BusinessConnection

Exclusively for Tri Counties Bank Corporate and Business Clients

VOL. 17, ISSUE 1

Service With Solutions™

24-hour banking (800) 922-8742 TriCountiesBank.com

Your business can save time and money by using remote deposit capture. With this system, you can electronically deposit scanned checks through a

secure encrypted internet connection from the convenience of your office or shop. The bank then posts the deposit to your account.

Taking advantage of remote deposit capture virtually eliminates the need to make deposits in person and can provide more efficient cash management for your business. Scan your paper check deposits onsite at your business to create a digital deposit.

COUNT THE BENEFITS Remote deposit capture can benefit your organization in many ways:

Reduce costs and save time. Courier, transportation and other expenses decrease with reduced physical transportation of checks. You can make deposits when it is most convenient for you.

Consolidate banking relationships. If your organization has multiple locations – even if they’re spread across the country –

Remote Deposit Capture Streamlines Receivables

checks from each location can be scanned and sent to one account. You will no longer need multiple local banking relationships with the corresponding fees.

Improve cash flow. You can increase efficiency with faster deposits, quicker access to funds and faster collection of returned items. Extended cut-off times for electronic deposits can also hasten collection and streamline cash flow.

Ensure security. A secure, encrypted connection provides privacy and accuracy along with an audit trail for tracking and recording. You may experience fewer data entry errors and lower risk of check fraud or loss. You can also assign varying access levels to users within your company.

Work greener. Remote deposit capture decreases trips to the bank and eliminates physical transportation of checks throughout processing.

WE WORK WITH YOUPut the experience and knowledge of the Tri Counties Bank Cash Management Services team to work for you. To learn more about how this service can work for you, call your business banker today at 1-530-895-7580 or visit TriCountiesBank.com.

Borrow Proactively, Not Reactively

Timing is a key element in any successful business strategy, and that includes knowing when to take advantage of borrowing opportunities. A proactive approach to borrowing puts you in a strong position to weather ups and downs seamlessly, whereas a reactive approach can

leave you scrambling for options.

WORKING CAPITAL OR LONG-TERM LOAN?The first step is to identify your potential reasons for borrowing. Does business slow down at certain times of year, or go up and down in waves? If you’re concerned about cushioning your cash flow during down times or simply need money to fund day-to-day expenses, a working capital loan or revolving line of credit may be a good choice. If you put it in place now, funding will be available whenever you need it.

If you have a goal in mind that requires a lump sum of cash, consider a long-term loan instead. These types of loans are used for financing large projects that are paid off over set terms, typically for the A proactive

approach to borrowing puts you in a strong position to weather ups and downs seamlessly.

purchase of equipment, property or business expansion. You may use a long-term loan for building or expanding your website, buying a new building, acquiring another company or any other project that moves your business forward.

PREPARATION PAYS OFFBy setting up a borrowing plan in advance, you can improve your overall business plan, borrow at the most advantageous terms and even enhance your company’s overall value. Even if you don’t need funds now, you can have peace of mind knowing you won’t have to jump through hoops down the road to get them.

A business banker at Tri Counties Bank will be happy to discuss your business plans and borrowing needs. Contact your local branch or call (800) 982-2660.

Business Connection Vol. 17, Issue 1

Hacking Is a Big Risk for Any Business

Could your business survive an attack by hackers? According to a recent National Small Business Association survey, 44 percent of small businesses were attacked, and the average cost was $8,700. Nearly 60 percent experienced a business interruption as a result of the incident.*

WHAT’S AT STAKE?In the event of a suspected data breach, your first move may be to get an IT expert to check your networks and find the source of the attack. The rest unfolds like a bad dream:

If you have to shut down your website, even temporarily, you may lose customers and revenue.

If a data breach involves customer data, you may be required to notify each person or business affected, which further adds to your costs.

You may lose business if customers lose confidence in your ability to keep their information safe.

Your company may also be liable for lawsuits related to the breach brought by customers.

PROTECT YOUR BUSINESSNothing is hacker-proof, but there are inexpensive ways to protect your data on a smaller budget. The following steps can protect against cybersecurity threats and/or minimize risk from attacks that get through:

Install firewalls, antivirus and anti-malware software.

Use an email provider with proper security systems.

Bring in cybersecurity consultants to identify the best ways to protect computers and websites.

Provide training to employees on cybersecurity and what they can do to help minimize the risk. Remind them to avoid following suspicious links in email, social media posts and online.

Consider using a third party vendor to process credit card orders to avoid handling and storing customers’ credit card information by your organization.

* Source: National Small Business Association, Small Business Technology Survey.

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(800) 922-8742 TriCountiesBank.com

When it comes to growing your business, it’s likely you’ll eventually need a little financial help. Whether you’re looking to hire new employees, purchase new equipment or launch a new product, you may be considering how best to go about financing your next opportunity. Two of the most popular options for

business financing are small business loans and business credit cards.

EXAMINING THE PROS AND CONSBoth of these financing options have advantages and disadvantages. Determining which is right for your business requires a careful look at each and comparison between what they offer and your business’s needs.

A business loan:

Enables easier access to cash. Unlike a credit card, a business loan can be used to get cash for paying vendors or employees without incurring extra charges.

Potentially offers more capital. Business loans can range in size from thousands to several million dollars. Credit cards typically offer smaller credit amounts.

Requires more documentation. In addition to regular credit scores and reports, a business loan may require a business plan, references and profit and loss statements.

May require an asset guarantee. Many business loans require collateral such as property or a certificate of deposit to secure. This can create additional risk if the business venture does not work out.

A business credit card:

Can be used repeatedly. Unlike a loan which is a one-time event, a business credit card can be used, paid and used again in the future for other expenses.

Provides help with bookkeeping. Credit cards can help with separating and tracking business expenses and can also be linked to financial software.

May offer rewards. Just like personal credit cards, business credit cards may offer cash back for spending or rewards points you can exchange for travel, merchandise and more.

Typically has fewer fees. Unlike a business loan, a credit card has no origination fee or early repayment penalty. Interest rates should also be considered when comparing the costs of each type of financing.

HERE TO GUIDE YOUTri Counties Bank’s business bankers are always ready to help you as you prepare to apply for a business loan. Make an appointment with a relationship banker today. Visit TriCountiesBank.com or call (800) 982-2660.

Small Business Loans vs. Business Credit Cards

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