Business Products & Services
- Deposit Services
- Business Checking Accounts
- Business Money Market & CD
- IOLA Account
- Master Attorney Account
- Real Estate Management Account
Business Checking Accounts
Our Simply Business checking account is named after its pure simplicity—one low monthly fee covers everything.
- No minimum balance requirement—just a low, flat monthly service charge.
- Free Online Banking with Bill Pay, Corporate Debit Card, & E-statements.
- Free transactions (100 debits and 50 credits per statement cycle).
Sterling is pro-business—and has created this account for growing companies that have greater cash management needs.
- Free Professional Cash Management Suite including Online Banking & Bill Pay, Corporate Debit Card, E-statements, CD-ROM Statement, Positive Pay and Remote Deposit (service fee waived).
- Sterling At Work program available.
- Average daily balance requirement of $15,000 to avoid monthly maintenance fee.
- Free transactions (200 debits and 100 credits per statement cycle).
The perfect account for established businesses or those with a high volume of transactions. By leveraging deposit balances towards the ideal combination of services a business needs, Sterling delivers a truly customized banking package.
- Free Professional Cash Management Suite including Online Banking & Bill Pay, Corporate Debit Card, E-statements, CD-ROM Statement; additional cash management tools available.
- Sterling At Work program available.
- No minimum balance requirement; unlimited transactions per month.
- Credit towards applicable services generated by compensating balances.
Business Money Market or Certificate of Deposit
Sterling Silver Money Market Account and Sterling’s Business CD’s provide businesses an opportunity to earn interest on idle funds. Through participation in the innovative CDARS program, Sterling can also offer up to $50 million in FDIC coverage on CD deposits.
Interest on Lawyer Account (IOLA)
Sterling is a participant in the NY State "Interest On Lawyer Account" (IOLA) Program. This account is for funds received by an attorney on a client’s behalf which are too small in amount or held for too short a period of time to generate sufficient interest to justify the opening of an individual attorney trust account.
Master Attorney Account
This specialized account is ideal for firms required to hold substantial deposits on behalf of their clients. By use of a sub-account tied to the firm’s Master Account, individual client information is maintained separately (such as balances, interest earned and tax reporting identification numbers). Record-keeping is streamlined and disbursements handled efficiently. Sterling can also prepare and mail year-end 1099 interest reporting to each of your clients.
Real Estate Management Account
This account enables property owners and real estate managers to comply with the required placement of tenant security deposits into interest bearing bank accounts. Our Real Estate Management account can be structured based upon individual building locations, and provides automatic annual disbursment of interest and tax reporting.
- Lending Services
- Accounts Receivable Financing
- Asset Based Lending
- Business Line of Credit
- Commercial Loans/Lines
- Commercial Mortgage
- Debtor-In-Possession (DIP) Financing
- Equipment Financing
- Factoring & Trade Finance
- Letters of Credit
- Mortgage Warehouse Lines of Credit
- Payroll Finance
Accounts Receivable Financing
Sterling specializes in serving businesses that have experienced rapid sales growth, require greater flexibility in financing terms, have an immediate need for increased working capital or have revised strategies in place as a result of temporary, short-term losses. We provide your business with immediate funding against accounts receivable and/or inventory. There are no unused facility fees, no covenants or extensive reporting. As your business grows, so does the ability to access additional funds.
Asset Based Lending
Asset Based Lending leverages the value of current and fixed assets—providing a good alternative with many advantages over traditional business loans. Sterling’s experienced lenders search beyond the numbers to look at management and marketing skills, production facilities and customer base. As a business increases in growth and profitability, Sterling can respond quickly with increasing financing as needed to maintain momentum. Knowing you have a flexible and responsive partner supporting you lets you focus on building your business.
Business Line of Credit
Sterling’s revolving Business Line of Credit is a readily available source of cash allowing a business owner the flexibility to take advantage of marketplace opportunities. This pre-approved credit facility can be easily accessed on-demand either by check or Sterling VISA® debit card.
Sterling can customize a loan or line of credit to help businesses achieve their short to mid-term goals—whether to provide capital for ongoing operational needs, improvements or expansion, purchase of owner-occupied real estate, acquisitions, buy-outs and other needs. Sterling’s approach includes working closely with a client’s professional advisory team (accountant and/or attorney).
As an added benefit, Sterling’s relationship managers are assigned based upon a particular industry. This means they understand the nuances of the client’s business, such as fluctuations in purchase cycles, the competitive landscape and general business trends within the industry.
Like every building, Sterling knows that every commercial real estate deal is unique. Our extensive experience translates to a deep understanding of the key factors that play a part in the New York Metro commercial real estate industry. Sterling specializes in bridge financing, acquisition financing, refinancing, and commercial mortgages.
Debtor-In-Possession (DIP) Financing
Sterling can develop a customized financing solution for companies operating in Chapter 11. Sterling’s experience in this area provides businesses with expert guidance in developing a plan to restore the business to a sound and profitable basis as quickly as possible.
