Money Monday Minute

Tune in to JACK-FM and KFBK every Monday evening in the 5:00 hour for financial tips brought to you by Tri Counties Bank.

Offering Payment Flexibility

Offering customers flexibility in credit and debit card payments is crucial to remaining competitive in today’s business marketplace. You can help keep your card processing competitive with the following tips:

Do your research.
Rates and fees can vary considerably from vendor to vendor, so it’s wise to request proposals from several companies. Make sure to look at pricing for monthly sales volumes, limits on transaction frequency and size of sale.

Encourage PIN-based payments.
Because the transactions are more secure, you may be charged less when customers select “debit” and enter their PIN.

Consider On-Site Service Options.
In addition to having the highest PCI-compliant technology and competitive price, look for a merchant services partner that can provide, local, on-site support and expertise.
Tri Counties Bank provides local, dedicated Merchant Services representatives to serve you on-site or by phone. They are available to provide you support and know-how by phone or in person as needed. Tri Counties Bank. Service With Solutions.  Member FDIC.

How a Business Line of Credit Works

Both traditional business loan and business line of credit provide essential capital for businesses, but the line of credit has flexibility that a regular business loan may not have.

In a line of credit, a financial institution grants you access to a specific amount of financing. However, you don’t make payments or incur any interest until you tap into those funds. Lines of credit are often referred to as “revolving,” which means as you pay back what you use, that amount becomes available again.
A line of credit is best for short-term financing needs, such as payroll, seasonal expenses or temporary cash flow shortages. A traditional small-business loan, on the other hand, gives you a lump sum of cash all at once, which is then repaid over a fixed time period, making it a better option for long-term investments.

To meet large business expenses, improve working capital or cash flow, or refinance another line, put the experience of Tri Counties Business Banking team to work for you. Tri Counties Bank. Service With Solutions. Member FDIC.

Why You Should Choose a Business Credit Card

Is your business still using cash, checks or personal credit cards for everyday business expenses? Here are ways to improve your business operations with the use of a business credit card.

  1. Without a business credit card, you may find yourself co-mingling personal and business finances often.
  2. Good use of credit will create a favorable credit profile for your business. This can help in securing future loans for expansion.
  3. A credit card under the company name is one of the easiest ways to allow multiple people in your company to make business purchases that are easy to track.
  4. Having expense information easy to access through a credit account can make it simple to categorize and add up your business costs. This kind of tracking can also be useful for spotting tax deductions.

To learn more about how a business credit card could help improve the way your business operates, contact Tri Counties Bank.  Tri Counties Bank. Service With Solutions.  Member FDIC.

Ready to Expand?

What will get your business to the next level: A new product, revamped service or strategic partnership? The following strategies for revenue growth can help you get there.

  1. You may add a product or service that customers are asking about, or you could target new customers outside of your core business.
  2. There may be opportunities to reach new clients or gain exposure for your business by selling on line, on the road or from booths at local or national conventions.
  3. Combine forces with a non-competing business to enter a new market, broaden your product line or help fill gaps in expertise quickly.
  4. In some cases a business acquisition can be more cost effective than launching your own similar product or service line. An acquisition can provide instant access to a larger customer base and greater sales potential.

If you’re looking for ways to expand your business, Tri Counties Bank can help you secure the funding you need. Tri Counties Bank. Service With Solutions. Member FDIC.

6 Questions to Ask Before Purchasing Equipment

Purchasing capital equipment may help your business keep up with existing demand and position your organization for growth. Here are 6 questions for you and your team to consider about purchasing new equipment. Going over these topics and discussing them thoroughly will help you make sound decisions.

  1. Do you expect new equipment to provide greater efficiencies and/or lower costs of production?
  2. Will new equipment give you a competitive edge?
  3. Do you need to modify your facility to accommodate the new equipment?
  4. Will new equipment require specialized training for your staff?
  5. Can you afford to buy equipment or property outright or should you take on debt or is leasing a better option?
  6. How will the purchase affect your bottom line and tax situation?

Tri Counties Bank business bankers have the knowledge to evaluate what makes the most sense for your business, and provide options whether you decide to lease or buy equipment. Tri Counties Bank. Service With Solutions. Member FDIC