Mike Swanson and Pam Timp to Provide Cash Management Solutions for Merchants Bank in the Twin Cities

MikeandPamPromotionMike Swanson and Pam Timp of Merchants Bank will be taking the lead in providing Cash Management solutions for businesses in the Twin Cities.

They will be providing Cash Management expertise for business customers for all Merchants Bank’s Twin Cities locations –Hastings, Cottage Grove, Apple Valley, Lakeville and Rosemount. Swanson has moved to Merchants Bank’s Hastings location, where he has also been promoted to Commercial Banker. Timp will be available at the Lakeville location.

Merchants Bank’s Cash Management products and services are designed to save businesses time and money, protect against potential fraudulent activity and create opportunities for those businesses to grow. It is an area of focus for the Merchants Bank organization.

“I’m looking forward to working with our business customers throughout the Twin Cities and show them how our Cash Management solutions may be able to help them in ways they may not have expected,”Swanson said.

Swanson has been with the Merchants Bank organization for four years and in banking for 15 years. Most recently he served as the Senior Consumer Banker and Branch Manager in Merchants’Lakeville location. Timp has been with the Merchants Bank organization for almost three years, serving as Lending Assistant and Customer Service Representative in Lakeville.

Mike Swanson Promoted to Commercial Banker and Cash Management Specialist at Merchants Bank in Hastings

SwansonMike

Mike Swanson, Commercial Banker and Cash Management Specialist

Mike Swanson has been promoted to Commercial Banker and Cash Management Specialist at Merchants Bank in Hastings, according to Bruce Goblirsch, President of Merchants Bank in Hastings.

“I’m looking forward to working with business customers to help meet their goals on the lending side of the business and showing them how our Cash Management products may be able to help those businesses in ways they may not have expected,” Swanson said.

Swanson has been with the Merchants Bank organization for four years and in banking for 15 years. Most recently he served as the Senior Consumer Banker and Branch Manager in Merchants’ Lakeville location. He started with Merchants Bank in Apple Valley.

“Mike has been successful at every aspect of banking because he always puts the needs of customers first. I expect that he will do an exceptional job helping the businesses in and around Hastings,” Goblirsch said. “Plus, his understanding of how we can help businesses with Cash Management is really an incredible benefit as they make their money work smarter.”

Swanson will be part of the team supporting Merchants Bank locations throughout the Twin Cities –including Apple Valley, Lakeville, Cottage Grove, Rosemount and Hastings –with his Cash Management expertise. Merchants Bank’s Cash Management products and services are designed to save businesses time and money, protect against potential fraudulent activity and create opportunities for those businesses to grow. It is an area of focus for the Merchants Bank organization.

Meet Sarah Danielson, Commercial Banker and Cash Management Specialist

DanielsonSarah

Sarah Danielson, Commercial Banker and Cash Management Specialist

Get to know more about Sarah Danielson and how she approaches working with businesses every day.

When did you start your banking career?
Sarah: I started working as a Teller in 1994. At the time, I worked mostly with commercial customers and really enjoyed learning about that side of banking. When I had the chance to apply for a job in the Loan Review area, I took it. In Loan Review, I spent my time analyzing business financials and while I really enjoyed it, I missed being in front of people. Ultimately, I knew the best path would be to become a Commercial Banker so I could use all of my knowledge and interact with customers again.

What do you like most about your job?
Sarah: I enjoy being there for my customers through the ups and downs of their businesses. Owning a business isn’t always easy – I know first hand – and I can relate to what it’s like for my business customers day in and day out. I have a tremendous amount of respect for them. It’s so encouraging to see people believe in themselves and have the courage to take the next step in establishing or running their business.

Share your top business/commercial banking tip.
Sarah: The secret to success is having a full understanding of what you’re doing. You might wonder how that’s possible. Start by surrounding yourself with a team of trusted experts, like a lawyer, accountant and a banker, just to name a few.

