John M. Massey, senior vice president and treasurer at Dallas-based ClubCorp, didn't want much; he just wanted to shave a day or two from the five to seven he had to wait before funds would become available on the bulk of his monthly accounts receivable so he could start investing the funds sooner. At ClubCorp, a $1 billion leisure and recreation business that operates resorts, golf and dining facilities, roughly 40% of its $70 million in monthly A/R comes from dues and usage fees paid by its 200,000 members. Until last year, that meant mailing out paper bills each month, collecting the checks that members either mailed in or dropped off at the business office of one of ClubCorp's 160 properties and then having the on-site accounting manager at each property take them to a local bank for deposit.

The process was manual, paper intensive and seemingly unalterably slow. That was, until JPMorgan Chase, the bank where ClubCorp maintained its corporate concentration account, began to discuss the virtues of its remote capture service with Massey.

By putting scanning equipment in each accountant's office and having the accountant scan checks as they are received and transmit them directly to the Chase concentration account, Massey was able to cut that five to seven days down to one or two days–and he was able to close nearly 160 local depository accounts. "We're saving $400,000 a year, just in banking fees. And we've cut float on $28 million by at least two days, which means two more days of investment returns," he attests. "It's working extremely well."

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