If you’re a small business owner, we commend you for fighting through this last year with COVID-19 restrictions! To stay in business, you had to be flexible, resourceful and financially savvy. To help you on your journey toward financial stability and improving customer service, here are a few smart banking solutions for your small business in the next year.

Improve Efficiency – Digital Banking & Treasury Management

Cutting down the time it takes you to complete administrative tasks opens up more time to help your customers. Digital Banking is a great way to save time because you can do all of your billing and employee pay statements from your office. "We love seeing you at the bank, but we want to also offer you digital conveniences to help with your busy schedule."

Here's a few of the digital conveniences that Banterra offers businesses:

  • Domestic and international wire transfers to send money globally
  • Merchant processing to accept cards as a form of payment for customers
  • ChecXchange™ to automatically collect returned checks

You can also streamline your accounts payable and accounts receivable process with Treasury Management solutions, such as:

  • Tracking cash flow with the Online Cash Management platform
  • Make Remote Deposits from your office
  • Streamline payment processes with Sweep Accounts

Recruit Top Talent – Employee Offerings

Hiring employees at your small business is about more than filling a role. You need to add team members quickly to limit business disruptions, but you also need to find the right person who’s committed so you minimize employee turnover. One major way you can attract the top talent you’re looking for and maintain employee satisfaction is by the employee benefits that you offer.

Three ways that Banterra adds to your profile of employee benefits include:

  • Health Savings Accounts (HSAs) to be prepared for medical expenses
  • Workforce Banking to provide exclusive banking benefits and financial education courses
  • Direct Deposits to ensure employees can rely on getting paid on time and in a secure and reliable way

Manage Money Wisely – Business Debit and Credit Cards

Every small business owner oversees the everyday details of their business’s finances, like payroll, budgeting, cash flow management and who has access to the accounts. And business debit and credit cards are the easiest way to manage it all. They can both be used for practically any expense, including store supplies and equipment, taking employees out to lunch, stocking the break room, etc.

Business Debit Cards are a great way to keep your business on or under budget. Debit Cards offer a convenience when making in-store or online purchases when you want to pay directly out of your account vs. paying a bill later.

Business Credit Cards are a great way to build credit to help you qualify for a business loan, plus Banterra has credit card* options that offer reward points or cash back. While being limited to what’s in your account can be a good thing, there are also times you need to make a larger purchase. If you don’t have that much money in the checking account to use your debit card or spending that money out of pocket would limit other necessary expenses, a credit card is the way to go.

Invest In Your Future – Business Loans

Business Loans are perfect for starting or expanding your business operations. Whether you’re an established business, or looking to open another location, business lending is a great opportunity to help your business thrive. The most common types of business lending are Small Business Loans and Lines of Credit.

Small Business Loans are essential to starting your business. They allow you to make large purchases that you can pay off over time as your business grows, instead of going bankrupt before you can get your operation off the ground.

We recommend using loans from the Small Business Administration (SBA) for:

  • Commercial real estate purchases
  • Starting a business or franchise
  • Purchasing equipment and furniture
  • Making improvements to the business building

Lines of credit are a great way to maintain a steady cash flow. If your business experiences slow periods throughout the year, a line of credit can help you pay for expenses before the busy season. With a line of credit, you’re approved for a set amount, but you only take out and borrow what you need, so you are only paying interest on what you actually borrow.

Common uses for business lines of credit are:

  • Purchasing inventory
  • Repairing business-critical equipment
  • Financing a marketing campaign
  • Bridging a seasonal cash flow gap

Are you thinking about expanding your business or improving efficiencies? Partnering with Banterra is a great place to start! You can talk to our experts in small business financing to enhance your business today!

Terms & Conditions

* The creditor and issuer of these cards is Elan Financial Services, pursuant to separate licenses from Visa U.S.A. Inc.