Business Online Banking Tutorial

Merchants Bank Business Online Banking

Merchants Online Business Banking allows you free and easy access to your business’s bank account information and cash management tools 24/7. Use Business Online Banking to manage your corporate cash and make it work harder for you. What can you do in Business Online Banking and how does it work? Here’s an overview:

Users – You control who in your company has access to your online accounts. Changes to secondary user access (including adding or removing users) can be any time you desire under the Administration area of the Business Applications section. In addition, you can define account access and transaction limits per user.

Accounts – See an overview of your account balances immediately upon logging in. In addition, in the Accounts section of Online Banking you can:

  • View account history
  • View and/or print check images
  • Export transaction history
  • Search for specific transactions

Business Applications – Provides access to the following Cash Management and Administration functions:

  • Online bill pay
  • ACH payments and receipts*
  • Wire transfers*
  • Collect funds*
  • Authorize transactions
  • Payroll*
  • Funds transfers

Other Services – Provides access to additional services, giving you the ability to:

  • Change your business address.
  • Print a direct deposit enrollment form.
  • Submit a stop payment.*
  • Create an alert to notify the administrator for the company’s Online Banking account for number situations. Example include, when:
    • A business user’s passwords or profiles are updated
    • An account goes above or below a certain balance
    • A transaction over a certain amount goes through an account

Preferences – Make changes to your password, account nicknames, order of accounts and more.

Interested in learning more? Try our demo for Merchants Bank Business Online Banking. To enroll in Business Online Banking, visit our website or call our Electronic Banking department at (866) 496-0522.

*Fees may apply.

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How Can I Save Money on My Business Checking Account?

Business Checking

On average, banks offer five different business checking account options, according a comparison study by online resource NerdWallet. If you then consider the number of banks or credit unions in your community, the sheer quantity of choices for business checking may begin to seem overwhelming. To find an account that fits your business, and ultimately may save you money, use the guide below.

1. What type of business do you own?

Some banks offer special accounts to the following types of businesses:

  • Sole proprietorship, government-owned or a non-profit: These accounts usually earn interest, include lower fees and allow more transactions.
  • Small Business: Small Business accounts typically have lower fees and allow fewer transactions.

Merchants Bank offers Small Business, Business, Nonprofit Business and Interest-Bearing Business Checking accounts.

2. How many transactions do you typically make per month?

Many business checking accounts have a pre-determined transaction limit per month. For example, the average business checking account allows 175 transactions per month*. When a business goes over the limit, the bank may charge the business a fee per item. The average excess transaction fee is $0.40 per item and can be as high as $0.75.* If your business makes a large amount of transactions, look for a checking account with a higher transaction limit.

You’ll also want to take into consideration the type of transactions and which you use the most often – check, deposit slip, debit card, point-of-sale, ATM**, etc. Banks may charge different fees or no fee depending on the type of transactions.

Merchants Bank offers different transaction limits per Business Checking account and the type of transaction.

3. Do you need to deposit a large amount of cash on a regular basis?

Some business checking accounts also place a limit on the amount of cash that can be deposited into an account and charge a fee for every $100 in excess of this limit. The average cash handling fee is $0.15 per $100 in excess and these fees can be as high as $0.75.*

If your business deposits cash regularly, look for a checking account with a high cash deposit limit or one that offers no charge for cash handling.

Merchants Bank does not charge a cash handling fee as part of a Business Checking account.

Learn more about Business Checking at Merchants Bank or contact a Customer Service Representative at your local Merchants Bank to open an account today.

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*How Business Checking Fees Work: A Beginners Guide by NerdWallet
**ATM surcharge and foreign fees may apply.
No minimum deposit required to open Merchants Bank Small Business Checking, Business Checking, Interest-Bearing Business Checking or Nonprofit Business Checking accounts.

 

Are Idle Balances Costing Your Business Money?

eNewsSweep

Did you know there are several easy, automatic ways to manage the cash flow of your business? You can use sweep, target or zero balance accounts to efficiently direct your money. Here’s how it works:

Sweep Accounts: A Cash Management Sweep account allows your business to earn income on its extra balance. Your Business Checking account is reviewed daily and excess funds are automatically “swept” into a savings account to earn interest or to a Line of Credit to pay down balances. When you need the funds, the money is swept back in to your Business Checking account. This is a great way for your business to optimize its cash flow. Merchants offers two types of sweep accounts to fit your needs.

Target or Zero Balance Accounts: A Target or Zero-Balance Account is a business checking account that is automatically maintained at a “zero balance” or at a target balance that you specify. Target/Zero-Balance Accounts allow businesses to maintain separate accounts for various divisions, locations, or functions such as payroll, while automatically consolidating cash from those accounts.

If you’d like to learn more about how easy and convenient sweep and target/zero balances accounts could be for your business, contact one of our Cash Management specialists today.

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.