Is ACH Fraud Affecting Your Business?

ACH Fraud Detection Merchants Bank

Use a service like Merchants Bank’s ACH Blocks and Filters to detect fraud on a daily basis.

What is an ACH Block or Filter?
ACH Blocks and Filters help you detect fraudulent electronic transactions that are presented on your account. By setting up ACH Blocks and Filters, only ACH transactions that you have told us are allowed post to your company’s checking account. All other transactions must receive authorization from you or will be sent back to the originator.

How does it work?
Simply let Merchants Bank know which, if any ACH transactions should be allowed to post to your company’s checking account.

  • ACH Block – You can completely block all ACH debits and/or credits from posting to your account.
  • ACH Filters – You can set parameters that allow certain ACH debits/and or credits to post to your account, while at the same time excluding other debits and/or credits from posting.

Why should my business use it?
With ACH Blocks and Filters, you can virtually eliminate the possibility of fraudulent ACH transactions being posted to your business account. Plus, in addition to the money you’ll save by preventing fraud, there is no need to purchase additional equipment to use ACH Blocks and Filters.

How can I start using ACH Blocks and Filters?
Contact one of our Cash Management specialists today.

Manage Your Business’s Money with These Helpful Tools

ModernFinancesWould you like to better manage your businesses money and make it work harder. With three areas of focus – Tools for Collection, Tools for Disbursement and Tools for Management – Merchants Bank’s Cash Management area – what some banks call Treasury Management – is worth exploring.

Learn more about Tools for Management:

Online Banking – Conveniently view account balances, check images and transactions, transfer funds between your Merchants Bank accounts, create Bill Payments and ACH transactions (subject to Agreements), submit requests for Stop Payments and more.

Positive Pay – Give yourself peace of mind. Positive Pay can help detect fraudulent checks that are being issued on your account.

ACH Blocks and Filters – Control your accounts by ensuring your business checking account isn’t used for unauthorized ACH transactions.

Financial Electronic Data Interchange (FEDI) Reporting – The computerized exchange of payments between your business, your customers and vendors ensures

For more information on Cash Management services, visit our website.

Five Ways to Make Payments for Your Business Easy with Tools for Disbursement

SmallBusinessOwnerOpenSignWould you like to better manage your businesses money and make it work harder. With three areas of focus – Tools for Collection, Tools for Disbursement and Tools for Management – Merchants Bank’s Cash Management area – what some banks call Treasury Management – is worth exploring.

Learn more about Tools for Disbursement:

Direct Deposit – Save time and add convenience by electronically depositing employees’ net payroll into their bank account. Subject to credit approval.

Bill Payment – Using Merchants Online Banking, pay vendors without having to write checks, saving time, postage and resources.

Sweep Accounts – Conveniently do the cash management that you want to do without having to manually request transfers between accounts. Sweeps can also be used to transfer money to or from a Line of Credit to reduce interest expense.

Target Balance Accounts – Better control your cash flow and service charge expense by designating a balance at which you would like a specific account balance to be maintained.

Wire Transfers– Wire transfers allow you to send or receive money from almost anywhere in the world. Funds are collected and available immediately upon receipt.

For more information on Cash Management services, visit our website.

Collect Payments for Your Business with our Tools for Collection

Digital Image by Sean Locke Digital Planet Design www.digitalplanetdesign.comWould you like to better manage your businesses money and make it work harder. With three areas of focus – Tools for Collection, Tools for Disbursement and Tools for Management – Merchants Bank’s Cash Management area – what some banks call Treasury Management – is worth exploring.

Learn more about Tools for Collection:

Credit Card Processing – Make it easier for your customers to shop with more payment options when you accept Visa, MasterCard or Discover debit, credit and gift cards in person, through your website or via mobile. Subject to credit approval.

Direct Debit – Use Direct Debit to collect funds from your customers. A customer payments is automatically withdrawn from the customer account at the beginning of the bank business on the day authorized and then deposited into your account. Subject to credit approval.

Cash Concentration – Using Merchants Bank Online Banking, you can bring cash from multiple accounts and other banks together into a central account so you can better manage it and put it to work for you. Subject to credit approval.

