Today, there are so many ways to pay someone or receive payment from them, such as payment apps and transfers, cash and checks. However, some of those methods are not exactly the most secure way for your business to operate. Let’s break down a few ways your business can collect money and pay money to others. 

Collection Solutions for Your Business

Collecting payments from customers is arguably one of the most important pieces of your business. You want the process to be easy and secure for them. There are a few different ways this can be done:

• Automated Clearing House, or ACH, allows you to make electronic payment disbursements. This eliminates the need to manually process and reconcile paper checks. With ACH you can collect payments electronically, receive funds from suppliers or other customers for products and services rendered, rent, dues, membership fees and more. 
• Remote Deposit Capture allows you to scan checks and deposit them electronically from your office. You can also export all check data into your financial management software, making it even easier to keep up with your business financials. 
• Merchant Services allows your business to accept credit and debit card payments using Point of Sale (POS) terminals to make transactions easy for your customers and your employees. Your business also has the option of mobile POS terminals to make sales outside of your brick and mortar seamless. 

Payable Solutions for Your Business

Paying vendors, employees and those you do business with shouldn’t be a dreaded chore. There are a lot of helpful tools that can make this a simple part of your day. 

• Business Debit Cards are a secure way to make everyday purchases for your business. A card is quick for on-the-go and transactions can be viewed through the Online Banking portal. 
• Automated Clearing House, or ACH, allows you to make electronic payment disbursements for a variety of things such as payroll, expense reimbursement, bonuses and vendor payments. With this service you no longer have to process, reconcile and mail paper checks, which saves you time and is more secure. 
• Wire Transfers are another secure way to move funds and make payments. It is a reliable way to pay vendors and can be done in a timely manner.
• Bill Payments can be done right from your Online Banking portal, saving you time and keeping you efficient. 

If you’re looking to make your business more efficient and discuss any of these collection or payable solutions, I’d love to talk with you! We have a knowledgeable team of business services professionals, ready to help!

Brad Roling is the Columbia Market President for Mid America Bank. Brad has more than 10 years of banking experience that he uses to help businesses in and around Columbia thrive. When he is not helping your business with its financial needs, Brad is serving the community in a variety of capacities. He is proud to serve on the Ronald McDonald House Mid-Missouri Board of Directors as Treasurer, the Columbia Chamber Foundation Board, and Beta Theta Pi Advisory Board. Brad is a proud Mizzou grad and loves cheering on the Tigers!