Business Sense

Businesses are always trying to find new ways to reduce operating costs and increase profitability. Companies that routinely receive payment for goods and services by check can now reduce the cost of transporting those checks to their bank and gain faster access to those funds by taking advantage of one of latest time saving business technologies: Remote Deposit Capture (RDC).

RDC is easy to use - you simply scan the checks using the equipment provided by your bank and the funds will be directly deposited into your account over a secure online connection. Imagine: no more trips to the bank to deposit checks or standing in long teller lines, a savings of both time and money.

For more information about Remote Deposit Capture:

What Are the Benefits of RDC - eHow.com

Remote Deposit Capture - A Primer

If you received payment for your customers’ invoices the very next day, do you think that might change the way you do business?

Speeding up your cash flow cycle could help you meet your payroll, remit payables on time, or let you take advantage of potential supplier discounts for early payment. You might even be able to bid on larger projects without the fear of an additional cash flow burden. How would you like to be able to track receivables with detailed reports, improve your liquid working capital, increase inventory, or perhaps offer your customers extended terms?

For over 20 years community banks, using BusinessManager, have been providing growing small businesses with the ability to get cash deposited directly into their bank accounts by selling their accounts receivable to the bank at a discount. All types of companies are participating in the program, including manufacturing companies, who often have to wait 60 days or more to get paid. Think about the competitive advantage you could have freed from the restrictions of a tight cash flow.

If that position feels good to you, click here to Read More > 

The Small Business Administration’s loan programs are designed to help small business that may not qualify for conventional financing through the private sector banking system. These loans are guaranteed by the SBA and therefore, more likely to be approved because of the reduced risk to the lender.

To qualify for an SBA loan, there are some basic guidelines:

• You must run a for-profit business.
• Your business must be located in the US.
• Your business must meet the SBA’s definition of a small business.
• Your business plan must demonstrate the need for an SBA loan.

Most private lenders (banks, credit unions, etc.) are familiar with SBA loan programs so interested applicants should contact their local lender for further information and assistance in the SBA loan application process.

Click Here

Because it’s been almost 100 years since the last major hurricane, Florida officials are working harder than ever to convince individuals and businesses to be prepared.

It’s not just physical property that can be damaged by a big storm. Your finances can take a hit too. Have you considered what you would do if your local bank branches were inaccessible because of flooding or structural damage? Banks are required to be prepared to continue banking services in the event of a disaster.

You should take steps to prepare too. Preparations can include enrolling for direct deposit whenever possible and signing up for online banking to give you access to your account information anywhere, any time. Businesses that rely on getting to the bank to deposit checks can set up Remote Deposit Capture that will allow them to deposit checks from their own location electronically.

For more information on Hurricane preparedness Click Here

Like individual consumers, small businesses are using credit and debit cards to pay bills online in greater numbers every year. While paying online is convenient, business owners should understand that it comes with some risk of liability that individual consumers are not exposed to.

For instance, consumers are somewhat protected by The Truth in Lending Act, but the FDIC points out that businesses are not covered by the regulations.

If your personal debit card is lost or stolen, a consumer has some protection from unauthorized transactions, but a business may not. 

To read more about the implications for your business when paying with plastic Click Here.

Do you conduct most of your banking business online? If so, you should be aware of the steps financial institutions take to protect their customers.

Under the guidance of the Federal Financial Institutions Examination Council (FFIEC), the banking industry has implemented sophisticated security systems such as “multi-layered authentication” to assist in the prevention of electronic fraud. This authentication process is the first line of defense against cyber criminals. Multi-layered security can be easily recognized. For instance, during an online transaction you may be asked to identify yourself in multiple steps such as inputting a username and password, followed by answering a security question.

The FFIEC is a formal inter-agency body empowered to prescribe uniform principles and standards to banks for online security. The FFIEC has been writing standards and making recommendations since 2005. Guidance currently being released includes several new areas of focus such as:

• Improved risk assessment and research to monitor current and emerging threats, 
• Implementation of enhanced multi-layered authentication for online transactions,
• Increased customer education in all matter related to online fraud and the techniques deployed to protect their accounts.

For more information about the FFIEC guidelines and multi-layered authentication Click Here

Like many of us, you may have made some New Year's resolutions regarding health, personal finance or family matters. But there is no reason why a small business shouldn't also resolve to make improvements.

In the New Year, it is the perfect time to make positive changes happen in your company. Some of the obvious issues important to small businesses are Cash Flow, Budgets, and Sales.

Cash flow should be at the top of every small businesses list of priorities. Not having enough cash at the end of the month to cover your expenses is a trap many entrepreneurs experience. They may think they have plenty of sales but don't plan for the possibility of not receiving payment in time to meet their expenses.

Budgeting is another area that small businesses often overlook. Having a sales plan is essential. Without a goal or direction you can easily run the risk of becoming complacent, making you vulnerable to competition.

We recommend the following article that highlights eight smart resolutions that small businesses can make in the New Year to improve their results for 2012.

Read More Here:

8 Financial New Years Resolutions for Small Business Owners >