Small Business Doesn’t Mean Small Goals | Company

Having a small business does not mean small goals. At ESB Financial, we don’t just focus on lending, we specialize in offering complete banking solutions for small businesses. We know that small businesses are the fabric of our community and we have the expertise to help you grow and succeed. To help you get started on the path to success, check out the FDIC’s tips below to help you make your dream a reality.

Personal and business deposit accounts

Separate your personal and business accounts. Here’s why:

Separation makes it easier to allow employees to handle day-to-day banking tasks on behalf of your business without accessing your personal accounts.

The Internal Revenue Service recommends separating your personal accounts for easier record keeping for tax time. Your accountant will thank you!

Some consumer protection laws do not apply to business accounts, for example the Electronic Funds Transfers Act and Regulation E, which establish liability limits for unauthorized electronic funds transfers, procedures error resolution and certain disclosure requirements; and the Truth in Savings Act and Regulation DD, which require disclosure of terms, fees, and other characteristics of deposit accounts.

Maintain a good business credit history

If you’re an established business, having a good credit history can help you negotiate better loan terms, which can help you save money. Loans to most new businesses are reviewed based on the owner’s personal credit. Money Smart for Small Business provides ideas on maintaining and improving your credit history.

Manage your business credit well to increase the likelihood of getting loan approval when you need it. Good credit also helps you qualify for better loan terms. An accurate credit history will help protect you against identity theft and avoid unexpected credit problems when applying for a loan.

Avoid scams targeting small businesses

The scammers are out there and will do whatever they can to exploit your business. Here are some scams to watch out for to protect your business and your money.

Ransomware is a type of malware created to lock or encrypt files on an electronic device like a smartphone or computer. The ransomware sender then demands a ransom – usually in the form of a digital asset – in exchange for unlocking or decrypting information on your electronic device. The scammer usually threatens to publicly disclose or sell the compromised information, if the ransom is not paid. If you suspect your business is the victim of a ransomware attack, contact law enforcement immediately. You can also contact a local Federal Bureau of Investigation (FBI) or US Secret Service office to report a ransomware attack and seek assistance.

Phishing is a term for scams commonly used when a criminal uses email to ask you to provide personal financial information. The sender impersonates a bank, retail store, or government agency and makes the email look legitimate. The approach is often threatening or appears urgent. Criminals also use text messaging and phone services such as a live phone call, “robocall” or voicemail. Do not open links or provide financial information unless you are sure of the party interacting with you.

Smishing is similar to phishing, but instead of using email, the criminal uses text messaging to reach you. Same idea, they pretend to be from an organization you might know and trust (like a bank or the IRS) and try to get your personal information.

Vishing, similar to phishing and smishing, occurs when scammers use telephone services such as a live phone call, “robocall” or voicemail to try to trick you into providing personal information by being impersonate a legitimate business or government official.

Online cash management services streamline your administrative tasks and improve your efficiency at a competitive cost to you!

ACH Services lets you process payments electronically to increase sales, customer satisfaction and efficiency.

Bank transfer services allow you to initiate domestic and international transfers online.

Remote deposit capture ensures you never miss another deposit when you can deposit checks from your office around the clock.

Merchant Card Services lets you never decline another sale due to cash-only policies with this service lets you accept major credit and debit cards for payment.

As always, we’re here to help you succeed financially. Please feel free to contact any of ESB’s commercial lenders or the Cash Management Officer. You can find our contact information on our website at or call us at 620-342-3454.

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