Banking Tools For Every Business's Toolkit
BY: Kylie Hagen
The dawn of a new decade is upon us – what better time than now to review your business banking relationship? Examining your accounts annually is a critically important exercise to undertake. Here are some key questions to ask yourself, to ensure that all of your business banking accounts are as current as possible and that all efficiencies are being met.
Are the signatories and online users for your accounts up to date? Did you hire someone in 2019 you have been meaning to add to the account? Did anyone leave the company that you haven’t removed from account access yet?
It’s a fact of life: sometimes, things fall through the cracks. For a business owner, transitioning employees – whether new hires or recent departures – usually translate to a myriad of items being added to the to-do list. With all of considerations that need to be made in welcoming a new member to your team or saying goodbye to one, it can be easy to lose track of who’s on your account, or who has access to it. Now is a great time to reach out to your personal banker and get access updated, if necessary.
Were there any fraud attempts directed at your business accounts last year?
Cybersecurity has become an area of utmost importance – scammers will go to great lengths to separate you from your business’s hard-earned dollars. Our Positive Pay and ACH Filter tools electronically monitor your check and ACH activity, giving you the peace of mind you need to move your business forward. With Positive Pay, if a check doesn’t match the amount, date, or payee that you have submitted, the system will request your approval or denial before the check is paid. Similarly, ACH Filter will flag any new request to debit your account from a person or entity that has not previously debited your account via ACH. Both contribute to a strong line of defense fortifying your company from those who seek to do it harm.
Are there any banking processes that you wish were more efficient?
Lake Ridge Bank offers ACH origination, which could help automate making payments, accepting payments, or processing payroll. If going to a branch to make deposits is inconvenient, consider eCourier remote deposit or mobile deposit – both allow you to deposit checks right from the comfort of your office.
If any of the above areas seem ripe for improvement or refinement, reach out the Treasury Management team – Sam Huntington and me – and we can help.