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How your bank can help your business

Home BlogHow your bank can help your business

Key takeaways:

  • A business banker can be a valuable ally to have on your team.
  • With the right tools, you can spend more time tending to your business and less time banking.
  • New technology offers you the same security of regular accounts with the added convenience of usability on your mobile device.

Unless you’re in the business of banking, your dreams of starting a company probably didn’t involve merchant processing or mobile deposits.

Most small business owners are highly passionate about their craft – it’s a necessary quality to succeed in the marketplace. But building a business requires entrepreneurs to take attention away from that passion to operate and run the company. A big part of those operations revolves around finances.

Money is a vital part of your business. And while you want to spend time caring for it, your focus as a business owner should be on growing it rather than managing it. That is where a banking partner can be a valuable ally.

At MidWestOne, we believe the time you spend banking shouldn’t take time away from your business. Our bankers strive to provide resources to empower customers to solve problems for their specific business needs. They also meet with customers regularly to talk through ways they can improve efficiencies.

“We discuss plans for growth, and we encourage our customers to call us when any challenges arise, so we can take care of them right away,” said Renee Smith-LaBarge, vice president/treasury management. “We try to ensure that our customers understand what they have and that they’re using our services to the level they can. We can show how it improves efficiencies for them.”

Here are just a few of the tools Smith-LaBarge and her colleagues focus on when they help businesses identify ways to become more efficient money managers:  

  • Business Online Cash Manager: This allows you to safely manage your corporate accounts online and even transfer funds and track transactions.
  • Mobile banking: You can access your financial accounts anywhere, anytime – all you need is your mobile device. Plus, it still has all the enhanced security features to protect your information.
  • Mobile bill pay: This tool is especially handy when paying vendors. Instead of going through the paper process, you can easily pay bills online. With this, you can also automate payments for recurring bills.
  • Remote deposit capture: Instead of preparing deposits to bring into the bank, securely capture and transmit images of the checks you’ve received with Remote deposit capture. This saves time and ensures that your funds are deposited without waiting to visit the bank.
  • Merchant processing: This tool allows your business to accept major credit cards, so you can improve your cash flow, minimize loss and broaden your customer base.
  • ACH services: The Automated Clearing House (ACH) system is an electronic network that processes large volumes of credit and debit transactions in batches. In particular, this is the tool that allows you to conduct direct deposit of payroll, so it saves your employees’ time as well.
  • Positive pay: This is a risk mitigation service that adds an extra layer of protection against payment fraud, so you don’t have to spend time on collections.

With the right tools for your business, you can spend more time focusing on your customers/clients and less time worrying about your accounts.

If you’re interested in opening a business account, the MidWestOne team can help. Stop in to see us at any of our locations.

MidWestOne Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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