Running a Business Articles

Build and grow your business with a strong financial foundation. Check out these articles for tips and resources.

Learn About Running A Business

Whether you’re a small local shop or an online retailer, running a business is a complex and dynamic challenge. Use these articles to broaden your understanding of the tools that are available and some proactive measures you can take to set up your business for success.

All Protecting Your Assets Managing Cash Flow Employee Benefits Preventing Fraud Scaling and Growth Loans and Credit Small Business Essentials Starting Your Business

Small Business Loan Requirements in North Carolina Small business loan requirements in North Carolina can vary from one year to the next, from one lending institution to the next and simply from one case to the next. There are however, a lot of common myths about small business loan requirements that are worth debunking. Here are 10 common myths about small business loan requirements and the real truth behind them. Top Ten Business Loan Myths Small business loans are only for new businesses. Fact: At places like First Bank, business loans can be used for expansion or remodeling, purchasing new equipment or vehicles or refinancing.* It costs money to even just meet with a loan consultant. Fact: This might be true at some places but First Bank offers free small business financial consultations. Sign up for one in just minutes. You need a near-perfect credit history to obtain a small business loan. Fact: While your credit history will always be considered when applying for any type of loan, a less-than-ideal credit score does not mean you can’t get a loan with a solid business plan in place. A small bank will charge higher interest rates. Fact: Not at First Bank. Our business loan rates are competitive against any size bank. Local banks have fewer loan options than national banks. Fact: Actually, First Bank offers credit lines, business credit cards*, and commercial mortgages in addition to traditional business loans. You need to have a building to house your business in order to get a small business loan. Fact: Not so. In fact, not having a physical location reduces your overhead costs and therefore can actually improve your chances of getting a loan. The terms associated with small business loans are strict and cemented in stone. Fact: First Bank’s terms are flexible and customized for each individual case. The economy doesn’t rely on small businesses. Fact: Small businesses are a huge component of both local and national economies thanks to a number of factors. It’s hard to find a bank that offers small business loans. Fact: There are more than 100 First Bank locations throughout North Carolina so wherever you are located, we’re not far from you. Local banks can’t help you manage your business. Fact: In addition to providing 3 min read

Where to Get Payroll Services If you are wondering where to get payroll services, consider First Bank. With First Bank’s payroll services, you can: Reduce expenses associated with paper-based payment systems like printing and storing of checks. Manage risks by reducing check fraud losses. Submit transaction information directly through our online banking system. Handle direct deposits into employee accounts without having to write checks. Payroll Services from First Bank If you want to cut business costs and start saving money, switching to a payroll service is a great way to begin. Payroll services enable you to maintain control of your funds until you need them, all while eliminating the need to buy paper excess paper or to hire a bookkeeper. With First Bank, you don’t have to wonder where to get payroll services anymore. Our Payroll Direct Deposit service can be used to disburse funds such as:* Direct deposit of payroll Expense reimbursement Royalty payments Vendor payments Our electronic disbursement payments give you control of your funds until the moment you need them to cover disbursements. You can also reduce the time and expense or writing, processing, and reconciling checks when you provide information electronically. If your company uses payroll, pensions, expense reimbursements, annuities, dividends, interest, or royalties and has vendors interested in electronic payments—First Bank’s payroll solutions might be a great solution for your business. Visit a branch near you for a free small business financial consultation or more information. *Subject to credit approval. ——— Sources: Business News Daily: http://www.businessnewsdaily.com/7477-choosing-payroll-service.html Investopedia: http://www.investopedia.com/terms/d/disbursement.asp 2 min read

