Motor manufacturer chooses Commerce for lockbox services

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Baldor Electric Company, a Fort Smith, Ark.-based manufacturer of electric motors, has chosen Commerce Bank to provide state-of-the-art lockbox remittance processing and payment imaging services, according to a Commerce Bank news release. |ret||ret||tab|

Corporations utilize lockbox services to facilitate the collection of customer payments. Lockbox services benefit businesses in several ways, including im-proved cash forecasting, lower payment-processing costs and accelerated receivable collection, which allows for in-creased cash flow. |ret||ret||tab|

Commerce Bank offers image lockbox services, enabling customers the ability to view online images of payments pro-cessed on a same-day basis. |ret||ret||tab|

"By accessing digital images of their lockbox payments and remittance documentation through our Internet-based information reporting service, Com-merce Bank customers are now able to research accounts receivable payment activity without delay," said Kevin H. Connelly, senior vice president and manager of treasury services for Commerce.|ret||ret||tab|

Tracy Long, manager of treasury and investor development at Baldor said, "We needed a bank that would not only tailor a cash-management program to fit our needs and provide excellent customer service, but also do both at a competitive price."|ret||ret||tab|

Baldor markets, designs and manufactures electric motors and drives. The company has more than 80 years of experience in the industrial motor business and is now the market share leader in North America, the release said. |ret||ret||tab|

The company also has achieved a No. 1 ranking for brand preference in the country.|ret||ret||tab|

"Baldor and Commerce share a number of core values. Like Baldor, Com-merce has a significant local presence and decision-making capabilities within each of our markets," said Kevin Barth, president of Commerce Bank, Kansas City.|ret||ret||tab|

Commerce Bank is an affiliate of Commerce Bancshares Inc., a registered bank holding company with assets of $12.9 billion, and locations in Missouri, Illinois and Kansas.[[In-content Ad]]