4 Ways to Run a More Efficient Business

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Speaking about performance, American author Christopher McDougall stated, “It doesn’t matter whether you’re the lion or a gazelle—when the sun comes up, you’d better be running.” Similarly, that rings true for business, especially when it comes to outperforming the competition. Improving time-efficiency and cost-effectiveness are important considerations for the success of your business operation.

To help your business run more efficiently, you need the right mix of products to reduce the time it takes to get things done. At Dime Community Bank, we will help improve your experience when it comes to the processes and ways you currently collect payments, pay bills and do your banking.

If you are spending too much time collecting and processing payments, or paying bills by mail, here are 4 ways to run a more efficient business.

4 Ways to Run a More Efficient Business

1. ACH Payments and Collection

How many checks and payments does your business process and issue each day? When it comes to time management, one is probably too many. As a business owner, you often get pulled in many directions. So, you need a solution to help offload that burden. And, that solution should help you manage cash flow securely and efficiently.

ACH Payment and Collection services¹ from Dime will help you manage a high volume of checks, make payments or process payroll.

What is ACH Payment Processing?

Automated Clearing House (ACH) payments move funds from one bank account to another. Through the ACH Network, the funds are deposited into the receiving bank account within a few business days. ACH moves funds without needing to use a physical check, credit card, or debit card.

How ACH Payment Processing saves time and money for your business?

First, ACH payment processing enables your business to easily track expenses and cash flow. Second, ACH payment processing is less expensive than paying through credit cards. Third, it is a secure way to facilitate faster payments.

Dime Community Bank provides ACH payment and collection services to help you process transactions without the cost and time related to paper checks.  With ACH payment processing, you can:

  • Improve your cash flow
  • Significantly lower check processing costs
  • Simplify your payment processing
  • Mitigate check fraud

We also provide Positive Pay services.

2. Online Bill Pay

When running a business, you barely have time to eat, let alone stop by the bank. Dime’s Online Banking and Bill Pay helps take the hassle out of business banking. You can conduct transactions 24/7 from the convenience of your office or home.

How Online Bill Pay saves time and money for your business

Best of all, online bill pay enables you to manage your bank accounts and bill payments when it is most convenient for you. For instance, you can improve the cash flow and operating efficiency of your business through these online Bill Pay features:

  • Set up and schedule automated and recurring payments
  • Organize and track vendor payments
  • Pay bills faster and avoid incurring late fees and penalties
  • Reduce time and costs associated with paper/mail payments
  • Control cash flow with online direct payments
  • Store payee information and access payment history
  • Reduce the risk of mail theft

You can also bank on the go with Business Mobile Banking2

3. Lockbox

If payment processing is taking up too much of your  work time, a lockbox system is a more efficient solution for your business. Dime provides Lockbox Services¹ to help business customers manage check processing and daily deposits. In fact, we take the delays out of the process by collecting and promptly depositing checks for you.

What is a Lockbox?

A lockbox is a service the bank provides, which uses post office boxes for your business to receive checks or bill payments from customers. As a result, you will reduce the time it takes for a check in the mail to be deposited into your business account

How Lockbox saves time and money for your business

Dime provides this solution to help collect, capture transaction information and deposit funds into your business account.  With a bank lockbox, you will get paid faster and reduce check mail delivery times.

In short, your customers simply send their payments to an address featuring your company name and lockbox number. After that, Dime deposits the check and provides correspondence, remittance documents and deposit summaries to your business each day.

With Lockbox services, you will::

  • Eliminate in-house check processing costs
  • Improve funds availability
  • Improve same day decisioning
  • Simplify record keeping and reporting
  • Protect against internal theft and check fraud

4. Remote Deposit Capture

Improving funds availability and cash flow are important to the financial security of your business. Likewise, so is reducing the demand on your time.  Dime provides you with the tools to help reduce trips to the bank to deposit checks. We’ll also help provide faster access to deposited funds through our Remote Deposit Capture¹ solution.

What is a Remote Deposit Capture?

Basically, remote deposit is a way to make deposits without sending paper checks to the bank.  Remote Deposit Capture (RDC) from Dime Community Bank enables you to scan and deposit your checks remotely whenever you want, right from your own office.

How Remote Deposit Capture saves time and money for your business?

To start, we will set you up with an RDC portable check scanner, software and everything you need to just scan and go. Most of all, it is a secure, convenient and simple process.   

With Remote Deposit Capture, you will improve business productivity through these features:

  • Save time by scanning and depositing checks from your office
  • Streamline check processing
  • Transmit checks via secure website to the bank for processing
  • Review check images
  • Add fraud protection and risk mitigation through Positive Pay
  • Reduce the risk of mail theft  

Schedule a Call with Your Banker

No bank provides the personal attention your business needs like Dime. We give you the commitment, dedication and follow-through service you deserve. Your banker will help you by providing financial solutions that evolve with your needs.

To speak to a local Dime business relationship manager, please call 800-321-3463 to schedule an appointment. Or, visit dime.com/branches to find your local Dime branch.

Need Help with Cash Management?

In addition to “4 Ways to Run a More Efficient Business”, you can also learn about the 8 essential cash management tools for small businesses.

DIME COMMUNITY BANK IS THE BEST BUSINESS BANK IN NEW YORK

1 All products subject to Dime approval.

2 Must have Dime Online Banking to use Dime Mobile Banking. Dime Mobile Banking App is available for select mobile devices. Mobile Banking is a free service from Dime. However, your mobile carrier may charge for data and text message usage. Transfer of funds and bill payments from savings and money market accounts are limited to six per monthly statement cycle.

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