Would You Increase Your Holiday Sales if You Could?

Business Gift Cards

For the past eight years, gift cards have been the number one most wanted holiday wish list item, according to the National Retail Foundation. In addition, 62% of shoppers say they would like to receive a gift card.* The popularity of gift cards has steadily increased since 2003 and spending on gift cards reached more than $31 billion in 2014.*

Still not sure if gift cards are right for your business? Here are some incredible statistics:

  • 83% Total spending on gift cards has increased by 83% since 2003.**
  • $23 – On average, consumers spend $23 more than the original value of the gift card at a store. **
  • 3x more – On average, consumers visit a store three or more times to spend the balance of a gift card.**

BusinessGiftCards

Watch Now: Mike Swanson, Senior Consumer Banker and Branch Manager in Lakeville, explains how personalized business gift cards can benefit your business.

Offering gift cards is not only what your customers want, but it’s easy with Merchants Bank! Through our partnership with Valutec, you can begin offering personalized gift cards at your business in as little as 10 days. Simply speak to our Credit Card department by calling (507) 457-1160 or (800) 944-6285 to get started.

*https://nrf.com/media/press-releases/holiday-shoppers-spend-more-31-billion-gift-cards-this-year-according-nrf
** firstdata.com.

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Mobile Deposit and Bill Pay Now Available

Consumer deposit, mobile bill payYou’ve been asking for it and now it’s here! Mobile deposit and bill pay for consumer customers is now available through the Merchants Bank Mobile App. What do you need to get started?

  1. Enroll in Mobile Banking through your Online Banking account. (Don’t have an Online Banking account? Sign up now.)
  2. Download the Merchants Bank Mobile Banking app on your phone.
  3. Sign in the Mobile Banking.
  4. Following the instructions below for Consumer Mobile Deposit and Bill Pay.

Consumer Mobile Deposits

Have a check you’d like to deposit? It’s easy!

  1. Select the Account.
  2. Choose an account from the Deposit To menu.
  3. Enter the Amount.
  4. Snap a Picture/Endorse Your Check
    Take a clear picture of the check front and then flip it over. Endorse the check “For Deposit Only to Merchants Bank” and then take a picture of the back of the check.
  1. Choose Make Deposit.
  2. Confirmation
    After you give your deposit one final look and deposit your check, we’ll provide you with confirmation of your deposit.

Mobile Deposit Transaction Guidelines

  • $1,000 limit per check.
  • Daily limits: $2,500 mobile deposit limit per day and/or up to 10 checks.
  • Monthly limits: $5,000 mobile deposit limit per month and/or 20 checks.
  • Limits are not independent of each other. For example, if you deposit 10 checks for $100 each in one day, you have reached your per day limit of 10 checks even though you have not reached your total daily mobile deposit limit of $2,500.

Mobile Bill Pay

Pay bills with the tap of a finger. It’s really that easy once your payees are set up in your Merchants Online Banking.

  1. Select Payee.
  2. Select who you want to pay. To set up a Payee, simply login to your Merchants Online Banking.
  3. Select the Account you want the payment to come from.
  4. Enter the payment Amount.
  5. Select the Date you want the payment sent.
  6. Click Schedule Payment.

Have questions about our Mobile Banking app or the Mobile Deposit and Bill Pay features? Contact our Electronic Banking Department at 1-866-496-0522.
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Earn Cash Now by Switching to eStatements

eNews-eStatementBlog

Did you know that 4% of identity theft victims report stolen mail as the source which fraudsters use to obtain their personal information?* You can help prevent fraud and earn $5 for each Merchants Bank checking or savings account enrolled in eStatements by the end of this month.

Why should I sign up for eStatements?
eStatements are convenient, notice of when they are ready to view is delivered directly to your email inbox and reduce your risk of fraud by helping you monitor your account activity regularly. Plus, you’ll receive an eStatement up to five days sooner than your paper statement.

Which accounts are eligible to earn $5?
All personal and business checking and savings accounts are eligible to earn $5 for each account enrolled in eStatements (payment automatically deposited into your enrolled account). Customer accounts previously enrolled in eStatements are not eligible for this promotion.

How do I enroll in eStatements?
Current Merchants Online Banking users can go to www.merchantsbank.com and log in to your Online Banking account. From the main menu, click Preferences and then eStatements. Click Edit in the bottom left corner of the screen to change your eStatement settings. There is no charge for enrolling in eStatements.

Not currently enrolled in Online Banking? Visit our website for more information on Merchants Online Banking and eStatements.

Earn your $5 today by signing up for eStatements. Login to your Online Banking account to get started.

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*https://postalinspectors.uspis.gov/investigations/mailfraud/fraudschemes/mailtheft/identitytheft.aspx

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.

Merchants Bank to Acquire Alliance Bank Location in Eau Claire, Wisconsin

MahoneyDickMerchants Bank and Alliance Bank have come to an agreement for Merchants Bank to purchase an Alliance Bank location in Eau Claire, according to Merchants Financial Group, Inc. President & CEO Richard L. Mahoney.

“We believe this is an excellent opportunity to expand into an important market,” Mahoney said. “We believe that our expertise in business banking and company resources will be appealing to business owners in the Eau Claire area.”

The purchase includes the Alliance Bank Mall Drive location, as well as deposits and loans from the Mall Drive location and Alliance’s Pinnacle Way location. All told, Merchants Bank will be acquiring about $48 million in deposits and $17 million in loans.

“We know that Merchants Bank will take care of customers from both locations and will provide those customers the service they have come to expect,”said V. Philip Reim of Alliance Bank.
Terms of the sale were not released. Pending regulatory approval, Mahoney said he anticipates the sale being completed near the middle of February.

“Our strong equity position allows us to act on opportunities that make sense for us to pursue,” Mahoney said. “With our organic growth and acquisitions, we expect continued growth for the foreseeable future.”

Merchants Bank Acquires New Locations

MahoneyDickMerchants Bank has reached an agreement to purchase the current Associated Bank branch locations in Rushford and Lanesboro, Minnesota.

The sale includes about $47 million in deposit and loan relationships, as well as the physical locations of the banks in Rushford and Lanesboro.

“Acquiring these locations aligns with our long-term vision to provide our banking services to customers across our region,” said Merchants Financial Group, Inc. President and CEO Richard L. Mahoney. “We recognize Rushford and Lanesboro as important communities in terms of our area’s economic development, and we look forward to serving all the financial needs of these important customers.”

Merchants Bank is also acquiring a small pool of agricultural loans and related deposits from the Associated branch in Red Wing. One of the focuses of the Merchants organization is Ag lending. Associated will continue to operate its Red Wing location. Affected customers will be notified individually at a later date.

The sale is pending regulatory approval. Barring complications, Mahoney said he expects the sale to be completed by late November.