Maximizing Efficiency and Security: Cash Management Solutions for Businesses

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Maximizing Efficiency and Security: Cash Management Solutions for Businesses

In today’s fast-paced business environment, having control over financial processes is key to success. Whether you’re a small business or a large corporation, managing cash flow efficiently and securely is essential. At F&M Bank, we provide insight into how cash management products can streamline operations, enhance security, and ultimately help businesses thrive regardless of your business size.

With the increase in fraud activity the industry has seen in recent years, we sat down with Robyn Good, our Vice President and Treasury Management Officer to discuss her recommendations for businesses wanting to remain proactive about managing their funds movement. Robyn is a lifelong Shenandoah Valley resident with over 35 years of banking experience; 17 of those years have had a specialized focus on business deposits and fraud solutions.

What are Cash Management Products, and Why are They Important for Businesses of All Sizes?

Cash management products offer businesses tools to simplify and streamline their financial processes. With real-time account monitoring, companies can reduce the risk of fraud and better manage day-to-day financial operations.

Robyn: “Every business, regardless of size, needs to protect their accounts and monitor activity with ease. With cash management solutions, businesses can oversee multiple transactions and spot potential fraud much faster, giving them more control.”

 

How Do Business Online Banking Solutions Simplify Cash Management?

Online banking solutions tailored for businesses go beyond the basics of consumer banking. Features like recurring payments, vendor payments, positive pay, and stop payments are invaluable for businesses looking to grow and maintain efficiency.

Robyn: “Cash management allows businesses to pay vendors electronically and manage payments seamlessly. This is vital for businesses looking to expand and build a reputation of reliability.”

 

Popular Cash Management Products for Businesses

Our most recommended products include:

  • Positive Pay: This service helps prevent check fraud by verifying checks presented for payment against checks issued by the business.
  • ACH Origination: This allows businesses to easily process electronic transactions, from payroll to vendor payments, providing speed and security.

The Benefits of Automated Clearing House (ACH) Services

ACH services help businesses mitigate risks associated with physical checks. By processing payments electronically, businesses can protect their sensitive account details and gain better control over payment timing.

Robyn: “ACH services offer speed and reversibility, making it a preferred option for many companies handling payroll or vendor payments.”

Streamlining Processes with Remote Deposit Capture

Remote Deposit Capture (RDC) simplifies the check deposit process for businesses. Instead of making a trip to the bank, businesses can scan checks and deposit them directly from their office.

Enhancing Security with Business Online Banking and Cash Management

Security is a top priority when it comes to online banking. From multi-factor authentication (MFA) to setting access controls for employees, businesses can secure their online transactions and banking activities.

Robyn: “Our online banking system allows businesses to set time-of-day and IP address restrictions, ensuring that unauthorized individuals cannot access sensitive financial information.”

 

Positive Pay: A Must-Have for Preventing Check Fraud

Positive Pay is a powerful tool in preventing check fraud. It matches details like check number, issue date, payee, and dollar amount against a list of checks authorized by the business. If any discrepancies arise, the business is immediately alerted to review and approve or reject the payment.

This system ensures that unauthorized or altered checks don’t slip through, protecting your business from potential fraud.

Clearing Up Common Misconceptions About Cash Management

Cash management services are often seen as complex or unnecessary, but they are designed to simplify processes. “It’s a value-add to the relationship with the bank,” our team shares. “These services are user-friendly and provide a depth of visibility that businesses need for security and growth.”

The Future of Cash Management

As fraudsters become more creative, the importance of cash management products continues to grow. The future of cash management will focus even more on electronic transactions, reducing the need for checks and ensuring that businesses have the tools to safeguard their assets.

Robyn: “We expect ACH to become even more integral as businesses prioritize speed and security. “The right safeguards will keep businesses one step ahead.”

With the right cash management solutions, businesses can take control of their financial processes, mitigate risks, and set themselves up for growth.

Interested in learning more?

Contact Robyn today for a free consultation and discuss how our solutions can benefit your business.

F&M Bank Announces Renewed Merchant Services Partnership with Celero Commerce

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FOR IMMEDIATE RELEASE

TIMBERVILLE, VA /  April 9, 2024 / F&M Bank Corp. (the “Company” or “F&M”), (OTCQX:FMBM), the parent company of Farmers & Merchants Bank (“F&M Bank” or the “Bank”) Announces Renewed Merchant Services Partnership with Celero Commerce, a High-Tech, High-Touch Payment Solutioning Firm Timberville, Virginia, April 9, 2024.