What do you hope your customers say about working with you?
Sarah: I hope they see me as a trusted partner…someone who has knowledge to share, but also looks out for their best interests.

Can you help businesses assess which business banking options would be most beneficial? How does this process work?
Sarah: Definitely. It’s as simple as sitting down and taking the time to listen to a customer. I try to uncover their true needs and pair that with my knowledge from being in such a wide variety of banking positions helps me make the best recommendation(s).

What does community banking mean to you?
Sarah: It’s gratifying to be part of a banking team where employees are so dedicated to improving the community professionally, through their work helping businesses grow, and personally, through volunteer and service work. I believe in community and community banking.

What are some of the biggest benefits to a business to working with a Merchants Bank Commercial Banker?
Sarah: I think we’re different because our team is interested helping businesses with their entire banking experience, from loans to deposits and cash management tools. I’m not just your lender. I want to be your banker and someone who provides the best guidance about your financial picture.

Tammy Johnson Named Cash Management Sales Manager for the Merchants Bank Organization

Tammy Johnson, Cash Management Officer

Tammy Johnson, Cash Management Sales Manager

Tammy Johnson has been promoted to Assistant Vice President and Cash Management Sales Manager, according to Sue Hovell, Director of Retail Banking Performance for Merchants Bank.

Johnson will be the cash management sales and market support for the local teams at all 21 Merchants Bank locations in Minnesota and Wisconsin. She had been the Cash Management officer for the organization’s southern tier of banks since 2011 and has been with Merchants Bank for 17 years.

“Cash management products and services are designed to save businesses time and money, protect against any potential fraudulent activity and create opportunities for those businesses to grow,” Johnson said. “I look forward to working with experts at our locations to present the best options available for our current and future customers.”

The cash management/treasury management area is a focus for the Merchants Bank organization.

“Being able to service relationships locally sets us apart,” Hovell said. “With Tammy working with the local teams the result will be exceptional service for our customers. It is part of the personal relationship our tellers, customer service representatives, personal bankers and commercial bankers offer to all our customers. They look forward to applying their knowledge to develop solutions unique to your business and tailored for success.”

Johnson will support Merchants Bank Minnesota locations in Winona, St. Charles, Goodview, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing, Hampton, and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. She will also support Wisconsin locations in Eau Claire and Onalaska. All banks are FDIC members and equal housing lenders. Subject to credit approval. Additionally, Twin Cities-based Merchants Bank Equipment Finance is also a division of Merchants Bank, N.A.

Meet Tammy Johnson, Cash Management Officer

Tammy Johnson, Cash Management OfficerGet to know Tammy Johnson, our Cash Management Officer and member of our Commercial Banking team. At Merchants, we offer variety of Cash Management services to help businesses improve efficiency, security and more. Our options include tools for collection, distribution, security and management.

When did you start your banking career?
Tammy: I started at Merchants in February of 1999 as a Teller. Ten months later, I started working as a Customer Service Representative. Then, in 2011 I began working full time with our Cash Management Services. I actually just celebrated 17 years at Merchants Bank.

What do you like most about your job?
Tammy: I like the flexibility and the variety. Every business is different and has different needs. I get to meet and work with a lot of people in a lot of different types of businesses. Every day is different and every day is full of new opportunities.

What is your top cash management tip?
Tammy: Taking advantage of fraud management services, such as Positive Pay and ACH Filters. I cannot stress how important it is to protect what you have. In addition, staying educated on current scams and fraud detection options is key. I also highly recommend businesses monitor their account activity daily.

What do you hope your customers say about working with you?
Tammy: I would hope they would say that they enjoyed working with me and that I’m easy to work with. I would hope they feel they have learned a lot from me and benefited from my knowledge and advice.

Can you help businesses assess which Cash Management services make sense for them? How does this process work?
Tammy: Absolutely! If a business is considering moving to Merchants Bank, we offer to analyze their statements and ask them walk us through their typical daily banking practices. Then, we can offer suggestions and solutions to match their current practices or enhance them.

