Month: July 2021

Over the past year, we’ve learned to conduct business in new and unique ways. Many small businesses have had to open online or mobile stores, offer remote, delivery or curbside service and even manage staff remotely. And while video conferencing has been around for years, it became a meaningful way to regularly connect with customers and staff.

As the pandemic restrictions lift, some of the ways we used video conferencing will remain with us. Here are a few of the benefits:

• • Connect with your team. You may want to continue offering remote scheduling for your staff. Video conferencing allows you to keep up with projects and regularly communicate with your team — in person.
  • Reduce travel costs. Many small businesses will continue using video conferencing to connect with clients instead of flying around the country or driving around town.
  • Expand business opportunities. You can leverage video conferences to expand your reach to customers in your community and beyond — you may also broaden your scope for hiring staff.
  • Market engaging content. It’s easy to present information on a video conference call and then record it for future use, such as explaining how to use a product or service you offer.

Best Practices for Video Conferencing
No matter how you plan to use video conferencing, there are certain “best practices” to follow for ultimate success:

• • Check your lighting — you don’t want it to be too light or too dark.
  • Be sure you have a good signal, so there’s little chance of downtime.
  • Make a test call to a friend or colleague and fix anything before your conference call.
  • Have materials ready to present (if applicable) so you’re not fumbling around during the conference call.
  • Don’t meet with people in your pajamas — wear smart, casual attire if working remotely and business attire if at the office.
  • Start with a conversation before discussing business — introduce participants to each other or ask them to introduce themselves if they don’t know each other.
  • Meet in a quiet and professional space — steer clear of pets, children and any other distraction if you’re working remotely.
  • Mute phones and ask people to enter the conference call on mute so feedback is minimal to start — make sure all participants know how to unmute their device to participate when needed.
  • Maintain eye contact with those you talk to — and if you’re addressing the entire group, share eye contact with all participants.
  • It’s okay to stand to make a presentation if you’re more comfortable doing so — just be sure you exhibit open or neutral body language.
  • Be punctual — start and end on time and use an agenda.
  • Set up a video conference call that works in all time zones and with everyone’s schedule — if someone can’t attend, offer to record the session.

Making Video Conferencing Work for You
Video conferencing is a great equalizing tool for small businesses. It can be another part of your increasing marketing and education arsenal, allowing you to communicate with your staff, customers and potential customers as well. Using these best practices will help you improve your reputation, increase your sales and improve your bottom line.

Since the beginning of COVID-19, phishing and other scams have increased and small businesses are not immune. In fact, many small businesses are the target of fraud because they’re more likely to trust scammers and may not have the proper protections in place.

How Will You Know If It’s a Scam?

Scammers pretend to be someone you trust and make themselves as believable as possible. They create a sense of urgency and try to rush you into deciding about something before you’re ready to do so. Scammers also use fear and even intimidation to get you to send money quickly. And most importantly, they typically ask you to pay using an untraceable payment method, such as wire transfers, reloadable cards or gift cards.

Top Small Business Scams to Avoid

• • Phony invoices. Scammers will give you a fake invoice for products or services your company uses, such as office supplies or domain name registration. They hope you’ll pay the invoice and ask questions later (after they’re gone).
  • Unordered supplies. Scammers call to confirm an existing order (that you never made), verify your address and even offer a free catalog or sample. If you agree, unordered merchandise arrives at your door, followed by demands to pay for it. Remember, if you receive merchandise you didn’t order, you have a legal right to keep it for free.
  • Directory listing and advertising. Scammers pretend to be from the Yellow Pages or some other well-known directory or advertising service and offer you a free listing. All you need to do is provide your financial details to get the process going. You then receive a hefty bill and the scammer may use your call or even a recording of your call to pressure you into paying.
  • Government agency imposter. Scammers impersonate a government agent (including the U.S. Department of Labor), threatening to suspend your business license, impose fines, or take legal action if you don’t immediately pay taxes, renew your business license or registration, or other fees. Additionally, a scammer may call or write a letter stating to be from the U.S. Patent and Trademarks stating you’ll lose your trademark if you don’t immediately pay your registration fee.
  • Phishing, social engineering and ransomware. Scammers send an email or social media message that appears to be from a familiar source asking you to update a password or provide access to sensitive company information. If you or an employee click on the link provided, malware or other harmful files are used to gather personal financial information. Additionally, scammers may also use malware to take your files “hostage” and hold them for ransom.

How Can You Protect Your Business?

Follow these tips to protect your business from scammers and other fraud:

• • Train your employees. Your best defense is knowledge. Explain your concerns about scams to your staff. Share what to look for and provide easy ways to report anything they experience to you or another coworker. Additionally, make it a policy not to send passwords or sensitive information by email, so if employees are asked for this information, they’ll know it’s not a legitimate request.
  • Review invoices and payments closely. Never pay a bill unless it matches what you ordered and the items were delivered as promised—and tell your staff to do the same. Make all procedures for approving and paying invoices clear and limit the number of employees allowed to perform these functions.
  • Pay attention to payment methods. If you’re asked to pay for something with a wire transfer, a reloadable debit card, or a gift card, it’s likely a scam.
  • Keep your personal and financial information secure. Password-protect sensitive files and keep any paper files in a locked file cabinet. And control access to this information so only you and a few employees can use it.
  • Don’t provide sensitive information via email. Typically, legitimate companies won’t ask you to provide sensitive information via email or over the phone. For example, Pinnacle Bank will never ask you to update your account or other personal information via email. Additionally, don’t click on links or attachments provided in an email, especially if you didn’t request the interaction.
  • Be careful with social media. Scammers can hack into social media accounts and send messages that appear to be from people you trust. Don’t open any attachments or download files from something unexpected.
  • Do business with legitimate companies. Before you do business with any new company, search their name online with the term “scam” or “complaint.” Use your best judgment based on what you find. 

