What Banking Services Can Help Me Manage My Business?

The phrase, “It takes a village,” refers to parenting; but I believe it applies to running a small business as well. As your trusted advisor, your banker can help ease the burden and provide solutions that help your business run smoothly.

One banking service that is particularly helpful for managing a business is a sweep account. This is a special type of account in which funds exceeding a specified limit are automatically “swept” or transferred to a separate account. This helps you maintain a steady cash flow between your primary checking account and an investment account that can earn higher interest instead of sitting idle. Funds can also be transferred back into your checking account if your balance dips below your established minimum, ensuring that you always have the cash you need to conduct your business.   

It’s also a great idea to take advantage of your bank’s fraud prevention services. ACH Filters, for example, block certain types of transactions — Internet, phone, B2B, or B2C —  from posting against your account. This helps protect your business accounts from losses due to unauthorized, fraudulent transactions. Another risk reduction service is Positive Pay, which detects fraudulent checks. Positive Pay allows you to control which checks are paid from your business checking account using online banking.  

With all the day-to-day tasks of running a small business, worrying about fraud or cash flow doesn’t have to be one of them. Talk to your banker about setting up services to manage and protect your funds with minimal oversight.

 Originally published in  Small Business Monthly's April issue of 2024 by Pete Zeiser, President - Chesterfield Commercial at Midwest BankCentre.