Choosing the best treasury management services: FAQs to guide your decision

Your time is one of the most valuable assets in your business.

That’s why you need to have tools in your operations that expedite your work, especially when it comes to finances.

Treasury management is a set of tools and services that give you control, freedom, and flexibility in your business’s finances. They help you manage inflow (money coming in, like revenue), outflow (money going out, like payroll), and security that prevents fraudsters from attacking your business.Treasury management tools are essential for all operations, from farmers, small business owners, corporations, and manufacturers.

Here, we’ll go through common business problems and how different treasury management services can help you streamline your financial strategy so you can focus on running your business.

My customers use different payment methods with my business: credit cards, cash, and checks. How can I consolidate and manage this cash inflow efficiently?

Your customers interact with your business in unique ways, whether you’re selling products at the farmer’s market, running a bike shop, or teaching yoga classes. There are tools that can optimize income for your business, however you take in revenue.

Your customers can pay you at a physical check-out with merchant card services. You can accept ATM/debit, credit, and gift cards with a point-of-sale service that works directly with your business accounts. With merchant card services, you’ll have access to easy-to-read statements, fraud identification, and support from Bank Midwest’s dedicated team.

If you run your business or organization online, web payments allow you to accept payments and donations from your website safely and securely. Bank Midwest’s web payment tools are customized to fit your branding, connect directly to your business accounts, and allow you to export data to your accounting software.

Most customers don’t use checks, but if you work with another business, you’ll likely receive payments with a check. Bank Midwest’s electronic check scanners work with your PC to deposit checks online quickly and easily. You’ll also receive full credit for your deposits if you scan during a business day. With electronic check scanners, you don’t need to rely on making bank runs to have access to cash in your business.

With Bank Midwest’s treasury management tools, you can access all-in-one support from our expert team in one place.

How can I speed up the processing of business payments, like bills and payroll?

Paying for your business expenses individually is time-consuming and not cost-effective. In a fast-moving business world, you need up-to-date information about your business accounts and fast ways to transfer funds. Cash management systems allow you to automate payments from your business online at your convenience.With Bank Midwest, you’ll use ACH originations to easily transfer funds electronically for employee payroll, automate bill payments on your schedule, and send federal taxes. These funds will transfer directly to the intended account, eliminating the risk of lost or stolen checks.

You can also use wire transfers through your business account to quickly transfer funds, allowing you to move money within hours of sending it.

I want employees to be able to make purchases for the business, like pay for gas and make online orders. What are my options?

 There are a few options for businesses that want to authorize employees to make purchases. One way would be to give your employee a debit card, but that employee has to be an authorized signer on the account. Authorized signers can sign checks, make withdrawals, and check balances.

But you can control spending you delegate to employees with business credit cards. Bank Midwest’s Visa® Business Credit Cards allow you to give employees permission-based access to those cards, which means you can decide what employees can spend on, like gas.With Bank Midwest’s business credit cards, you can choose cards that fit your business, like community cards created specifically for non-profits. They also have perks like cash back, low introductory rates, and flexible rewards. Best of all, there are no fees for additional cards.

Business credit cards help you save time – you don’t have to be the only person making purchases, and you eliminate the hassle of reimbursement.

Are there treasury management tools that protect against fraud?

All tools help protect against fraud by putting you in complete control of how money moves in and out of your organization.

First, with Bank Midwest’s treasury management tools, you’re reducing the number of vendors for different tools, ensuring the utmost protection for your business’s finances under one umbrella.

Bank Midwest has free tools with your business account, like positive pay, which allows you to control what vendors can process payments through your account, and stop pay, which prevents fraudulent or unauthorized transactions from processing. Multi-factor authentication also protects your funds from hackers and fraudsters.

Bank Midwest’s dedicated team of experts is also on the front lines of the latest fraud tactics. They are available to work with you on answering security questions and protecting your business so you can focus on making your business thrive.

Ready to streamline your business finances? Reach out to connect with one of Bank Midwest’s treasury management experts today.

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Looking for more advice for growing your dream business? Listen to Dream, Plan, Live: the Bank Midwest podcast for more tips from the business experts in your community and at Bank Midwest.


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