Small Business Bank – North Carolina First Bank has become the small business bank in North Carolina for owners across the state. We were named one of the best banks in North Carolina by Forbes. We provide the diverse selection of services you expect from a national bank, with the personalized care of a community bank. North Carolina’s Small Business Bank As a local bank with several locations in North Carolina, we go out of our way to lend a helping hand to small businesses. Here’s how we can serve your small business needs: Loans Business Loans: Receive a lump sum of cash to finance everything you need to get your business off and running. Use the money to buy vehicles, inventory, equipment, or supplies. Credit Line: Use a business line of credit to make purchases as needed. The flexibility of this loan allows you to borrow and repay regularly. Business Credit Card: Take advantage of low rates, no annual fees, and a rewards program for eligible cards to back your small business needs. Use the card as often as you wish. Commercial Mortgages: Finance your place of business with First Bank’s competitive lending. Consult with our commercial mortgage experts for market area expertise and industry knowledge. Construction Loans: Use this option to pay for new construction, remodeling, or expansion of your building. Business Checking and Savings Accounts We offer 5 business checking accounts, 3 business savings accounts, and a group banking account. Our checking accounts are: Business Essentials — Great for small businesses with basic banking needs. Business Interest — An interest-earning business checking account. Business Advantage — Good for established businesses with higher transaction volumes. Community Checking — Best for nonprofits and community organizations. Commercial Analysis — For business that need comprehensive management services. Our savings accounts are: Business Savings — A basic account with a low minimum balance. Money Market — Offers higher rates and a high level of liquidity. CDs — Offers a guaranteed return with a fixed rate and choice of terms. Our group banking account offers banking benefits for you and your coworkers, including: Free online and mobile banking* Credit and Debit Cards With a First Bank business debit or credit card you can enjoy many benefits, such as: Zero liability Worldwide acceptance Purchase assurance MasterCard Global 3 min read

Creating a Competitive Employee Benefits Plan Employee benefits plans are an important part of any business owner’s company structure. Part of attracting and retaining talented employees is offering them a competitive benefits package. Some benefits are required by law, while others can be offered simply to boost your company’s appeal. Creating a competitive benefits package is about finding the balance between what is required, what you can afford and what will make your employees happy. Employee Benefits Requirements and Extras The law requires that employers provide their employees with certain benefits, including: Social Security taxes Unemployment insurance Workers compensation Disability insurance Leave benefits (required by the Family and Medical Leave Act) Optional employee benefits and incentives include health insurance plans, retirement plans and pensions, flex time, free financial wellness programs, and corporate memberships. However, most companies offer at least a few of these benefits given that many job seekers feel that they must have them in order to apply for a job. To create an employee benefits plan that works well for your company and your employees, start by including all of the benefits required by law, then add from there. Most employees feel that they must at least have health insurance, and many others desire a retirement plan, disability insurance, and more. Add in the benefits that have become standard in most companies, such as health and life insurance, and consider adding other benefits based on your budget. It may also be beneficial to survey your employees about what benefits they desire, or you may try to find out what benefits your competitors offer. *Investment and Insurance Products are NOT Bank Deposits, NOT FDIC-Insured, HAVE NO Bank Guarantee, NOT Insured by any Federal Government Agency, May Go Down in Value. ——— Sources: SBA: https://www.sba.gov/content/required-employee-benefits 2 min read

Wondering Where to Get Mobile Merchant Services? Wondering where to get mobile merchant services for your business? First Bank can help you with all of your business needs, including in-store and mobile merchant services such as payment processing, reporting, and check collection. Find your nearest First Bank location today to find out how doing business can get a whole lot easier. Mobile Credit Card Processing Services at First Bank The ability to accept and process credit and debit card transactions is essential to doing business in today’s market. With an estimated 176 million credit card users in the United States, it’s important to make sure that your business is able to accommodate your customers. By providing a selection of payment options for your customers, you can simplify your business operations and increase your revenue. First Bank’s merchant services can help your business accept several different payment options in-store and mobile, including credit cards, debit cards, electronic checks, gift cards, and more. Our credit card processing can: Reducing payment risks Creating purchasing mobility Expanding your customer base Improving revenue capture Types of Merchant Services Available Here are a variety of merchant services that First Bank offers: Payment Processing & Management These payment processing and management services provide a pricing advantage with equipment and software that allow business owners to process payments through point-of-sale terminals, Internet, wireless, mobile, and integrated solutions. This includes products such as: Credit Card Processing: In-Store & Mobile Reconciliation & Reporting Streamline your payment processing operations with a user-friendly, online management and reporting system. This includes: Comprehensive activity reports that allow access to all your business payment card transactions. User controls that help to create your own reports based on needed required information. The ability to respond online to chargebacks and retrievals, including exporting reports to Excel for further analysis. Reports for adjustment history, authorizations, and merchant statements when you need it. Check Collection With a two-step verification process, you can increase the profitability of your business by reducing liability, get protected against losses, and increase your sales by securely and quickly accepting checks through our verification and guarantee. Get Mobile Merchant Services Today at Your Nearest First Bank Since 1935, First Bank has been helping businesses succeed in an increasingly competitive market. Visit your nearest branch today and see what our friendly staff 2 min read

