Small Business Essentials Articles

Set your small business up for success with these banking basics.

Learn About Small Business Essentials

From startup loans to banking tools to small business finance tips, learn the ins and outs of running your company with these helpful articles.

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

Bank Accounts for Businesses in South Carolina Do you own a South Carolina business? Are you looking to start one? There are a number of reasons why South Carolina is a great state to do business. And First Bank* is here to provide the bank accounts, tools and services you need to succeed. The Palmetto State has several First Bank locations – with branches in Anderson, Blacksburg, Charleston, Cheraw, Columbia, Dillon, Florence, Greenville, Greer, Latta, Orangeburg and Rock Hill. We offer a variety of business checking and savings accounts as well as a collection of financial services to help you better mange your business. Find the First Bank location nearest you, and open a business bank account today. First Bank Business Checking Accounts in South Carolina We offer business checking accounts to fit the needs of any business, of any size. Compare the list below to choose the one that best works for your business. Business Essentials. WalletHub named this account one of the “Best Bank Accounts for Small Businesses” in 2014. Business Essentials is perfect for small businesses or self-employed individuals with small transaction volume. Business Interest. An upgrade from Business Essentials, this account comes with all the same basic features but allows you to accrue interest. Community Checking. The perfect account for nonprofit organization and community groups. Business Advantage. If you’re looking for a fundamental account that allows for higher transaction volume, Business Advantage may be right for you. Commercial Analysis. Larger businesses have bigger needs and might benefit from our Commercial Analysis. This option comes with custom programs for business needs on top of all the basic features of Business Essentials. First Bank’s Business Savings Accounts in SC Our collection of business checkings accounts is complemented by our three business savings accounts. Compare the three options in the list and table below. Business Savings. With no minimum balance required to start earning interest, our Business Savings account is perfect for small startups looking to find a foothold in the market. Money Market. More aggressive business owners might look to our Money Market option, which allows for six withdrawals every month free of any First Bank fees.† Certificates of Deposit.‡ Our FDIC-insured CDs typically come with a guaranteed, fixed interest rate to allow for a 10 min read

Where to Get Mobile Payroll Solutions In today’s on-the-go world, you can do just about anything from a mobile phone, tablet or laptop. If you run a business in this tech-driven environment and have employees to pay, you might be wondering where to get mobile payroll solutions. First Bank has more than 100 locations in the Carolinas, but you don’t need to physically visit one to satisfy your payroll or banking needs. With free online and mobile banking for all of our business checking and savings accounts, First Bank is with you and your employees wherever you go. Mobile Banking Options First Bank provides customers with two easy ways to bank on the go. With a wireless web connection, just log into your account through our website to access your money 24 hours a day, making it easy to process your payroll during off-business hours. If you have an iPhone, iPod touch or Android device, just download our LocalFirstBank mobile app* and access your account with one touch of the screen. Mobile Payroll Benefits First Bank is the go-to place to get mobile payroll solutions. We offer a number of advantages associated with digital banking. By being able to make direct deposits from any location at any time, our business customers can: Cut Costs. Stop spending money on printed checks and postage and avoid fees associated with stop payments and reissues for lost or stolen checks. Improve timeliness. Nobody likes waiting for their paycheck and with our direct deposit service you can easily distribute checks to absent or off-site employees. Eliminate the time required to print, sign and mail checks. Reduce risk. Eliminate check fraud by eliminating checks altogether. Provide added convenience. Allow your employees to split their deposits between checking and savings accounts and reduce trips to the bank. Get Mobile Payroll Solutions with First Bank Learn more about why First Bank is where to get mobile payroll solutions and how you can even use payroll cards to make direct deposits to employees without bank accounts. *While First Bank does not charge for mobile banking, check with your mobile service provider for web access fees. iPhone®, and iPod Touch® are registered trademarks of Apple, Inc. Android™ is a trademark of Google Inc. ——— Sources: Investopedia: http://www.investopedia.com/terms/d/directdeposit.asp Investopedia: 2 min read

