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 certificates

of 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

checkingNo “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 with

remote 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 payments

and 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 lendingAsk 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 Employee

Pension (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