Virginia-based Chesapeake Bank introduced a service called Cash Flow in 1995 to help bring businesses access to the cash they need to thrive and grow. The $823 million asset bank has used a company called ProfitStars’ accounts receivable financing and asset-based lending solutions to support the division for more than a decade.
Now, the company’s Commercial Lending Center Suite allows borrowers to more conveniently interact and securely exchange information with Cash Flow, enabling a seamless relationship from one loan experience to the next. The service will help Borrowers more easily request loans online, bridging the gap between client expectations and banking hours. Customers will also be able to to more efficiently process checks and payments.
Kevin Wood, managing director of Cash Flow at Chesapeake Bank, stated in a press release, “We rely on ProfitStars’ products to improve the process for our business clients from the online application, to account management to ongoing service and reporting. The full lifecycle management platform enables us to offer our clients a better experience and allows us to focus on risk management and excellent customer service. We have improved our results and saved time for our staff. Offering the full range of products helps us build our reputation as a bank that can deliver excellent service and be a trusted provider of alternative financing in today’s marketplace.”
The move is part of a strategy to help the bank digitize and centralize the process, providing more transparency into the loan status and overall relationship for both bank and borrower.