Where to Get Commercial Mortgage Rates Location, location, location. The value of location is just as important for commercial success as it is for where to get commercial mortgage rates. The wrong rates can lead your business off the beaten path while commercial mortgage rates like the ones from First Bank can have your business on the fast track to profitability. First Bank: Where to Get Commercial Mortgage Rates The Houston Chronicle examined the value of having just the right physical location for a business; various factors like foot traffic and visibility come into play when choosing a location. First Bank takes a closer look at this issue and provides some key insights into choosing the perfect location for your next business. When choosing a business location, consider the following factors: Location. Location, location, location–this old adage isn’t just lip service. Choosing a location that’s safe, convenient to target customers and (yes) convenient to you and your staff’s commute is essential to a smooth operation. Building. When choosing the face of your business, customers often will and do judge a book by its cover. Think about your branding, size, needed repairs, parking and growth projection when deciding upon the best place to set up shop. Terms. Always read the small print before signing that dotted line! Consider factors like leasing or buying terms and cost, always compare with like-buildings in the area. With over 100 locations spanning North Carolina and South Carolina, First Bank is proud to help businesses find a home with competitive commercial mortgage rates.* Have more questions? We’re here to help! Contact a small business specialist with First Bank and let us know how we can help you realize your goals and secure a great commercial mortgage rate. Loans subject to credit approval. ——— Sources: Houston Chronicle: http://smallbusiness.chron.com/location-add-value-small-business-77422.html Investopedia: http://www.investopedia.com/terms/c/commercial-real-estate-loan.asp 2 min read

Get Maximum Flexibility With a Small Business Credit Card Many small business owners often find themselves managing their business operations, financials, customer service and more. First Bank wants to lessen your workload with a small business credit card to streamline your financials into one place. A small business credit card not only allows you to establish good credit in your business’ name, but it also provides you with maximum flexibility for your business’ expenses. This flexibility stems from the ability to continue charging up to your credit limit in cases of larger purchases, as long as you repay your monthly bill. Having a specific business credit card also separates expenses for your personal card from those for your business when monthly bills arrive. 9 Benefits of a First Bank Credit Card for Your Small Business At First Bank, we know flexibility is essential when it comes to running a small business so we made sure to create a small business credit card* that caters to the user’s financial freedom in a convenient and secure way. Let’s take a look at the benefits our First Bank Business World Elite credit card can provide you. No annual fees. Yes, you read that right. No annual fees, whatsoever. Earn rewards on your every day and monthly purchases. With our business credit card, you can earn 1.25 points for every $1 spent on a qualified purchase. Calculate your points total with our rewards calculator. Zero liability means you only pay for purchases you’ve authorized on your Mastercard® debit or credit card. Other security benefits include protection in cases of employee misuse of charge privileges and fraudulent online use of your card information. Extended warranties. Paying with your eligible Mastercard can double your manufacturer warranties up to one year. Get coverage for items purchased with an eligible Mastercard that protects you if an item is damaged or stolen within 90 days of the purchase date. Travel assistance. Traveling 50 miles or more? We’ve got you covered with numerous travel-related assistance services, including medical and legal referrals to help during an emergency. Rental insurance that can provide you with reimbursement for physical damage to or theft of a rental vehicle. Recover VAT (Value Added Taxes) expenses incurred by U.S. company employees during foreign business travel. Visit 3 min read

First Bank’s Mastercard Business Card with Rewards Business owners use credit cards to pay for most business expenses. It’s important to have a business credit card that enables you to get the most out of your money. Discover your credit card options at First Bank. 3 min read

Best Bank to Open a Checking Account Are you looking to open a checking account but are having trouble finding the right bank? You shouldn’t have to settle for a bank that doesn’t meet all of your needs. First Bank focuses on the needs of all of our customers, and we strive to be the best bank for you. Open a checking account with us, and our team of experts will help you choose the option that works best for your financial needs. Checking Account Options at First Bank Whether you need a personal checking account or an account for your business, First Bank is the best bank to open a checking account. With multiple options and plenty of benefits, we make your banking experience easier and your financial goals more attainable. Personal Banking We offer three types of personal checking accounts that range from basic to premium. The Everywhere Checking account is our most basic account and features benefits such as access to free online and mobile banking and credit cards with rewards. With the Everywhere Plus account you receive all of the benefits of Everywhere Checking, plus the chance to earn interest at a minimal balance requirement. Our Everywhere Premium account gives you all the basics of Everywhere Plus, but includes perks like no First Bank transaction fees on out-of-network ATM withdrawals. We also have two account options designed with college students and seniors in mind. Our Campus Checking account provides students under the age of 25 with no monthly maintenance fees as long as certain requirements are met. Seniors who use direct deposit may qualify for no monthly maintenance fees and other benefits with our Senior Checking account. Banking for Businesses Whether you are a seasoned business owner or just starting out, we have checking account options designed with your needs in mind. Find a Local Branch Near You Our easy and convenient banking options make First Bank the best bank to open a checking account. Click here to find a local branch near you. Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in 3 min read