ACH Positive Pay If you are a business owner, you should spend your time worrying about growing a successful business, not worrying about fraudulent transactions. That’s where ACH Positive Pay comes in. What is ACH Positive Pay? We’re glad you asked. What is ACH Positive Pay? ACH Positive Pay helps guard your business against unauthorized electronic activity. ACH stands for Automated Clearing House, which is a network that processes electronic payments. There are multiple benefits to using ACH Positive pay, such as: Payments are credited to your account so you won’t need to take checks to the bank ACH processing typically comes with fewer errors than collecting and depositing paper checks You can automate attempts to collect bad checks, so you won’t have to deal with the same check twice ACH Positive Pay at First Bank First Bank provides ACH Positive Pay that allows business to collect payments from their customers, make payments to their vendors, and deposit payroll funds into their employees’ bank accounts. We can provide full ACH Positive Pay, which means any transaction that does not meet your requirements would require your approval. Or we will send you an email each time an ACH transaction posts to your account. ACH Positive Pay is very user-friendly. Instead of having to go online to approve a payment or transaction, the system will call your phone and all you have to do is enter an authorization code to approve the payment. You’ll no longer have to go to the post office to mail checks, which will save you time and money. If your company has experienced check fraud loss and wants to reduce exposure to fraudulent transactions, First Bank’s ACH Positive Pay could be a smart investment for your company. Visit Your Local First Bank Today To learn more about ACH Positive Pay or see a demo of how it works, visit a First Bank branch near you. ——— Sources: NACHA: https://www.nacha.org/news/what-ach-quick-facts-about-automated-clearing-house-ach-network 2 min read

Best Small Business Bank – North Carolina If you’re looking for the best small business bank in North Carolina, the search ends with First Bank. First Bank’s doors first opened in 1935 to serve farmers and local businesses when the small town of Troy, NC, lost its local bank. Since then, we have continued to help small businesses thrive all over North Carolina. Small Business Options at First Bank In fact, First Bank was one of five institutions to receive a cash infusion from the U.S. Treasury’s Small Business Lending Fund in an effort to further increase small business loan offerings. “Not all businesses are the same, and we are a community bank with community values that strives to anticipate and meet your needs. Small business owners will find that we offer multiple banking options to fit their needs.“ There are a number of reasons why First Bank is among the best small business banks in North Carolina. With locations throughout the state, your business can count on us for: Business loans. Get a lump-sum business loan for equipment, supplies, inventory, vehicles, or anything else you need.* Credit lines. Open a line of credit to borrow and repay as needed or utilize a First Bank business credit card to be used at any time.* Commercial mortgages. First Bank can offer you a competitive mortgage for your place of business. Construction loans. We’ll give you a helping hand in our construction and professional loans program to build new construction, remodel, renovate or expand.* Merchant services. First Bank can help with accepting credit cards for payment, check collection, and more. Checking and savings accounts. We offer several business checking accounts and 3 business savings accounts, each designed to meet the unique needs of a variety of businesses. Credit cards. The First Bank Mastercard Business Card with Rewards provides you with the freedom to make business purchases as needed and pay them off in a convenient and secure way. Online & mobile banking. With a First Bank business account you can quickly and easily manage your funds from your computer or mobile device with our online and mobile banking services.* Treasury services. We offer a wide range of solutions to reach your optimal cash flow efficiency. Find a First Bank Near You Small businesses make 4 min read

