RALEIGH, NC – Paragon Commercial Bank, based in Raleigh, and Symcor, with an office in Charlotte, have joined forces to provide customized electronic “lockbox” services to Paragon clients.
Lockbox is a cash management service that allows businesses to reduce administrative costs and use staff time more wisely while being able to focus on the primary business and not worry about collecting payments.
The partnership combines stable, secure technology provided by Symcor with the personal, one-on-one service provided by Paragon. Symcor is a leading North American provider of business process outsourcing services while Paragon is the first business-only bank in North Carolina.
“Customization is a common denominator between Paragon and Symcor,” said R. Greg Pierce, Senior Vice President & Operations Officer. “Customization for each individual client is a big key for Symcor and it’s part of Paragon’s ongoing, written commitment to our clients.”
With Lockbox, businesses will no longer need to sort through mail to find payments, remove the checks and deposit the checks. Symcor removes Lockbox contents daily or multiple times a day, depending on the needs of the client. Paragon receives the payments daily and processes them directly into the business’ bank account the same day.
High quality images of checks and documents can be sent in virtually any format that meets the client’s needs including CD-ROM and Web access.
“Similar services by larger banks are impersonal, cookie-cutter products that are aimed at very large businesses,” Pierce said. “No client is too small or too large for Paragon’s Lockbox service. With the latest technology being used, our clients get the best large banks have to offer combined with the customized, personal service that smaller banks offer.”
Pierce added that the service is particularly valuable to property management firms who typically have numerous locations to manage and receivables to collect. The service will allow those firms who currently process in-house their receivables to redeploy those assets in a more effective manner.
“Electronic lockbox service is all about saving customer’s time, money and convenience,” Pierce stated.
Paragon Commercial Bank, found on the web at www.paragoncommercial.com, opened in 1999 and currently has $435 million in assets.
Paragon provides banking products and services tailored to meet the needs of small to medium-size companies with revenues from $5 million to $25 million including commercial real estate companies, residential construction firms and professional service firms, particularly attorneys, health care providers and accountants.