Bank of America Merrill Lynch introduces Cash Management Essentials for small businesses

Source: Bank of America Merrill Lynch

Bank of America Merrill Lynch, a leader in global transaction services, today announced the launch of Cash Management Essentials, a suite of simple and affordable treasury management solutions specifically created to meet the needs of small business or companies with less complex treasury needs.

Cash Management Essentials offers clients a suite of treasury services most commonly used by larger commercial treasury departments at affordable, easy-to-understand monthly pricing. The baseline option of core treasury products includes account management, payments, receivables, fraud protection and account information and reporting products. Supplemental wire, ACH and image lockbox packages are available for businesses that perform a greater number of monthly payment transactions or need a more customized receivables solution.

"Our small business clients and those with less complex treasury needs tell us they need the same treasury tools used by larger companies with low, simple pricing and a fast, easy and user-friendly on-boarding experience," said Galen Robbins, head of Global Transaction Services for Global Commercial Banking, Business Banking and Client Development Group. "Based on their feedback, we developed Cash Management Essentials to give them all they asked for - and more - to help them effectively run their business and manage their cash."

The solutions available through Cash Management Essentials are scalable, allowing growing businesses to add services easily to match their evolving needs. All Cash Management Essentials products are accessible through CashPro® Online.

"Cash Management Essentials is another great solution that shows the bank's commitment to helping small businesses succeed," said Robb Hilson, Small Business executive for Bank of America. "We're committed to providing small business owners with convenient access to financial expertise and solutions that will help their business grow."

This announcement follows the recent release of the Bank of America Spring 2013 Small Business Owner Report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners throughout the country.

Bank of America has a nationwide network of banking centers and professionals that are committed to its more than three million small business clients and their local communities. The resources of Bank of America help Small Business owners succeed by offering convenient interactions and comprehensive banking, credit, cash management and investing solutions. The personal connection of small business bankers, client managers and practice solutions specialists contribute to the success of small businesses and their communities by making expertise more accessible. In 2012, Bank of America extended nearly $8.7 billion in new credit to small businesses - an increase of 28 percent over 2011. The bank's combined new and renewal small business lending totaled nearly $20 billion.

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