So much time and energy involved in running a small business is, of course, spent managing finances. But the people who run the millions of small businesses in communities around the country are usually not financial experts, and they shouldn't tackle these complex tasks alone.
Unfortunately, that is exactly what is happening in too many situations - a report from advisory firm Aite Group estimated that 75 percent of U.S small-business owners struggle to manage their finances. The primary cause of this trend: a lack of access to the tools and expertise that make critical management tasks, like payment processing and accounting, easy and accurate for everyone.
Small businesses are the lifeblood of the dynamic U.S. economy, but they are increasingly an underserved market in terms of essential financial solutions. Landmark Bank is one institution focused on undoing this problem by providing small businesses access to the hands-on help they need for any financial function. As Joe Ritter, business services manager for Landmark, explained, their business banking professionals know how to take this challenging transactional work off the plate of business owners, allowing them to focus on what really matters.
"Business owners are busy. Landmark is a team of specialists who are here for anything they need help with," Ritter said. "At the end of the day, we help business owners get back to doing what they do best: running their business."
Landmark accomplishes that goal on multiple fronts, offloading tedious or complicated financial activities through automation or simply technological convenience. As Ritter explained, this isn't limited to the bank's core deposit account services, but includes a host of other financial tools including:
- Merchant services and payment processing.
- Online banking and accounting software integration.
- Business credit cards.
- Payroll card services.
- Remote deposit.
- Positive pay.
An in-depth look at the expertise and efficiency Landmark brings to each of these services helps demonstrate why they remain a top choice for small businesses in communities they serve.
"Our primary advantage is the high level of service we provide in each of our locations," Ritter said. "We are a community bank, which means we make a point of going above and beyond in terms of what business owners might consider a normal banking relationship. We make things easy, and that helps them save time and save money."
Payment processing made easy
One of the most important tasks that requires significant attention from small-business owners involves accepting payments. Whether it's through a digital service or using old-fashioned cash, there have never been more ways for customers to pay. But that high level of convenience presents a headache to many small merchants. Setting up the point-of-sale equipment, connecting to the payment processing service and keeping everything running smoothly afterward requires time and knowledge that the average store owner often doesn't have.
Landmark understands that payment technology is constantly changing. That's why their merchant services and payment processing experts continue to work closely with individual Landmark clients to customize a solution to their specific needs. Landmark's payment solutions span across a range of products and services offered by Landmark, including:
- Assistance and education related to credit card setup and utilization, getting businesses the tools and insight they need to accept a range of payments.
- Allowing businesses to purchase point-of-sale terminals that connect directly with their accounting platforms to log every transaction, as well as help with device installation.
- Communicating and coordinating with web design teams to build out a robust e-commerce platform, enabling companies to do business with virtually anyone in the world.
"It's essential for modern businesses to have payment options like credit cards or mobile payments available, and our team makes it simple and convenient for businesses themselves to offer those options," Ritter said.
An advanced business banking platform
Landmark Bank's Business Premium Internet Banking offers functionality that will meet the needs of most business users. After logging into a secure interface, business owners can keep tabs on each of their accounts, loans, and payment activity all in one place, as well as accomplish several key action items, such as:
- Transfer funds between accounts.
- Create reports and statements using specified criteria.
- Connect and export data to standard accounting software like QuickBooks or Quicken.
- Oversee and manage activity across multiple user accounts.
- Process payroll and other ACH files for more convenient payment processing.
Remote deposit and positive pay keep cash flow in check
You can't talk about modern banking or business technology without a strong focus on security. Landmark understands these concerns and works to stay on the leading edge of security in financial technology. Remote deposit is one tool available to Landmark business clients that reduces fraud risk while saving valuable time.
Using a remote deposit scanner in the comfort of their own office, business owners can scan checks and import them directly into their deposit accounts. Funds are available quickly, eliminating the need for extra trips to the bank or hanging onto sensitive documents for too long. Remote deposit is ideal for businesses with multiple locations separated by a long commute, or any organization that just wants to improve payment turnaround time.
Implementing a Positive Pay system boosts fraud protection and further reduces risk for businesses. Positive Pay matches checks a company issues to those presented for payment each day. Checks with differentiating information are reported to the customer as "exceptions." The customer then has the option to pay or return the check after review. Positive Pay is ideal for businesses that issue a large amount of checks.
Businesses using these Landmark services benefit by depositing payments faster, reducing fraud risks, and earning back more of their valuable time.
Creative credit cards and payroll card services
The wealth of business services Landmark offers isn't limited to bookkeeping - they also offer attractive options that make it easier for businesses to make purchases and pay their workers in the most convenient way possible.
Landmark offers two different credit cards for its business customers, each with their own features and advantages:
- The Landmark Visa Business Rewards card accumulates points with purchases that can be used to buy products or earn balance credit, all with no annual fee.
- The Landmark business purchasing card is ideal for organizations with employees who need to expense purchases frequently. An administrator can set specific limits on where and how the purchase card is used. The purchasing card program is perfect for businesses with more than 10 cardholders.
Both card options allow up to 10 verified users and come with a host of other benefits like fraud protection and a user-friendly card management system. Such flexibility enables any company to maximize its spending power.
Yet another useful product Landmark offers to businesses involves payroll card services. Clients can open up a payroll card account through Landmark to allow employee wages to be deposited on a prepaid debit card. This provides a convenient way for businesses to pay employees who are unable to access a traditional checking account, and can be used just like any debit card for everyday purchases.
Landmark Bank offers a full suite of business banking products to fit any customer need.
"Our business banking team is complete with professionals in every specialty, all working together to solve problems for our customers," Ritter said. "We help them by providing a one-stop-shop for local service with someone they're familiar with. All in all, Landmark is a perfect fit for small businesses."
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