Sterling provides flexible financing programs for businesses that are considering leasing to meet their equipment needs. Our equipment financing programs offer both loan and lease options, flexible terms and most importantly, professionals who can provide guidance to ensure you select the option that best meets your needs through a variety of programs. Sterling is committed to fast turnarounds so the deal is completed on time and efficiently. Sterling also partners with brokers, as well as equipment leasing companies.
Factoring & Trade Finance
Sterling specializes in providing full-service accounts receivable management and financing, including collection services. Sterling also can readily provide inventory financing and letters of credit.
Key benefits include receiving funding as soon as merchandise is invoiced and shipped to an approved buyer, robust online reporting tools, credit protection and an experienced and professional collections team working on your behalf.
For clients who do not require financing, collection factoring, or accounts receivable management, is also available.
Letters of Credit
Sterling clients benefit from expert guidance from our trade banking professionals who are highly experienced and knowledgeable in the structuring and issuance of letters of credit, including Standby Letters of Credit. Sterling offers several types of trade services—import or transferable letters of credit, as well as documentary collections.
All services are efficiently managed through our web-based application, Sterlinks. Clients utilize customized templates to generate letter of credit applications, as well as manage the entire process in a secure, real-time environment. Sterling can provide virtually any foreign currency available.
Sterling also provides commercial sight letters of credit to importers outside of their existing bank line of credit. Sterling is a significant added resource for clients, increasing their purchasing power without pledging additional collateral.
Mortgage Warehouse Lines of Credit
Sterling provides financing to mortgage bank originators for funding their short-term borrowing needs—starting with point of funding to when they are purchased by investors. Eligible collateral includes government, agency, and jumbo products. Sterling provides warehouse lines of credit to mortgage companies located throughout the U.S.
Sterling offers funding, professional back-office support and the latest technology to help both new and established staffing companies grow. The significant experience and guidance of our team of professionals helps our clients increase their value proposition.
This experience also translates into the way we do business—customizing a solution that works best for your company. Sterling provides special features such as flexible terms, a simple fee structure, maximum advances on billings, secure web-based applications to manage your business and an experienced team of customer support professionals to assist you every step of the way. Sterling serves clients located throughout the U.S.
Government Contractor Finance
Sterling serves Prime and Sub-Contractors who place professionals in government jobs. Whether Federal, State or Municipal entities, Sterling is equipped to handle all your payroll processing, financing and invoicing needs.
Our industry-leading software gives you the tools you need to make administrative tasking a breeze. Our invoicing systems interface with government portals such as WAWF and GSA. Financing is available up to 100% of payroll each week. Sterling serves Prime and Sub-Contractors who place professionals in government jobs. Whether Federal, State or Municipal entities, Sterling is equipped to handle all your payroll processing, financing and invoicing needs.
Our industry-leading software gives you the tools you need to make administrative tasking a breeze. Our invoicing systems interface with government portals such as WAWF and GSA. Financing is available up to 100% of payroll each week.
- Cash Management Services
- Account Information
- Manage Funds
- Card Services
- Specialty Services
Online Banking and Bill Pay
Sterling Online Banking permits clients to bank anywhere, anytime by accessing account information via the secure Sterling Online Banking site. Clients can verify account activity, make loan payments, transfer money, pay bills, view cleared checks, print statements and place stop payments. The ability to download banking data into a spreadsheet program allows for easy analysis of cash position and account reconciliation.
Sterling offers both web-based statements and statements provided on a CD-ROM. Both allow clients to view images of statements and paid checks for quicker account reconciliation. Electronic statements reduce storage requirements, yet offer the flexibility to easily generate a hard copy of a statement whenever one is required.
SNB Mobile allows Sterling National Bank personal accountholder to use their mobile smartphones to conduct their day-to-day banking anytime, anywhere. Customers can view account balances and transaction history, view account alerts, initiate account transfers and pay bills. SNB Mobile supports all account types including checking, savings, CD’s, money market, loans and lines-of-credit. Your your information is protected by 128-bit encryption, just as it is when you bank online. To begin using Sterling Mobile Banking, login to your Sterling Online Banking account and follow the enrollment steps. The SNB Mobile iPhone app is also available for free download at iTunes.com.
Automated Clearing House (ACH)
Businesses benefit when using the Automated Clearing House (ACH), a low-cost, U.S. bank-to-bank electronic network for clearing payments.
ACH Origination Credit simplifies the processes for recurring payment obligations. Funds move automatically from a Sterling account to the designated bank account of the recipient. Both parties know exactly when the transaction is complete thus providing the benefit of predictable cash flow.
ACH Origination Debit accelerates the collection process. This service is ideal for companies whose receivables include items such as insurance, rent or tax payments. Once the customer authorizes the automatic, scheduled debit from their account, late or lost payments are no longer a concern. This service often proves so successful that companies often offer their customers a discount for enrolling.