F&M Bank, the financial partner of choice in the Shenandoah Valley, is thrilled to announce its renewed partnership with Celero Commerce, a renowned High-Tech, High-Touch Payment Solutioning firm. This renewal marks a significant milestone in F&M Bank’s commitment to delivering exceptional banking experiences to its business clients.

Going forward F&M Bank is also pleased that Jacqueline Porthouse will be its new merchant services consultant. Jacqueline has a wealth of experience and expertise in building custom solutions for business clients.  Her support will further strengthen F&M Bank’s ability to provide cutting-edge payment solutions and exceptional service to its valued customers.

F&M Bank aims to elevate the banking experience for its business clients by offering a white glove service with a top-of-the-line merchant program. By leveraging Celero’s state-of-the-art payment solutioning technology F&M Bank’s clients from healthcare providers, restaurants, non-profits, and more can expect a seamless and secure payment processing experience. This renewal also positions F&M Bank to fully support businesses that want to utilize online and point-of-sale transactions regardless of volume.

“We are excited to renew our relationship with Celero and work with Jacqueline Porthouse” said Mike Wilkerson, F&M Bank CEO. “This collaboration allows us to deliver an unparalleled banking experience to our business clients, providing them with the highest level of service and access to a world-class merchant program.”

Porthouse also expressed enthusiasm about the partnership, stating, “I am delighted to begin working with the F&M Bank team. By combining Celero’s advanced payment solutioning capabilities with F&M Bank’s proven exceptional banking services, we are confident in our ability to deliver a truly remarkable experience to business clients.”

 

About F&M Bank:

F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, with full-service branches and a wide variety of financial services, including home loans through F&M Mortgage, and real estate settlement services and title insurance through VSTitle. Both individuals and businesses find the organization’s local decision-making and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can. F&M Bank has grown to $1 billion in assets with over 175 full and part-time employees. Its conservative approach to finances and sound investments, along with excellent customer service, has made F&M Bank profitable and continues to pave the way for a bright future.

Contact

F&M Bank

Jacob Mowry, VP, Marketing Manager

jmowry@fmbankva.com

 

About Celero Commerce:

Headquartered in Nashville, Celero Commerce is a full-service, integrated electronic commerce solutions provider powered by leading-edge technology, strategic partnerships, and business intelligence. Celero offers small and medium-sized businesses payment processing services, business management software, and data intelligence, empowering them to drive growth and profitability. Visit https://www.celerocommerce.com/ to learn more.

Contacts

Celero Commerce

Scott Farace, Chief Marketing Officer

scottf@celerocommerce.com

972-533-5655

 

5 Ways to Protect Your Small Business from Account Fraud

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Corporate account takeover is a form of fraud in which criminals access a company’s financial accounts to carry out unauthorized activities. Corporate account takeover is a type of fraud. Criminals gain access to a company’s financial accounts without permission. They can transfer funds, add fake employees, and steal customer data.

Retrieving the stolen data can be difficult. F&M Bank recommends following these tips to keep your small business safe.

Corporate account takeover is when thieves steal money and information from a business without permission. They can transfer funds, add fake employees to payroll, and take customer information that may be lost forever. F&M Bank recommends following these tips to keep your small business safe.

1.   Educate your employees. You and your employees are the first line of defense against corporate account takeover. Having a strong security program to protect your company and customers is important. Educating employees about warning signs, safe practices, and how to respond to a suspected takeover is also crucial.

2.   Protect your online environment. Protecting your cyber environment is just as important as protecting your cash and physical location.

Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.

3.   Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions. Protect yourself from fraud by using services like Positive Pay. These services offer call backs, device authentication, multi-person approval processes, and batch limits.

These features help to ensure the security of your transactions and protect you from potential fraud. By utilizing these tools, you can safeguard your finances and prevent unauthorized access to your accounts.

4.   Pay attention to suspicious activity and react quickly. Look out for unexplained account or network activity, pop ups, and suspicious emails. If you detect any issues, contact your financial institution right away. Stop all online activity and remove any compromised systems. Keep records of what happened.

5.   Understand your responsibilities and liabilities. The account agreement with your bank will outline the commercially reasonable security measures your business must have.

It is critical that you understand and implement the security safeguards in the agreement. If you don’t, you could be liable for losses resulting from a takeover. Talk to your banker if you have any questions about your responsibilities.

For additional information, give us a call or email us; we will be happy to help. You can also visit the following websites to learn more about how to protect your small business:

•   U.S. Chamber of Commerce: Internet Security Essentials for Business

•   Federal Communications Commission: 10 Cybersecurity Strategies for Small Business

•   Better Business Bureau: Data Security Made Simpler 

•   NACHA – The Electronic Payments Association Corporate Account Takeover Resource Center

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