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5 Banking Solutions Successful Businesses are Adopting During COVID-19

By David Schade, Vice President – Treasury Management

David Schade CandidWhile consumers often embrace banking technology, it isn’t always so with businesses and nonprofits. However, recently with very few or no employees on site, business and nonprofit leaders had to quickly determine new ways to run their organizations. Many began to connect with their banks completely digitally, quickly implementing mobile banking technologies to help them manage their payments and cashflow.

Even as employees transition back to their offices, we predict efficiencies they gained during the pandemic through these banking solutions are permanent changes they will keep in place. Our internal data shows five banking solutions emerge as the most important and useful amongst businesses and nonprofits to help manage their payables and receivables during this challenging time.

  1. Online Banking Bill Payment

Allows businesses and nonprofits to generate checks and electronic payments in Online Banking and employees to manage their payables without being in the office to physically cut checks.

  1. Remote Deposit

Remote Deposit Capture (RDC) is a digital solution that uses a check scanner and a personal computer to take images of the checks you wish to deposit and transmits your deposits to the bank. Check images and reports are available for 365 days after deposit. Using a check scanner shipped to the employee’s home (or office, of course), and software that’s installed remotely, the employee deposits and processes business checks seamlessly. RDC allows employees to deposit and process checks without delay, without being at the office, and without running into the bank. Within 24 – 48 hours businesses and nonprofits can set up RDC and start processing deposits. In most cases, organizations choose for check payments to be sent to their office and the employee picks up the checks. Regardless if deposits are processed in a corporate office or in a home, it remains important that checks are handled, stored, and destroyed in a safe manner to avoid check fraud.

  1. Lockbox

The pandemic has prompted some organizations to determine they no longer find it efficient for their employees to process deposits at all. These businesses opt to fully outsource deposit processing to a Lockbox solution. Using Lockbox, check payments are sent directly to a P.O. Box and processed by the bank. The organization receives deposit reports and check images electronically.

  1. Mobile Banking App

Mobile Banking through an app on a device, such as a tablet or smartphone, provides the ability for organizations and businesses to securely and quickly view account activity, make transfers, schedule bill payments, approve ACH, Wire, and Positive Pay transactions. The app also makes it easy to deposit checks — perhaps the most used feature during the pandemic — by taking a photo of them with the camera on your device.

  1. Software Tokens

With more employees working from home offices or other remote locations, deploying hardware tokens to employees is less efficient. As employees may transition their time between a home office and a corporate office, hardware tokens are another thing to remember to bring back and forth with them. Software tokens offer convenience, efficiency, and security.

To help our clients get up and running quickly and seamlessly with some of these services during the pandemic, we published a few quick start guides and product sheets at the bottom of our COVID-19 resources web page.

QUESTIONS?

If you’d like more information about how your business or nonprofit can get started using these mobile and remote banking solutions for greater efficiency, please contact us.

CONTACT US

NOTICE

Access to Online Private Banking is intermittently unavailable; users may not be able to access it at this time. We are working to restore access as soon as possible. If you have questions, please contact us at: 855-257-4149.

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NOTICE

Access to Online Business Banking is intermittently unavailable; users may not be able to access it at this time. We are working to restore access as soon as possible. If you have questions, please contact us at:

• Wisconsin Region: 608-232-5938
• Kansas Region: 913-717-6464

NOTICE

Access to our Remote Deposit Capture system is intermittently unavailable; users may not be able to access it at this time. We are working to restore access as possible. If you have questions, please contact us at:

  1. Wisconsin Region: 608-232-5938
  2. Kansas Region: 913-717-6464

NOTICE

To protect clients and employees, we temporarily suspended courier service. For other deposit needs, please see your client email sent on 3/16/2020 for instructions regarding deposits at your local First Business Bank office.

To set up Mobile Banking, please contact our Treasury Management Support team at 608-232-5938. We will alert you when courier service is available again. Thank you.