The lousy economy’s hitting everywhere and it sometimes seems like there’s little good news out there for businesses struggling to stay afloat. But here’s some:

There’s fierce competition going on these days between the banks over small businesses. Take advantage of that. Seek out their advice and suggestions on what payment collection options they can offer you.

For example, there’s a feature called lockbox.

Basically, when you invoice your customer, the checks don’t come to you, payments go directly to the bank and the bank processes them instantly.

Then it gives you a reconciliation on the money that’s come in, so you get instant money into your account.

That keeps cash flow moving and gives you access to funds faster for paying your own bills and keeping inventory at the right levels.

Tags: banks, cash flow, collection, options, payment