Expand Your Team With a Business Banking Partner

Does the word “partner” come to mind when you think of your bank? If not, it should — especially for small business owners and entrepreneurs.

With smaller staffs come fewer hands and less time to do the job. Your bank can become an extension of your team with the people, products and services to enhance your business and simplify your day. 

 A common request I get from small business owners is for technology. They want to decrease paper and find ways to move and process payments on a digital platform.

Many already use online banking. But not all utilize their bank’s mobile app on an iPhone, Andorid or iPad. It’s the simplest way to make your office mobile. From the palm of your hand you can make and receive payments and track the status from pending to paid. You can set up automated alerts to send notifications about your account.

One of the first questions I ask a business is, “How are you receiving payments?” More and more small businesses want to take payments on smartphones and tablets.

Opening a merchant account with your bank lets you accept credit and debit card payments for purchases, and the funds deposit electronically into a designated deposit account.

There are numerous methods for accepting and processing card payments. Your banker can help you determine your best options and also educate you on how to stay compliant when processing credit and debit card payments, which can quickly become a legal pitfall if done improperly.

Of course, check payments are still common. There are several tools to help with depositing checks without having to go to the bank. One such tool is mobile deposit, which allows for greater availability of funds with later deposit cut-off times while providing a detailed image record of each item deposited. 

If you receive a high volume of payments via checks, a lockbox product may be for you. A lockbox service provides quicker receipt of funds while reducing clerical expense like opening envelopes and processing the paperwork. 

Having a bank partner isn’t only about convenience. They can help you with safety issues, too.  As we’ve learned from recent headlines, a fraud attempt on a business operating account is not a matter of if, but when.

Many small businesses do not know that they, not their bank, will be liable for loss as the result of fraud if they do not have the proper prevention measures in place. Your bank can help you put appropriate safeguards in place to provide leading-edge technology while also providing robust fraud controls to safeguard your company’s information.

If you do business banking online, make sure your bank allows you to access your activity history for review and offers free malware protection.

I have seen an increase in the implementation of our fraud prevention solutions like Positive Pay, which helps detect check fraud by identifying items presented for payment which the customer did not issue.

Another popular option for our clients that deal in a great amount of cash, such as those in retail, is our SafeSource product. It allows a company to deposit cash funds into an on-site safe in which they get an immediate deposit credit at the bank and never have to leave their place of business to make the deposit. 

Your business banking questions may not just be about payables and receivables, however. Your challenge may be employee payroll, equipment leasing, or even how to sell your business or leave it to a child.

With a new year comes new opportunities for improvement. Set up a time to talk with a bank that will listen to your business plan and put together a recommendation on how the bank can support your unique business needs. 

Jett Cato is president and CEO of Bank of Arkansas. He can be reached at 479-937-2655 or by email at [email protected].