Account Reconciliation Processing
Sterling’s Account Reconciliation Processing System is ideal for clients with a large volume of receivables and payments. Via our secure website, clients provide a file of issued checks including check numbers and dollar amounts. Sterling matches the checks issued to the checks presented to facilitate account balancing and sends a monthly report. In addition to expediting the account reconciliation process, the risk of error and fraud is reduced.
Controlled Disbursement Account
Through Sterling Online Banking, clients can view all in-clearing checks, including check number and dollar amount before the checks are processed at the beginning of each business day. This helps you make early funding and investment decisions.
Global Funds Transfer
This service converts funds destined for recipients outside the U.S. into the currency of the recipient bank or business before it is transmitted.Sending wires in the recipients’ currency is easy to do and initiated directly from the Sterling Wires system.
- Save money by avoiding conversion fees levied by recipient bank
- Know the exact cost of the transaction
- Recipients receive your payment faster
Global Funds Transfer is available in 31 currencies, same-day processing provided for all transactions initiated by 4pm EST and fixed conversion rates available for wires up to $50,000. Competitive spot pricing available for transfers exceeding that limit.
Sterling offers retail and wholesale lockbox services, quickly converting receivables to cash for your business. Lockbox services save time and the overhead cost of receiving and processing payments. With intraday remittance, you can view your receivables the same day they are received by Sterling, and make pay decisions on exception items right from your desktop. Sterling can automate the process in a customized manner that suits your business needs.
Payroll Direct Deposit
Payroll Direct Deposit uses the ACH system to deposit employees’ pay directly into their personal bank accounts, regardless of whether the business handles payroll directly or utilizes a payroll services provider. Businesses save the cost of issuing paper paychecks or replacing lost checks. Employees benefit by having faster access to compensation and the flexibility to divide their pay among different accounts.
Positive Pay service is a powerful tool in the fight against check fraud. With Positive Pay, Sterling compares each check presented for payment against a daily checks-issued file provided by the Sterling account holder. If a presented check has no match, we notify you immediately or you can view and make decisions online. With Sterling’s Positive Pay service, you have an effective resource to help protect your account from fraudulent activity.
Remote Deposit Service
Sterling’s remote deposit service allows clients to send check deposits to Sterling right from the convenience of their office. The easy-to-use desktop scanner and software provide the ability to transmit check deposits safely and securely to Sterling. Through our web-based secure site, clients can create and schedule batch deposits, view check images for each deposit and utilize the search function to locate specific processed checks. Sterling’s remote deposit service is particularly ideal for businesses with multiple locations or those with a large volume of checks to process.
Zero Balance Account
Ideal for businesses that wish to fund disbursement accounts (such as payroll or petty cash) on an as-needed basis. The disbursement accounts are maintained at a zero balance; Sterling delivers funds from a master account on a daily basis to meet payment obligations. In addition, any funds deposited in the disbursement account are transferred to the master account at the end of the day.
Business Debit Card
Sterling’s Business VISA® Debit Card enables businesses to pay for purchases debited directly from a Sterling business checking account. Each debit card transaction is reflected on the monthly statement and can be viewed online with Sterling Online Banking.
Sterling offers a Visa/MasterCard Merchant Account for the purpose of accepting and depositing credit and debit card sales. Settlement is electronically credited to your Merchant account via the Automated Clearing House (ACH) system. We also settle American Express and Discover sales through the ACH system.
EZ Cert® Online Certified Checks
This innovative system was designed for firms that require certified checks on a regular basis, such as real estate attorneys. The time to prepare for closing can be significantly reduced thus increasing office productivity and profitability. The process is simple—access our secure website and request the check. In a half-hour or less, a signed certified check, complete with your firm’s own custom logo, will print in your office. Sterling provides the secure, encrypted printer, security check paper, installation and training on how to use the system.
- Special Programs
Sterling At Work
Give your employees a valuable benefit by enrolling your company in the Sterling At Work program. It’s a free program designed to provide the banking needs of the employees of our clients—giving them added perks and benefits—all at no cost to you. For an employee to participate in the Sterling At Work program, they simply need to have their payroll check direct deposited into a Sterling checking or savings account.
Benefits include free checking with direct deposit, free online banking with bill pay, a free consultation with a mortgage professional plus mortgage pre-qualification service and a special discount on mortgage closing costs.
Sterling is available to make presentations directly to employees at your office and/or provide Sterling At Work literature to distribute to your employees.
Sterling Networking & Professional Education Events
As part of our ongoing effort to bring added value to our clients and introduce Sterling to potential new customers, a series of client appreciation, networking and professional education events (offering CLE and CPE credits) are offered throughout the year. To view a list of events or register to attend an upcoming event, please visit our events page or ask your relationship manager for details.
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