For our current customers, we keep an open line of communication. Business needs are always evolving and what worked 10 years ago, might not work as well today. We make sure we’re there to help them take the next step, so they have the tools necessary to be successful.

What does community banking mean to you?
Tammy: To me, it’s simple…… it’s about building relationships. It’s customers knowing their banker and bankers knowing their customers and having a banking partner that understands your business.

What are some of the biggest benefits to a business using Cash Management services?
Tammy: Simply put, Cash Management services can create efficiencies for a business. They can help streamline some day-to-day processes. At the end of the day, time is money and most times, money can be saved.

Fees may apply.

Prevent Fraudulent Charges to Your Business

Merchants Bank's Positive Pay

The 2015 True Cost of Fraud survey by Lexus Nexus estimates that every $100 of fraud actually costs businesses $223.* So how can you prevent fraud from costing your business its reputation and money? Use a service like Merchants Bank’s Positive Pay to detect fraud on a daily basis.

What is Positive Pay?
Positive Pay is a service that helps you detect fraudulent checks that are presented on your account. Only checks that match a pre-approved list, which you provide to the bank, are automatically paid. All other checks presented for payment must receive authorization or may be rejected by you.

How does it work?
Each day, you provide the bank with an electronic inventory of the checks you have issued. When the checks presented on your account each day are processed, Positive Pay matches your account number, check number and dollar amount of each check presented for payment against a list of checks previously authorized and issued by your business. 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”. The business reviews the image and can instruct the bank to pay or return the check.

Why should my business use it?
With Positive Pay, you can essentially eliminate the possibility of fraudulent checks 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 Positive Pay.

How can I start using Positive Pay?
Contact one of our Cash Management specialists today.

*http://www.lexisnexis.com/risk/insights/true-cost-fraud-infographic.aspx

Should My Business Pay Employees Through Direct Deposit?

Merchants Bank, direct deposit

In 2014, 77% of business payment fraud occurred in the form of paper checks.* Did you know that you can help prevent fraud and provide a benefit to your employees by implementing one simple solution? The answer is direct deposit.

What is direct deposit? Direct deposit of payroll is the electronic transfer and deposit of employees’ net pay to their bank accounts anywhere in the U.S. through the Automated Clearing House (ACH) system. You, or your payroll processor, provide the Bank with your employees’ net pay information. Then we process your payroll file and deposit your employees’ paychecks into their bank account(s).

Many of our customers find it easier and quicker to generate ACH files using Merchants Online Banking. Your employees’ net pay is deposited automatically into their account(s) at the opening of bank business on pay day and is immediately available as cash. Your account is debited for the total net pay amount. It’s that easy.

Can direct deposit save my business time and money? Simply put, yes. Here’s how:

  • Spend less time on payroll by no longer needing to write/print, sign, fold and deliver checks
  • Stop re-issuing lost or stolen checks, which could also be a source for identity theft
  • Stop spending money on stop payment fees for lost or stolen checks
  • Stop spending money to print checks

According to Paychex, direct deposit can save a business anywhere from $2.87 to $3.15 per check.** Depending on the size of your business, this could amount to thousands of dollars each year.

How can direct deposit benefit my employees? While providing direct deposit is a benefit to your business, it is also a service many employees have come to expect. Employees appreciate the convenience that comes with direct deposit, including:

  • Immediate access to funds on payday without having to run to the bank to cash a check
  • Ability to direct funds into the account(s) of their preference by dollar amount or percentage
  • Protection from fraud by eliminating the possibility of a stolen or lost check with their personal information

To get started with direct deposit for your business, contact your local Merchants Bank.

Are you unsure about how to set up a payroll system for your business? Read this article from the SBA and then talk to one of our local Cash Management experts.

*http://www.afponline.org/pub/res/research/PaymentsFraud_InfoGraphic.html

**http://www.paychex.com/articles/payroll-taxes/benefits-of-direct-deposit-to-employees-and-employers

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