What to look for in a cash management partner for 2021
The need for cash management services is growing, and for many businesses seeking a cash management partner in the new year, a more transparent and user-friendly experience is at the top of the list. New technologies often provide easier and faster services, and when something goes wrong, being able to trust that your provider is on your side is essential. When considering a cash management partner for 2021, make sure they offer the following to best serve you and your needs.
Answers to your questions and concerns in real time
With a partner that offers dedicated relationship managers, you don’t have to wait for answers.
“One of the most common complaints we hear about from around the country is the lack of communication between cash management providers and their clients,” says Robert Lynch, Senior Vice President of National Financial Business Development at Loomis. “Responsive experiences and on-call resources, such as a call center and a centralized claims department for resolving issues more quickly and easily, are ways to demonstrate that your provider is always there when you need them. And look for a partner who keeps you in the loop about new initiatives or new product developments or continuous improvements to the services they provide.”
A solution to help you save, and make, money
Find a cash management partner that can help you cut costs, increase efficiency, and improve your bottom line.
“Cash management should be about saving, and making, money,” says Lynch. “Your partner should offer solutions that minimize cash loss and reduce cash handling labor, as well as provide access to cash, reporting, and account information to manage or scale your business.”
A way to stay on top of your business from anywhere, at any time
An online customer portal that provides easy and near-real-time access to all account and reporting information from virtually anywhere via a smartphone or PC is essential for cash management.
“Your cash management partner should offer an online customer portal where you can access detailed reporting and real-time proof of delivery,” says Lynch. “Even better is if you can create and manage support tickets, get notifications of disruptions or delays, and expedite reconciliation and research, all of which can provide for better decision-making.”
Industry service you can depend on
When comparing cash management providers, seek out the ones who have skilled in-house mechanics. They don’t need third-party providers to handle problems, ensuring uptime and minimizing the potential for missed stops or timeline setbacks. When there’s a crisis—such as the current COVID-19 pandemic—these become critical benefits.
“It’s important to have a cash management partner whose operations remain steady and consistent during challenging times, such as a pandemic,” says Lynch. “Additionally, look for one that has a solid business continuity plan to assist you in navigating through emergencies.”
Technology that benefits you
Not every cash management provider is embracing new technology, but many of the advancements today are centered around creating a more user-friendly experience for customers—from software that tracks vehicle movement and cash delivery through barcode scanning to methods of monitoring and maintaining business accuracy in performance and accountability. These types of services are designed to promote a better customer experience.
“It’s important to look for a partner who is investing in technology that can do more for customers,” says Lynch. “Taking the time to develop and advance their products and services is an indication that your cash management provider is putting you first.”
Learn more about cash management with Loomis.