5 Ways to Streamline Your Business Finances

Independent retailers boost the local tax base and help improve our quality of life, our schools and our parks. A dollar spent at an independent retailer is usually spent 6 to 15 times before it leaves the community, according to the Independent Retailer Month website. Each $100 spent at local independents generates $45 of secondary local spending.

Often, local small business owners are invested in the community long term.  These are generous entrepreneurs who give back to make their neighborhoods better. But it’s not always easy to make your own path as an independent business owner. Fortunately, small businesses can employ some of the same tactics for financial success as their large national counterparts.

Consider these five cash management and fraud protection tools that can help streamline your business finances.

1. Integrated Payables

Would you rather spend less time on your daily payables and more time growing your business? If you’re like most intrepid entrepreneurs, the answer is a resounding yes. Enter Integrated Payables, a system that automates your accounts payable and payment process.

Financial benefits include:

• Reduced processing costs and improved internal accounting controls
• Active synchronization with accounting software that reduces manual payment entry and posting
• Ability to choose when and how to pay your vendors in order to maximize benefits to your business. Gain extra cash by taking advantage of early pay discounts and earn greater rebates by making payments with a Commercial Card.

2. Commercial Credit Card

A key part of the payables process includes the Zions Bank Commercial Card*, an all-in-one purchasing, travel and expense card program that allows the user to earn revenue based on the amount charged to the commercial credit card in a calendar year.

The card includes controls to authorize purchase types and define credit limits for each cardholder and allows you to download card transaction data into your accounting system.

3. ACH Cash Disbursements

ACH cash disbursements — short for Automated Clearing House Origination — allows you to transmit funds to any bank account in the U.S. This feature helps reduce administrative costs, potential interest or late charges on payments, and reduces check stop-payment charges and reissue costs.

In addition, ACH allows you to manage and schedule vendor payments, federal and state tax payments and employee payments such as direct deposit payroll, expense reimbursements and pension payments. Daily ACH activity can be monitored through the Treasury Internet Banking service.

4. Merchant Services Solutions

Thanks to advances in technology, accepting credit card payments has evolved beyond a simple swipe to integration with accounting software, payroll and fraud protection tools.

Take Clover^® point-of-sale systems from First Data Merchant Services** as an example. Businesses can accept a wide variety of payment types, including EMV^® chip cards, Apple Pay^®, credit, debit and EBT card swipes and gift cards. Clover users say they value the point-of-sale (POS) systems for three fundamental reasons:

• Cost – Compared to other point-of-sale systems, which retail for upwards of five figures, pricing for a Clover system starts at under $700.
• Cloud based – Retailers can access the system from virtually anywhere, including from their mobile phone.
• Capability to manage inventory – Users can track product sales and monitor inventory in real time.

Beyond those benefits, users say it integrates well with accounting software and makes payroll a breeze.

Every business is different, and we’ve teamed up with First Data Merchant Services to offer customizable technology solutions for managing card processing, as well as various aspects of business operations, including:

• CloverBank^® Flex
• CloverBank^® Mini
• CloverBank^® Station Solo
• CloverBank^® Station Duo Virtual Terminal – No hardware required

Zions Bank’s Payment Advisors can help you determine which merchant services solutions are best for your business.

To speak to an advisor, call 888-224-5259 or email tmclientservices@zionsbank.com.

5. Risk Protection Technologies

Even as more payments are being made electronically, check fraud continues to be a growing problem for businesses. And fraud can disproportionally affect small businesses. According to the Association of Certified Fraud Examiners’ 2020 Global Fraud Study, check and payment tampering is four times higher for small businesses compared to large organizations.

To manage risk, business owners can seek fraud protection services offered by their bank. In some cases, businesses electronically provide their bank advance notification for checks written, listed by check numbers and amounts. The bank then monitors for any discrepancies in checks issued by the company and immediately notifies the client of a potentially fraudulent check. This way, it can be rejected before it is charged against the business’s checking account. There are also services that offer protection against fraudulent checks presented in person for cashing against your business account.

For example, Zions Bank’s Positive Pay verification service helps businesses identify and report fraudulent and unauthorized payments. Positive Pay helps stop unauthorized transactions from clearing your account, includes enhanced protection against payee alteration and gives tellers access to the most current check information available when cashing items.

"Tactics used by fraudsters continue to evolve and increase in sophistication,” says John Richards, director of Treasury Management. “It is vital that companies stay vigilant and do all they can to protect against these attacks. Using tools to protect your payments, like Positive Pay, is no longer a convenience but a necessity. Working with your banking partner to discuss your payment process and how to best protect against potential fraud is well worth the time.”     

The unique character of our communities is fueled by a diverse business community. Taking the right steps to manage cash flow and automate fraud protection features, tools and services can save your company time and money and keep your independent business viable for the long haul.

*Credit cards subject to approval. Terms, conditions and restrictions apply. See banker for details.

**All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Merchant Services products and services are provided by First Data Merchant Services LLC and not by Zions Bank, a division of Zions Bancorporation, N.A, Member FDIC. The Clover^® name and logo are trademarks owned by Clover Network, Inc., a wholly owned subsidiary of First Data Corporation, and registered or used in the U.S. and many foreign countries. Use of Clover^® requires a Merchant Processing Agreement. EMV^® is a registered trademark or trademark of EMVCo LLC in the United States and other countries. www.emvco.com. Apple Pay^® is a trademark of Apple, Inc.