4 Game-Changing Cash Management Tricks for Business Owners

Outside of typical operating hours, business owners spend a ton of time behind the scenes to keep things running. Paying bills, tracking income and expenses, and countless other tasks often eat up nighttime and weekend hours. 

It’s understandable that owners jump at the chance to significantly reduce the time they spend managing cash flow. To give you a head start, we’ve outlined a few game-changing cash management tools and how they can help you level up your business.  

Tip #1: Use ACH to Send and Receive Money

Automated Clearing House (ACH) is a secure, electronic financial network created to transfer money from one account to another without paper checks, wire transfers, credit card networks, or cash. 

 Using ACH, you can:  

• Streamline payments to suppliers, business partners, and employees. 
• Time payments to give your business a more predictable cash flow. 
• Schedule payments in advance to avoid missing deadlines. 
• Reduce postage, check handling costs, and reduce the risk of check fraud. 
• Easily track your expenditures with commercial accounting software. 

Just like ACH makes it easier to pay your suppliers, the same holds true for collecting payments. ACH lets you collect recurring fees, membership dues, donor payments, and fixed contract payments such as rent. Customers provide you with their financial institution information, and the electronic payment system draws those payments into your checking account. Simple as that!

Tip #2: Protect Yourself Against Fraud

Fraud is a never-ending worry for business owners. However, there are services like Positive Pay that help you take more control over funds moving into or out of your business account. 

Positive Pay helps protect your checking account by carefully tracking and controlling check and ACH payments and preventing fraudulent transactions. You can also get alerts for possible fraudulent activity and stop it before your business takes a financial loss.  

Red-flagging checks: Anything presented to your account for payment can be inspected for matching name, check number, amount, and date. If it matches exactly, the check is paid. If not, you’re automatically notified. You can then make a “pay” or “return” decision online.  

ACH management: You define the rules regarding which ACH payments from your account will be authorized. Decide which companies get paid or set maximum dollar amounts.  

Easily reconciling: No more valuable staff time spent searching for small discrepancies. Positive Pay offers detailed reports that meet account reconciliation requirements of even the most complex businesses. 

Tip #3: Make Retail Easier for Everyone

The easier you make things for the customer, the more likely they’ll come back to your business. Merchant processing partners like Clover are a perfect fit for business owners. 

Starion Bank and Clover have a solid partnership and are a perfect fit for business owners who need a reliable merchant processor. We can provide you with ultramodern card readers, as well as a customized payment management system, so you can: 

• Accept chip cards and contactless payments, such as Apple Pay. 
• Safely accept and process ACH and online payments. 
• Easily complete closeout reporting at the end of the day. 
• Reward customers with a loyalty program. 
• Generate reports that will help you gain insights from your sales data. 

As you grow, the merchant software expands with you. It can extend to online payments, discount and promotional programs, and even payroll processing. 

Tip #4: Lean on Your Cash Management Officer 

That’s a solid list of game-changing tips and tricks for any small business owner. If you’re feeling a little overwhelmed, that’s understandable. Handling new information and potential business tools is easier with a Starion Bank Cash Management Officer on your side. 

With Starion Bank, you’ll get the tools you need to streamline your banking and business processes, along with direct contact for help whenever questions or issues arise. Our goal is to help you do banking on your own schedule and get more time to use on growing your business and living life. 

Contact a Starion Bank Cash Management Officer near you.  

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