How to Help Your Business through Covid-19
March 18, 2020
The current disruptions due to Covid-19 to the market, as well as many daily operations, are strong reminders of why we all must prepare for economic uncertainty. There are many steps you can take even now to protect both your people and financial assets.
1. Have a Back-up Plan
The question many businesses face right now is whether they’ve planned thoroughly enough for employee shortage. We encourage you to think beyond critical front-end staffing, what if the employee in charge of critical banking transactions is out sick or quarantined? Does someone else have system access and authorization to conduct transactions?
2. Reinforce Cybersecurity
Criminals thrive on exploiting crisis situations, potentially exposing your business to online fraud. A few necessary steps to consider: Ensuring dual authorization for online banking transactions like wires and Automated Clearing House (ACH) transactions, being skeptical of all urgent email requests for funds disbursement (“phishing”), and Positive Pay is another low-cost solution to prevent check fraud.
3. Use ACH to Receive Payments Quickly
With ACH, your clients will be able to issue payments online from anywhere, ensuring you receive payments on time in the event of further disruption. You can also issue payroll for your employees electronically to keep your business running smoothly.
Contact our Treasury Services Department to help you identify and implement the optimal financial solutions to meet your specific needs.