|
Benefits of Business Banking:
Options for Simplified Pay Cycles
 Business owners wear many hats throughout the day. After managing day-to-day operations, overseeing employees, and marketing products around the clock, business owners should be able to ensure they can get paid and make payments in an efficient way, from both a cost and time perspective. After observing the payment challenges some businesses face, Chelsea Groton Bank partnered with Elan to offer businesses the Elan One Card Program, which combines the functionality of Purchasing Cards and Corporate Cards into one solution. The One Card enables business customers to centralize and automate payment and reconciliation processes, simplify administrative tasks, and enhance cash management and cycle-based payments.
Here are some of the benefits businesses can experience with the Elan One Card Program:
Business customers can manage travel and purchasing transactions for their entire business with one centralized solution – one invoice, one process, one issuer, and one staff to deal with.
The Program offers web-based card management tools to control cardholder accounts, maintenance and expense reporting in real-time, from anywhere. Businesses save money since costs associated with processing checks, invoices and purchase orders will be eliminated.
The card also eliminates the need for personal credit cards for employees, cash advances and available petty cash since the robust online platform allows business owners to manage and control purchasing, travel and entertainment spending and reimbursement, and point-of-sale restrictions for all card users. For example, a business may have a group of employees who need access to a card to make fuel purchases. The business owner can limit their card use to only be used at gas stations through online access to the One Card platform. In addition, transaction data is seamlessly integrated into a business' financial system, to help business owners eliminate manual processes such as data entry and filing.
The Elan One Card Program also automates tracking and reporting of transactions. Accounting codes can be assigned to each line item, and review and approvals of all expenses can occur based on a workflow that is customized to a business' needs and structure.
Each business that participates in Elan One Card Program has a designated Implementation Project Manager, Account Manager, and Service Point Team to assist in all aspects of the One Card. Their role is to implement the program for the business, provide day-to-day operational support, and help business owners optimize the One Card program for their business operation. Businesses who utilize the One Card solution will have access to Elan's 24-hour Customer Service Center to assist them at their convenience.
It's all about offering customers the tools and options that will best suit their businesses' needs. Interested in learning more about the Elan One Card Program, and seeing if it could be the right tool for you? Contact our Business Banking Department at 860-448-4203.
|