Where to Get Small Business Loan Rates So you’ve decided to start a small business, and you have everything sorted out. Business plan…check, location, check. Small business loan rate quotes….not checked. Okay, so you have almost everything sorted out. You’re stuck on the next step—financing your business—and you aren’t sure where to get small business loan rates in your area. There are a lot of options for small business loans, but banks are still the best places you can go. If you live in NC or SC, you can move forward with your plans to open a small business quickly and easily. All you have to do is visit a First Bank location near you, and ask one of our experts about our small business loans. Rates can vary depending on the type of loan, so speaking with one of our experts is the best way to make sure you’re getting a rate that works for you. Loan Options at First Bank At First Bank, we understand that small business loans aren’t one size fits all. Different businesses have different needs, and that is why we offer a variety of small business loan options, including: A business credit card with rewards Lines of credit Business loans Commercial mortgages Construction loans SBA loans All of our loans are offered with flexible terms and highly competitive rates*. With First Bank, you won’t have to wonder where to get small business loan rates anymore. What’s Next? Now that you’ve gotten your finances figured out, what’s next? According to the U.S. Small Business Administration, you have 6 steps left: Determine the legal structure of your business Register a business name Get a tax identification number Register for state and local taxes Obtain business licenses and permits Understand employer responsibilities For more information on starting a small business or answers to questions like “where to get small business loan rates?”, visit your nearest First Bank location to talk to a business loan expert today. Loans subject to credit approval. ——— Sources: Bank Rate: http://www.bankrate.com/finance/personal-finance/3-ways-to-get-a-small-business-loan-1.aspx Small Business Administration: https://www.sba.gov/content/follow-these-steps-starting-business 2 min read

Need Online Payroll Services Nearby? Trust Your Local First Bank Going green isn’t only good for the environment. If you’re a business owner, turning your business into an eco-friendly venture could help you save money and attract more customers. By cutting costs in certain areas, you can spend more money focusing on things like marketing and employee growth, or just make more of a profit. Customers also love to support green businesses, and it could help your reputation to show that you care about more than your own personal success. If you own a business and want to make it more environmentally friendly, switching to online payroll services is a good place to start. Eliminating paper checks and the need for a bookkeeper can help you cut down on paper costs and save a few trees in the process. If you are ready to make the switch, you may be looking for online payroll services near you. Look no further than First Bank. We offer a variety of online payroll services sure to meet the needs of you and your business. Reduce Your Business’ Carbon Footprint With Top Payroll Companies Near You End your search for online payroll services near you at First Bank. We offer a Payroll Direct Deposit service, as well as Everywhere Electronic Payments that enable you to cut costs and reduce your carbon footprint. With First Bank’s Payroll Direct Deposit services you won’t have to play your employees by check. You will be able to deposit pay directly into their checking or savings accounts. You can also use Direct Deposit to expense reimbursements, pension payments, dividends, and other disbursements. Everywhere Electronic Payments give control of your funds until the exact moment you need them. Electronic payments can also be used to disburse funds like direct deposit of payroll, expense reimbursement, royalty payments, or vendor payments. When you provide information electronically, you will reduce the time and expense of writing, processing, and reconciling checks. Lessen your impact on the environment by visiting a First Bank branch today. We have nearly 100 locations in North Carolina and South Carolina, making it easy to find online payroll services near you. ——— Sources: USA.gov: http://www.usa.gov/topics/environment-agriculture/going-green-tips.shtml 2 min read

Credit Cards for Small Business – South Carolina First Bank is rooted in our dedication to small businesses and offering credit cards for your business is one way we can help. With fifteen locations in South Carolina, First Bank is there to back all of your small business needs. The First Bank Business World credit card provides a foundation for your small business in the form of financial boosting, security protection and more. Perks of a Credit Card for Your Small Business Small business owners work hard and it is First Bank’s commitment to work hard for them. Our credit card for small business has no annual fee and comes complete with a full slate of additional perks. Card Benefits. Earn points for every dollar spent on qualified purchases and watch your rewards grow with the free One Rewards program. Use our rewards calculator to watch your travel, entertainment and retail benefits rack up. Security Benefits. Your small business can enjoy peace of mind with zero liability for unauthorized purchases, protection from employee misuse of the card and from fraudulent online use. First Bank keeps an eye on your small business with 24-hour help for lost or stolen credit cards and emergency card replacement or cash advances. Convenience Benefits. As long as you pay your balance in full and on time you’ll be rewarded with a 26-day no-interest grace period for purchases you’ve made. At the end of every year we’ll prepare a detailed summary of your account to help you identify areas of potential savings and make tax preparations a snap. Shopping Benefits. Using your First Bank credit card for small business purchases can double the manufacturer’s existing warranty or initiate a 90-day warranty if one is not already in place. Travel Benefits. First Bank hits the road with you to provide reimbursement for; damage to or theft of a rental car, trusted medical and legal referrals in foreign countries and recovery of Value Added Taxes (VAT) incurred on foreign business. Contact a First Bank Specialist Today Watch your business grow with First Bank’s credit card for small business. Contact a First Bank specialist today to discuss credit card options for your small business. ———- Sources: Investopedia: http://www.investopedia.com/terms/z/zero-liability-policy.asp Investopedia: http://www.investopedia.com/terms/v/valueaddedtax.asp 2 min read