Deposit-On-Demand – Reduce your time running to the bank by converting paper checks into an image and transmitting the images to the Bank for deposit from the comfort of your office.

For more information on Cash Management services, visit our website.

How Can Your Business Benefit from Positive Pay?

Tanya Schamaun thinks Positive Pay* “is just smart business sense.” Tanya is the Accounting Director at Winona State University and, along with co-worker Julie Sammann, has been using Merchants Bank’s fraud detection service Positive Pay since May.

“Positive Pay protects Winona State University from fraud. We can detect problems with copied or altered checks quickly and easily,” said Tanya.

Here’s how Positive Pay works: Each day, Winona State provides Merchants with an electronic inventory of checks issued. When the checks presented on WSU accounts each day are processed, Positive Pay matches the account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by Winona State. All three components of the check must match exactly. When a check is reviewed that isn’t a match in the file, it becomes an “exception item.” Tanya or Julie then has the chance to review the image and can instruct the bank to pay or return the check.

“The whole process is very user-friendly. It only takes a few minutes a day,” said Julie. “Even if you don’t have your own IT department to help you create an inventory of checks to upload to Merchants, you can enter a check manually in a minute or less.”

According to Tanya, “[Positive Pay] is simple to use, even for a small organization. The hardest part is remembering your password!”

To learn more about how Positive Pay can help your business, contact one of our Cash Management specialists today.

*Fees may apply

Brian’s Toys Continues to Build

Passion for Toys Leads to Success

BusSpotlightBriansToysENBrian Semling has been all about starting early and following his bliss.

Brian has been a life-long Merchants Bank customer. “I was just four or five days old when my parents opened my first Merchants Bank account,” Semling said. Semling has been with Merchants since then.

As a child, Brian played with “Star Wars” toys. In 1987, that memorabilia was sold at a garage sale. By 1992, Brian started collecting again, and by 1994, Brian opened his own business, “Brian’s Toys,” at the tender age of 16.

The business has grown from selling vintage “Star Wars” toys and collectibles, although it still does that, to selling contemporary “Star Wars” toys, “Transformers,” “Masters of the Universe,” “GI Joe,” “LEGO” construction sets, “Indiana Jones,” “Star Trek” and much, much more. They claim to offer the “world’s largest collection of Star Wars toys and Star Wars collectibles.”

The business has grown from its start in the basement and garage of his parents’ home in Fountain City, Wis., to a more than 8,000 square foot warehouse. The staff has grown to about 20 people, including family members. All sales are done online.

Merchants Bank has helped Brian’s Toys in a number of ways. In addition to providing business loans and lines of credit, Merchants has provided Merchant Processing for credit cards and Deposit on Demand where checks can be remotely scanned and deposited. Recently, Brian added ACH Block and Filters, which can block certain debits and credits from posting to an account, and can allow certain debits and credits from posting to an account while excluding others. Brian also added Positive Pay, which helps to make sure no fraudulent checks are issued on the business account.

“I feel there’s a real understanding of our history,” Semling said of the relationship with Merchants. “We’ve been very happy. If we need to discuss things, we definitely feel that there are real people that we can connect with and be treated fairly.”

Tammy Johnson, a Cash Management expert at Merchants, said that Brian is good to work with because he has an idea of what works best for him and is open to hearing about new products. The ACH Blocks and Filters and Positive Pay are relatively new products, Johnson said.

“He has a wonderful, thriving business,” Johnson said.

Semling said that he also likes the size and feel of a community bank like Merchants.

“There’s value in being able to meet with people face-to-face,” Semling said.

If you have some old “Star Wars” or other discontinued toys from the 1990’s or 2000’s, Brian’s Toys may be interested. “It could be an entire collection, or it may be just a toy or two,” Semling said. More information can be found at the website or email with any toys for sale to buying@brianstoys.com.

For Semling, he still has a number of favorite toys, and it is hard for him to choose just one favorite. He did say one of the most collectible was an Anakin Skywalker from the “Power of the Force” series in its original packaging from 1984.

“I’ll say that Darth Vader is my favorite character, and that the first Darth Vader from 1978 in its original packaging is a favorite toy as well,” Semling said.