TRYP: Variety of products available
October 8, 2014
With modern Internet and banking technology, it's important to know and recognize that your financial institutions have a wide-variety of products and services to help better manage your everyday business operations while saving you time and money to further grow your business, community, and spend time with your family. It's actually important to shop for a bank when starting up a new business. Every bank has different pricing although they have similar products and services. Also consider the size of the bank, and their ability to help you not only when you need it, but to get sound advice to match the right product and services for you, your business, and annually reviewing those products and services with your banker.
Take for instance payment solutions such as credit card processing, point-of-sale (POS) systems for your business, wireless processing, detailed monitoring of inventory, and employee usage of your POS systems. Did you know it's possible to get detailed reports about your inventory, and which employees are giving out discounts? Depending on which financial institution you're with, you might be able to setup alerts straight to your iPad the moment an employee presses that 50% discount on your POS system at the restaurant you own. Or if you're an entrepreneur setting up your first website, you can get an online gateway to accept payments over the internet so that your business can generate revenue wherever your customer might be.
However, technology is getting even greater than that. Depending on your bank they might be able to give you greater control of your accounts including processing wires from home or office, granting access to certain account information for your CPA so they don't have to bug you when it comes time to do your taxes, thus saving you time, money, and giving more time for your customers and family.
Have you ever thought about your HOA, or business, needing a better way to manage their monthly, quarterly, or annual dues? Or accounts receivables? Most banks will work with you on coming up with a customized solution to help you collect those funds in a more timely manner either through recurring payments by ACH, credit card processing, or lock box services to collect, and process mailed payments.
These great payment and treasury management services can be an automated, efficient, way to speed up your business. It's important to keep in mind that most bank services are based on an approval process that may include credit qualifications or carry a service fee. The benefit of being able to grow your business, better serve your family and community, through all of the time saved can be worth any monetary cost involved.
Robert Sharp is the branch manager of U.S. Bank in Stateline, NV and a member of Tahoe Regional Young Professionals. He has a background in international relations & business from BYU, having studied in London, Paris, Rome, and Berlin. He also has prior experience as a small business specialist.
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