How to be the type of company that banks want as a customer. It’s easy to think about bankers and banks in terms of what they can do for your business. After all, banking is a service. But banking is also a relationship and an intimate one at that. Banking relates to one of the most personal areas of professional life—money. The intimacy of financial relationships ends up giving them…
If there is one lesson the recession taught even the most successful businesses, it’s that their biggest threat is often not a lack of profit. It’s a lack of cash flow. Slow-paying customers are frequently the culprit. In the spring of 2012, businesses were paying bills an average of 7.6 days past due, a 14.1 percent increase from the same period a year earlier, according to a study released by…
It’s one of the Most Efficient, cost-effective services your bank offers. The Automated Clearing House network—or ACH, for short—has been making life easier for banks and their customers for decades. ACH is an electronic network that facilitates a colossal number of transactions between financial institutions in the United States. Last year alone, ACH processed more than 21 billion transactions worth a total of $36.9 trillion. HOW DOES AN ACH TRANSACTION…
Experiment, but don’t make a major commitment to accepting payments via smartphone. Mobile payment is an inherently “sexy” technology that is long on interest, but short on adoption. It makes sense that interest is high. Smartphone market share is skyrocketing, and consumers demonstrate a growing trust in electronic transactions. Despite that, small business owners are smart to tread lightly when it comes to early adoption. TOO MANY ‘WALLETS’ Potentially the…
How mobile banking alerts can help you avoid unpleasant surprises. If you’re like most people, you’ve probably played Monopoly at some point. Just like in the beloved board game, most business owners spend so much of their time in high-level buying, selling or trading that they aren’t always ready for those unpredictable Chance cards. You remember: They’re the ones that tell you to “advance to GO”— or send you straight…