Protect Your Cash Flow and Reduce Risk on U.S. Receivables

Whether your company is just starting out or has an established clientele in the U.S., you need to be sure you receive payments as quickly and securely as possible.

If you are selling to retail customers:

• You can accept credit and debit card payments through physical terminals or online. Your Moneris Solutions^® representative in Canada can put you in touch with Moneris in the U.S. This will require that you open a bank account in the U.S.

If you are dealing with new customers, you can request:

• A U.S. dollar draft or money order instead of a conventional cheque. You can deposit this to your U.S. Business Deposit Account or convert the funds to Canadian dollars.
• A wire transfer to ensure you receive quick payment that cannot be disputed
• Payment on receipt of shipping documents sent to their bank through Royal Bank documentary collection
• For very large or unusual transactions, you may wish to use a letter of credit.

Ask your account manager to recommend the best way to ensure you are paid.

If you are dealing with established customers or those who will only pay by cheque, you can:

• Deposit US cheques to your U.S. Business Deposit Account or convert the funds to Canadian dollars using RBC^® Foreign Exchange.

If you would like to accelerate collection of your US dollar receivables, you can:

• Use a lockbox where customers mail cheques to a U.S. address. With lockbox service, cheques are automatically deposited to your U.S. dollar account in Canada. This enables you to improve your cash flow by reducing mail time and increase your efficiency by outsourcing receivables processing. You can also choose to receive payment details in an electronic image file, on CDs, by fax or email.

Control Cash Flow and Improve Forecasting

For recurring or individual payments, you can:

• Use ACH Direct Payments to collect payments on specific dates. Payments come directly from customers’ U.S. dollar accounts in the U.S. or Canada.

RBC Express

With a growing company, cash flow was very important and not being able to predict the receipt of cheques through the mail was a problem. The solution to this was an RBC U.S. lock box. It has sped up our receivables collection by two to four weeks, made it easy to predict our cash flow, and it is much more convenient. This took the headaches out of it and we now have all of our distributors using this service. It works very very well.

- David Rogne, President,
Emercor Ltd., Calgary, Alberta