
Our lockbox specialists
will review your
current payment
processing system
and will customize
a program that
is efficient,
accurate and meets
all of your collection
needs.
Cash
Concentration
Services
With these services,
deposited funds
from various locations
can be consolidated
into one operating
account. Our Cash
Concentration
services provide
improved access
to your company's
cash - allowing
you to more efficiently
manage your funds
directly from
your own PC. It
can be used to
concentrate funds
from geographically
dispersed locations
through ACH Origination,
giving you use
of idle funds
for operating
expenses or investments.
Deposit
Reconciliation
Reduce the amount
of time and expense
your business
spends on manually
sorting, matching
and reconciling
your bank accounts
by letting Century
Bank do it for
you. This service
can also enable
you to keep track
of deposits made
at multiple locations
into one account,
allowing you to
focus more on
your business'
core competencies.
A variety of programs
can be downloaded
through the Internet.
ACH
Origination
Take advantage
of our technology
without sacrificing
the personalized
service that only
Century Bank offers.
You can process
ACH transactions
through our software,
Internet service
or direct mainframe
system. Our ACH
services will
allow you to:
- Automate collections
and billing
- Make vendor
payments
- Collect membership
dues and association
fees
- Pay federal
taxes (EFTPS)
and state taxes
- Offer direct
deposit of payroll
- Consolidate
funds from remote
locations or
disburse funds
to multiple
locations
Merchant
BankCard Services
Century offers
Merchant BankCard
services. We provide
full-service bankcard
capabilities with
fast authorization
times, a reliable
network, and knowledgeable
customer service
support. Our services
include credit,
check, debit and
other payment
processing; batch
processing; and
a wide variety
of payment options
including PC-based,
Internet-based
and mainframe-based
applications.
Our credit card
authorization
ensures your customers
don't have to
wait any longer
than necessary.
Century also provides
timely reports,
frequency-marketing
programs, shipping
address verification
and quick credit
turnaround.
Escrow
Management Services
You can simplify
your Escrow Management
with Century Bank.
Our service keeps
clients' funds
separate from
your firm's own
by using one master
checking account
and multiple related
sub-accounts.
We then provide
individual sub-accounting
on your clients'
accounts with
interest appropriated
to each corresponding
account. At the
end of each year,
Century Bank will
issue the 1099
forms for each
sub-account.
Any business
that holds funds
in escrow for
clients - such
as law firms,
real estate agencies,
property management
companies, commercial
real estate developers,
and accounting
firms - can take
advantage of our
Escrow Management
Service. And,
this service can
be managed through
our Internet Business
Banking program.
IOLTAs
For lawyers and
law firms who
need to deposit
clients' funds
in a trust account,
we offer a competitive
interest rate
on a free IOLTA
checking account.
The earnings are
sent directly
to charities designated
by the IOLTA Committee.
In Massachusetts,
there are three
the committee
chooses from:
Boston Bar Association,
Massachusetts
Bar Foundation
or the Massachusetts
Legal Assistance
Corporation. These
charities use
the IOLTA earnings
to provide legal
services to low-income
clients who need
legal assistance.
With the monthly
service fees waived
and Century Bank
and the IOLTA
committee keeping
the records, you
can easily donate
to charitable
causes without
doing all the
paperwork.
If you would
like more information
on Century Bank's
Cash Management
Services, simply
complete our Information
Request Form
and we'll gladly
send you the information
you need along
with appropriate
disclosure information.
Or, call us at
(866) 8 CENTURY
and ask to speak
with a Cash Management
Representative.
You may also stop
by one of our
convenient branch
locations. Click
here
to find the Century
Bank nearest you.
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