Motors & Drives Information

Baldor Electric Company, the leading manufacturer of electric motors in North America, based in Fort Smith, Arkansas has chosen Commerce Bank (Nasdaq:CBSH), headquartered in Missouri, to provide state-of-the-art lockbox remittance processing and payment imaging services.

Corporations utilize lockbox services to facilitate the collection of customer payments. Lockbox services benefit business in the following ways: improved cash forecasting, lower payment processing costs and accelerated receivables collection allowing for increased cash flow. Commerce Bank offers image lockbox services, enabling customers the ability to view online images of payments processed on a same-day basis. "By accessing digital images of their lockbox payments and remittance documentation through our internet-based information reporting service, Commerce Bank customers are now able to research accounts receivable payment activity without delay," commented Kevin H. Connelly, Senior Vice President and Manager of Treasury Services.

"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. Their personal service and advanced technologies made the migration painless and the relationship a very positive one," commented Tracy Long, Manager of Treasury & Investor Development at Baldor.

Baldor markets, designs and manufactures electric motors and drives. They have more than 80 years of experience in the industrial motor business and are currently the market share leader in North America. Thirty years ago, Baldor was categorized amongst the "others" when looking at top companies in their industry. Today, they are number one and have further achieved a number one ranking for brand preference in the country. Baldor has accomplished this substantial growth largely due to their emphasis on customers and their needs. They do business the way the customer wants, including providing local training.

"Baldor and Commerce share a number of core values. Like Baldor, Commerce has a significant local presence and decision-making capabilities within each of our markets," commented Kevin Barth, President Commerce Bank, Kansas City. "Additionally, we pride ourselves on our disciplined approach to asking our customers what their needs are, listening and creating a solution specifically to meet those needs."

# posted by Medical Information : 3:28 AM