BankingServicesAVAILABLE FOR ASMALL BUSINESS
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Welcome
1. Agenda
2. Ground Rules
3. Introductions
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Objectives
• Know how banking services commonly available to a small business work including:
• Business checking
• Payroll processing
• Merchant services
• Business loans
• Cash management services
• Explain how to select the best banking services for your business
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What Do You Know?
What do you know or want to learn about banking services?
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Business Banking Fundamentals• Factors to consider when deciding
what banking services you need– Checking accounts
– Savings accounts and certificatesof deposit
– Account access
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Discussion Point #1: Banking ServicesDiscuss the banking services you need.
What are some of the services you try to find in a bank?
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Business Banking Fundamentals Choosing the right bank
• ATM usage and availability
• Customer service and relationship
• Accessibility – drive or walk, parking,drive-through
• Products and services
• Fees
• Deposited funds availability
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Business Banking FundamentalsChecking accounts
• Small business or commercial checking
• Payroll and operating accounts – “Zero balance” feature (sweeps) and fees
Separate business and personal
checking
No “co-mingling”
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Additional Banking ServicesPayroll services
• Prevent potential fraud or forgeries
• Record keeping
• Direct deposit
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Additional Banking ServicesCash management services
• Sweep investment account
• Other sweep accounts
• Online funds transfer
• Lockbox service
• Positive pay
Ask your Bank
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Business Banking FundamentalsSavings accounts and certificates of
deposit
• Savings accounts – limitations on withdrawals and types of accounts
• Certificates of deposit
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Business Banking FundamentalsBusiness account access
• Depositing sales withremote deposit scanner
• Online access
Beware!
Online Theft
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Additional Banking ServicesBusiness debit card
• Owner or others
• Convenience and risk
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Additional Banking ServicesMerchant processing services - expand capabilities and sales
• Credit cards
• Debit cards
• Gift cards
• Online paymentsand sales
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Discussion Point # 2: Banking Service Needs
1. Use three columns2. Column 1: List services you need now3. Column 2: List anticipated services for the
next six months to a year4. Column 3: List services you plan to get in
the next two years, or see as future needs of the business
5. Assign a date to have each service in place or re-evaluated
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Business Banking FundamentalsReconciling accounts
• Deposit accounts
• Remote deposit scanner
• Interest
• Loans
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Business Banking FundamentalsProtecting your business from online theft
• Use strong passwords and change frequently
• Ensure computers have latest operating system and anti-virus security updates
• Avoid using public wireless hot spots in areas like airports or cafes for online banking activity
• Ensure your staff thinks critically about emails and phone calls to identify suspicious behavior
• Consider establishing a dedicated computer for online banking and cash management
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Additional Banking ServicesCommercial lending
• Financing receivables and purchased inventory
• Lines of credit
• Term loans for fixed assets
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Additional Banking ServicesBusiness credit card
• Owner or others
• Convenience and risk
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Additional Banking ServicesCommercial lending
Small Business Administration Loan Guarantees
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Additional Banking ServicesFinancing
• Comparison shop
• Understand types of financing
You canimprove your
chances of getting a good
loan
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Additional Banking ServicesCommercial lending
Ask about:
• Loan details, features, terms, etc.
• Loan types
Find out what you will need
to provide
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Additional Banking ServicesWealth management and retirement planning
• SIMPLE IRA
• 401(k) retirement savings plan
• Simplified EmployeePension (SEP) plan
• ROTH IRA
• Health savings plan
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Six Key Points to Remember• Choose the right bank for your financial needs. Shop
around• Banks offer a wide range of loan and deposit products
and services to meet your needs• Banks can help your business with merchant, payroll,
retirement and online services• Keep your business and personal accounts separate
when transacting business• Take precautions to avoid fraud or other preventable
losses• Save money for unexpected expenses in a savings
account
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Summary• What final questions do you have?
• What have you learned?
• How would you evaluate the training?
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ConclusionYou learned about:• Evaluating your business and what banks
have to offer
• Different bank accounts and services
• Questions to ask
• Building a bank relationship over time, based on your needs