If 2020 has taught us anything, so far, it’s that Cape Codders are resilient and resourceful. As an essential business, The Cooperative Bank of Cape Cod never closed. Like the thousands of small businesses across Cape Cod, we adapted our work routines and services and continued serving our clients and community.
And, we’ve learned a lot along the way, too. We’ve swapped in-person meetings for virtual gatherings and so much more. Yet, we’ve never lost sight of our commitment to building and nurturing strong client relationships. When the going gets tough, you want to make sure your banker is in your corner. And, banking doesn’t have to be complicated or old-fashioned. When choosing your financial partner, remember that technology is just as important as that personal connection. To help business owners bank easier (and remotely), here are three important services to keep in mind and ask your banker about.
Banking On Your Time
With online banking services you can keep your business ahead of the pack with easy anytime access. Online banking gives business owners 24-hour cash management options. It’s safe, convenient, and secure. You can even pay bills from your business checking account. It’s all just a click away. When considering online banking for your business, keep these features in mind and ask your banker about them:
- Secure 128-bit encryption.
- Review cash position, including balances, deposits, cleared checks, and other transactions.
- Transfer funds between accounts.
- Pay bills online.
- Make incoming and outgoing ACH transfers.
- Initiate and view stop payments.
- Send domestic wire transfers.
- Make loan payments.
- Control employees’ access to accounts.
And while having access to your business accounts online is great, being able to check your accounts from your mobile device is even better. For example, with The Coop’s business app, clients can deposit checks using the mobile device’s built-in camera, protect the business by reviewing account activity on the fly, transfer funds between accounts, approve ACH and wire transfers, pay bills, and more.
With Remote Deposit Capture, business owners can batch process check deposits from the comfort of your computer. Remote Deposit Capture (RDC) is a safe, convenient way for businesses to make check deposits without going to the bank. RDC is a service that allows the user to scan checks and transmit these images for deposit. The basic requirements for an RDC service are a PC, an internet connection, and a check scanner (provided by the bank). Checks you receive can be scanned to create a digital deposit. This digital deposit is then transmitted (over an encrypted internet connection) to the bank. At The Coop, we accept and post the deposit to your account and assign availability based upon our funds availability schedule. This service is most suitable to business customers who:
- Accept a large quantity of checks as a normal course of business.
- May need to deposit checks multiple times a day or week.
Make Pay Day Easier
With Payroll Services, your banking partner can help make payday easier for you and your employees, too. Let the experts handle tax payments, vacation/sick time, and all other aspects of your company payroll. Your financial institution can do the paperwork so you can concentrate on other aspects of running your business. When considering Payroll Services, look for these key features:
- Complete processing and payment services
- Hassle-free payroll and tax payments
- Employees paid accurately and on time
- Reduced administrative burden
The more business you conduct with your bank, the better they know you and your financial background. That means you’re likely to get personalized, need appropriate recommendations, assistance with the application for and access to funding and improved pricing to match your relationship. At The Coop, our Small Business Specialists are essential to our business clients, helping them strategize for the future while meeting their banking needs today.
Remember, these digital offerings – online and mobile banking, remote deposit capture, and payroll services – provide you with safe, easy and convenient ways to bank. Visit one of our branches or contact me directly firstname.lastname@example.org to learn more.
Eric Emmel is the Digital Banking Product Officer with The Cooperative Bank of Cape Cod. Learn more at mycapecodbank.com and 508.568.3400.