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.
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
CEO Rod Nelson reports a net income of $6,335,210 for the first six months of the year for Merchants Financial Group, Inc.
Merchants Financial Group, Inc. (MFGI) reported net income of $6,335,210 for the first six months of the year. The income is both ahead of plan and ahead of last year’s income of $6,104,872 for the first half of the year, according to MFGI President & CEO Rod Nelson.
Nelson pointed out that MFGI has continued its focus on credit quality and has experienced significant loan growth. Mortgage activity, while not at the levels of the past several years, also contributed positively to growth.
“Our growth was excellent across our entire organization. All of our regions finished the first half of the year above plan,” Nelson said. “I believe it is a direct result of the service-oriented approach that all of our employees embrace when interacting with our customers and co-workers.”
Nelson said that as he looks forward to the remainder of the year, he expects continued strong performance, including achieving planned income for the last six months of the year.
Merchants Bank has taken ownership of the deposit accounts, loans and the physical location of the Alliance Bank office at 2728 Mall Drive in Eau Claire, as well as the loans and deposits of Alliance Bank’s Pinnacle Way location, according to Merchants Financial Group, Inc., President & CEO Rodney R. Nelson
“We look forward to exceeding the expectations of our new customers, and we look forward to showing the Chippewa Valley our commitment to the communities we serve,” Nelson said. “We are excited to be a part of this vibrant area.”
The sale was completed earlier today, and Merchants Bank will be ready to open its doors at 9 a.m. Saturday at the Mall Drive location. Long-time financial services leader Mark Willer has been named Market President and many of the Alliance staff have been retained.
“We recognize that Merchants Bank is new to the area, but we aren’t new to banking. Our philosophy is to be customer-centric, and we believe the best employees to serve the needs of our customers are people that they know,” Nelson said.
Merchants Bank acquired approximately $48 million in deposits and $17 million in loans from Alliance. Terms of the sale have not been disclosed.
Merchants 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.”
A Business Banker from Merchants Bank will provide specialized support for your specific business financing request. Our numerous business loan program options are designed to meet the specific needs of your business, from a business line of credit to fleet financing.
We are a SBA Preferred Lender, which means we can help qualified applicants right when they need us. We’ll listen and help you with the business loan you need. It’s that simple. Contact a Business Banker today to schedule a free, no obligation review of your business. Work with someone who cares about your business as much as you do. At Merchants Bank, we care about you and what’s right for your business. Loans are subject to credit approval.