Small businesses are at a turning point and savvy community banks are ready to provide the tools needed to help them grow and thrive. By offering products and services that help business owners manage cash flow and improve their profitability, relationship-based community banks can be a partner for you and your business.
What types of business products should I look for in a bank?
Most community banks today can tailor their products to accommodate the needs of their business customers. Cash Management products and services, commercial and industrial loans, and Lines of Credit can guide business owners to make the right decision for their specific goals. Avoiding fees, managing spending, and improving credit are all factors that can lead to more success for your business.
What are some examples of Cash Management products?
While products can vary, community banks typically offer merchant credit card services; Automated Clearing House (ACH) origination; Remote Deposit Capture capabilities; Sweep Accounts; and a Lockbox program. Merchant Services allow a business to accept credit and debit cards with a variety of machines provided by the bank. Businesses can get paid quickly and send funds faster with ACH Origination, which can be used for payroll direct deposit, vendor payments, or collecting reoccurring payments like rents or membership dues. Remote Deposit Capture allows you to deposit checks from your office and extend your business day. Lockbox allows the community bank to partner with you and your business by collecting and processing your customers’ payments on your behalf.
What advantages do card services provide to me as a business owner?
Cash management products can increase your sales by giving customers purchasing flexibility. Accepting credit cards makes it easy for customers to make a purchase according to their needs, and businesses have the flexibility to design the right program for their business. Community banks traditionally have better pricing options and a local representative to help you service your equipment if you have any issues.
What are my options for business loans?
Whether you are looking to start a business, enhance your current business, or expand, there is a business loan product that can help. If you are looking to expand your company, enhance its operations, or construct a new facility, a commercial real estate loan or commercial and industrial loan is available to meet your needs. Most community banks offer competitive rates and individually-structured loans. A business line of credit can give your business access to the funds it needs when it needs them. This smart financing program offers a revolving line of credit with a variable interest rate.
In addition to Cash Management products and business loans, community banks like First Keystone Community Bank can be a partner to you and your business by offering a variety of business account options that are easy to open and maintain and fit the needs of businesses of all sizes and types. For more information on business products and services, call First Keystone Community Bank at 570-752-3671 or visit www.fkc.bank.
