Online Cash Management is an online product available only to commercial clients that streamline your cash flow with a checkbook solution. Services offered include:
Transfer of funds between accounts at your bank. You can have your paycheck automatically deposited into your checking account via Internet banking. If you have a credit score, you can often get a cash advance without a credit check. There are commercial online cash advance companies that will provide you with a custom-made cash advance loan with the highest interest rates available to you. This can save your business money by not having to pay the high fees associated with other cash advance loans.
How to use your checking account to get a cash advance. Most of the commercial online cash advance services offer a web-based application form for a quick online deposit of cash. Most online cash advance services require a pre-determined amount of cash that must be deposited into your checking account by a specific date. You can select the amount of cash to be deposited, how fast the cash will be deposited, and how much interest will be charged. Some companies charge a fee if you need to change the amount of money or the date of the withdrawal.
Direct Deposits vs. Online Deposits. Most commercial banks only allow one direct deposit per month per account. If you want to get multiple deposits each month, you must go to each bank and make separate direct deposits for your various accounts. This will take longer and you will probably miss some of your deposits. If you use an online cash advance service, you can make several deposits in one day into various accounts.
Benefits of Using a Bank Cash Management System. A bank cash management system gives you more flexibility than relying on a credit card. You can set up direct deposit and avoid the problems that come with bouncing checks. You can also set up automatic payments for purchases and cash withdrawals and customize your account to include online banking, telephone checks, and even merchant accounts. When you use a debit card, you are limited to using the card for a certain amount of money at a single time and you have to wait until it’s paid off before using it again.
Convenience is Important. A cash management system eliminates the problem of carrying a lot of cash with you. It simplifies the process of keeping your bank accounts current. The online transaction fees and bank charges that are often included in regular bank accounts make those accounts nearly useless. With the bank accounts, all of your transactions are completed electronically, which saves you time, energy, and headaches.
Avoiding Bad Credit. When you use cash advances, you have to meet a minimum balance to qualify for the advance. If you don’t, you’ll be charged fees for not making any repayments. If you have poor credit, you’ll pay more for a checking account or a debit card than you would for an actual credit card.
Fees and charges. Online cash advances are very convenient but they are not free. Most companies charge fees of some kind for their services. The fees vary, but some common charges include: service charge (this is how they get your email address), transaction fee, minimum balance fee, ATM fee, and other charges. You will probably also be subject to annual fees, such as an annual membership fee for the banks you use or for the cash advances themselves.
High Fees. There are no grace periods during which you can get away with not paying back your cash advance. Once it’s due, you must pay it back in full or face severe consequences. If you use APR advances, you may be charged high fees by the same lenders who finance your normal bank accounts. For example, if you have a credit card with a huge interest rate, APR loans will almost always be higher than the interest rates on normal bank accounts.
Can you shop online? If you shop online, the APR of your APR advance doesn’t apply. That’s a nice benefit, right? But do you really need to shop online? Unless you need to pay money orders and you want to use a debit card, chances are good that APR accounts are unnecessary.
The Payday Loan Makes it Possible. If you’re short on money for one reason or another, a cash advance is sometimes the only way to get through the tough spots until next pay check. But just because they don’t require a checking account doesn’t mean they shouldn’t be used. Using a cash advance to pay for car repairs, medical bills and the occasional forgotten bill shouldn’t make your life harder, but it can help you avoid traps that could cause you to lose more money than you save.
