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(Baldwin,
NY, December 19, 2000) When upstate New York small business owners Tom Drake and Chuck Smith found out that his community bank would no longer provide his accounts receivable funding services, he wondered how he would maintain the cash flow critical to his retail lumber and building supply business. Mssrs. Drake and Smith are owners of Campbell Building Supply.
The answer came from MyReceivables.com, the leading online provider of accounts receivable funding and management and technology services, which purchased Mssrs. Drake and Smith's account from thier community bank. MyReceivables.com recently expanded its Community Bank A/R Advisor Program® allowing independent community banks to outsource their accounts receivable services and funding for their small business accounts.
"Our accounts receivable funding and management program is an invaluable asset to our community bank customers looking to outsource or expand their services portfolio," said Leonard Leff, president and chief executive officer of MyReceivables.com. "Community banks are finding that outsourcing their accounts receivable makes sense, whether that means a straight A/R portfolio purchase or a private label A/R program to plug into a bank's Web site."
Community Bank, based in Canton, NY, was the first bank to use the program when MyReceivables.com purchased part of the bank's accounts receivable portfolio in November, when the bank decided to exit its A/R program. That portfolio included Campbell Building Supply, the Campbell, NY, business owned by Tom Drake and Chuck Smith.
By partnering with MyReceivables.com, banks are realizing numerous benefits, Leff said. Those include positioning themselves as an industry leader with cutting-edge technology, expanding and solidifying small business client relationship and gaining competitive advantage. The entire program is available via a secure direct dial-in process or online through a secure Web-enabled system.
MyReceivables.com, a member of CDS Companies established in 1972, began offering its services online in early 2000. The company is the first provider of a full range of online accounts receivable services. This includes accounts receivable management and funding, technology, virtual cards, billings, collections and database marketing, making it the Internet's leader for small business accounts receivable funding and management. Additionally, My Receivables.com is leading the way with proprietary online payment and transaction processing technology offering a variety of custom credit purchasing programs for consumer and business-to-business Internet transactions.
CDS Companies is a New York-based financial services and technology company and a member of the Independent Community Bankers of America. For more information, visit the company's web site at www.MyReceivables.com or call Leonard Leff, president and chief executive officer at 1-800-338-7353.
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