What Should You Do If You Spot a Scam?

Above all else, if you spot a scam or if you’ve been a victim, report it to FTC.gov/Complaint. Your report can help stop the scam. Additionally, it would be best if you alerted your state Attorney General.

Important: If you believe you’ve been a victim of fraud or you notice an unauthorized transaction in your Pinnacle Bank account, please notify us immediately at 877-759-7939.

 

 

Managing accounts payable (what you owe) and accounts receivable (what your customer owes you) is essential to any business. Staying on top of your accounts can mean the difference between overpaying or not being paid as agreed.

Here Are Three Tips to Help You Successfully Manage Your Accounts:

Tip #1: Shorten Transaction Cycles
The shorter your transaction cycle is for items bought or sold, the more you can avoid low cash flow and workflow bottlenecks. It’s a good idea to establish consistent timelines for receivables and payables. For example, implement a company policy that you’ll pay invoices within 30 days of receipt and you’ll receive a payment within 30 days of sending an invoice. You may have to make some exceptions, but this will keep things consistent for your company. Additionally, consider issuing invoices or purchase orders on the same day each month to establish a routine.

Tip #2: Maintain Open Lines of Communication
Regularly check in with your vendors and clients to ensure timelines continue to work for both parties. For receivables, keep track of aging accounts and reach out to your vendor or client to set up payment. If you need to extend your time for payment on the payables side, talk to the other party to set up a reasonable payment option to avoid fees.

Tip #3: Work to Automate Your Accounts
The quicker you get paid, the easier it is to manage your payables. See what you can do to set up ACH payment or direct deposit to ensure on-time payments on both sides. Plus, it’s easier to manage because you can create invoices, receipts, financial statements and more when you can automate.

Smart idea: Use Pinnacle Bank’s Online Banking or Mobile Banking  service to check your balance, transfer funds and more.

Managing accounts payable and accounts receivable is critical to determine the financial health of your company. Implementing these tips will help you know where you stand at all times and allow you to make smarter business decisions.

More and more people are using touchless payments at stores and among friends. You can pay for groceries or quickly deposit a check just by using your smartphone. And since the pandemic, more merchants offer touchless payment options than ever before.

Easy-to-use touchless payment options to use when you’re on the go.

When you’re out running errands or on vacation, it’s easy to pay for things by just unlocking your smartphone or watch. Here are a few touchless payment options to consider:

Mobile Wallet

A convenient way to pay using your phone or watch instead of cash or a plastic card (debit or credit). Just link your Pinnacle Bank debit card to the mobile wallet of your choice (Apple Pay®, Google Pay®, or Samsung Pay®), follow the instructions to verify your information, and you’re all set.

You can use your mobile wallet to pay for things in person, online, in an app, or at an ATM. Plus, mobile wallets add an extra layer of security to your transaction because a unique code replaces your card number for each transaction.

Learn how to set up your mobile wallet.

Zelle®

You can send, request or receive money using Zelle®. For example, you can easily split the lunch bill with your colleagues, pay your babysitter, or even give your son a little extra cash while at college. It’s easy to get started at Pinnacle Bank:

• • Log into Pinnacle Bank’s online banking or mobile app.
  • Navigate to Bill Pay and select Send Money with Zelle®.
  • Accept the terms and conditions and enter your email address or U.S. mobile phone number.
  • Enter your one-time verification code, and you’re all set.

Once you set up your account, you can send, request or receive money by following the directions on Zelle®. You’ll need the recipient’s email address or U.S. mobile phone number to send or request money.

What to do: Download our mobile app to get started.

Managing your account is easy using remote banking options.

While we enjoy seeing our customers inside the branch, it’s not always feasible for you to make the trip. So instead, consider using these remote banking options to manage your account 24/7:

• • Online Banking — check your balances, set up account alerts, pay bills, get eStatements, download transactions to your money management software program, make loan payments, transfer funds, set up account alerts, and more. Find out how to get started at Pinnacle Bank.
  • Mobile Banking — perform nearly all the same functions as online banking, plus you can search for nearby ATMs, deposit checks, and use your mobile wallet. Download the free Pinnacle Bank mobile banking app. 
  • Text Banking — you can easily and instantly request information about your accounts using simple commands, such as checking your account balance or receiving an alert when a bill payment transfer clears your account. And a smartphone is not required to use Text Banking. Learn how to sign up at Pinnacle Bank. 

It’s time to go touchless!

Take advantage of the many different ways you can make touchless payments and manage your accounts 24/7. We’re confident you’ll find going touchless gives you a safe, convenient and flexible way to bank at Pinnacle Bank.

 

#OneBankforLife.