Collections

Reduce outstanding receivables with pre-authorised payments.

Overview

If your organisation collects regular, recurring receivables such as bill payments, insurance premiums, tuition or subscription fees, Scotiabank’s Collections service can reduce your administration and improve your company’s cash flow by automatically debiting your customers’ accounts at any bank account† in the country.

With our Collections service, you’ll not only save your customers the time and expense of writing and mailing cheques, but you’ll also reduce the time and costs associated with receiving and processing payments.

Right for your organization if:

Regularly collect payments or receivables from customers
Want to increase convenience for their customers
Manage collections centrally
Use an automated accounts receivable system

Benefits you can bank on

  • Save interest on carrying charges with more timely collections

  • Improve the likelihood of receiving timely collections

  • Improve cash forecasts with more predictable cash flows

  • Confirm paid and unpaid items and obtain a full audit trail with comprehensive electronic reporting

  • Reduce service interruptions due to missed or late payments

  • Minimise payment errors, delays and NSF cheques

  • Eliminate costly and time-consuming manual processing

  • Save time and money on mailing and collections expenses

  • Improve efficiency and receivables with automatic re-attempts to recover unpaid items

  • Maintain financial control with a full audit trail

  • Create users with customised entitlements

  • Find out how our Cash Management Services
    can work for you. 

    Speak with a Scotiabank Business Banking Representative today.