Small Business Payroll Services If you’re like many small business owners, it’s likely that you wear many hats and are always on the go. From managing to accounting, there are multiple tasks you have to manage each day. Simplify your to-do list with payroll services for small businesses from First Bank. Outsourcing Your Payroll Services Many small businesses outsource services to compete with larger companies. Payroll services are one of the primary aspects of conducting business that new entrepreneurs outsource, and the benefits can add up. Instead of spending a significant amount of time providing management reports, calculating payroll, and preparing checks, owners and their employees can focus on the rest of their work priorities. The Houston Chronicle named its top 4 advantages of outsourcing payroll as part of your business’ financial management. “Accountability”—With constantly changing tax regulations, it’s almost inevitable that you’ll make an error in your calculations. Many payroll providers “offer services to file state and federal payroll taxes for your business.” This saves you time that might have been lost in calculating taxes and potentially refiling them later. “Tax Expertise”—The IRS states that “40 percent of small businesses pay penalties each year for late or incorrect filings and payments.” How can you avoid this? A tax guarantee. This is something that many payroll providers offer that may cover you financially if any penalties are incurred when taxes are filed. “Productivity”—This can’t be emphasized enough: outsourcing payroll services saves you time (a lot of it). Managing your own payroll system takes up a lot of your time and prevents you and your employees from pursuing “more important value-added and revenue-generating activities.” It can also save your employees a trip to the bank. “Financial Reporting”—Drafting and finalizing financial reports for your small business is also extremely time-consuming. Many outsource providers offer a variety of report services, including “summaries on earning statements, payroll by departments, timesheets, expenses,” and more. This helps you to keep detailed records of your business’ financial history. A Payroll Service Provider You Can Trust for Your Small Business When you’re outsourcing a service, particularly a financial one, it’s important for you to not only have confidence in that provider’s abilities but in its trustworthiness as well. As your community bank, we’ve 3 min read

What You Need to Open a Business Banking Account Once you’ve started a business, the money is going to be coming in. You will need a business banking account to keep finances in order and manage cash flow. But, before you head down to your local First Bank,* grab these key documents so your application goes smoothly. Bring These Documents to Open a Business Banking Account Every financial institution has a procedure for business owners who want to open a bank account. Because businesses make more withdrawals and deposits than the average customer, there are a few documents that a financial advisor will need to see during the application process. Business Licenses Bring along your official license to practice your profession or skill. This extends from everything from law to construction. If your license is in process, ask for an official document stating so from the licensing source. Registration of Business Before opening your business, you probably had to register with the city or state. Be sure to bring the official name and registration information along with you to the bank. This will improve your credibility during the application process. Documentation of Account Holders If your business banking account will be accessed by more than one person, thorough identification will be required of each party. For most applications, a driver’s license, passport or other government picture ID will suffice. It is helpful for all account owners to be present during the application process. Deposit Amount Business banking accounts usually require an initial deposit to be opened. Deposits should be made in cash or in money order form and should meet or exceed the minimum required. Once you have gathered the necessary documents and banknotes, you can arrive fully prepared for a business banking account application. Choosing a Business Banking Institution First Bank business banking solutions are designed for convenience and security. We offer a comprehensive range of business banking accounts designed to meet the unique needs of your company. Contact us today to learn more. *Member FDIC. ——— Sources: Business News Daily: http://www.businessnewsdaily.com/6477-business-bank-account-documentation.html 2 min read

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