Best Business Checking Account in South Carolina If you’re planning to open a business in South Carolina, you will need a business checking account. If you already own a business but are looking to switch banks, you’ll want the best business checking account. Business Checking Account Benefits with First Bank So how do you know what the best business checking accounts look like? First Bank has fifteen locations in South Carolina, and has a variety of different business checking account options with some of these available features: Automated online bill paying Online and mobile banking* Monthly statements by paper mail or email Credit cards with rewards program** Account activity alerts Various ways of avoiding monthly maintenance fees*** Interest-bearing capabilities 6 Mistakes to Avoid When Opening a SC Business Checking Account With so many features and benefits, it is easy to see that First Bank offers the best business checking accounts in South Carolina. But before you open an account, it’s important to make sure you avoid the 6 mistakes that small businesses tend to make when opening a checking account, according to Business News Daily: Putting incorrect or missing information at checking account setup: Many small business owners mistakenly bring the wrong paperwork in when they go to open an account. To avoid this, make sure you ask the bank what information you’ll need to provide prior to coming in. Not opening a separate business account from your personal one: When you don’t have a designated business account, it can difficult to track your financial expenses from your personal ones. It can be more beneficial to open a separate business account for revenue, collected sales tax, estimated income tax, and payroll—especially before it’s time to file for taxes. Not planning for authorized check signing: If your small business includes a partner or staff members, it’s important to consider how many signatures can authorize a transaction from your business checking account. This can easily be set up when you open a business checking account. Not maintaining the monthly balance minimum: Always make sure that your business funds are above the minimum balance requirement in order to make the most of your banking experience, like First Bank’s no monthly maintenance fee.*** Not ordering the correct checks: One of the most common mistakes new small businesses make is printing the wrong name on business checks. It’s important to not only double check the spelling, but to also look into ordering electronic checks as well as paper ones. Working with the wrong bank for your business: Opening a small business is a huge step for anyone, and you need a bank that will work as hard as you do for the success of your new career. At First Bank, we are dedicated to helping small business owners in South Carolina achieve their dreams. *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Must enroll in First Bank Online Banking and download the First Bank Digital Banking App from the App Store or Google Play. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple, Inc. Android and Google Play are trademarks of Google Inc. **Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ***Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, also available at your local branch. ———- Sources: Business News Daily: http://www.businessnewsdaily.com/6281-bank-account-errors-6-mistakes-small-businesses-make.html 5 min read

What Are Mobile Merchant Services? If you own a business, you know how essential technology is to making it run smoothly. You may have even asked the question, “What are mobile merchant services?” Read more to figure out what mobile merchant services are and how First Bank can help you use them. What Are Mobile Merchant Services? In today’s world, keeping up with changes in technology is important, especially when running a business. Payment methods have evolved throughout the years, from cash and checks to credit and debit cards. Now, the mobile platform is being heavily utilized. Your business should be positioned to accommodate this changing landscape. Mobile merchant services are when a bank handles mobile electronic payment processing for merchants. In other words, mobile merchant services allow you to accept electronic payments through your cell phone or other mobile devices. First Bank offers a variety of merchant services, including in-store and mobile credit card processing. Credit card processing is a convenient way to control your cash flow by ensuring timely, automatic deposits into your account. With First Bank’s in-store and mobile merchant services, you get: Competitive rates with no hidden fees Multiple authorization networks and transaction processing methods Experienced and dedicated sales staff support National processing capabilities Comprehensive 24-hour online reporting Automated in-house chargeback/retrieval processing system with 24-hour turnaround 24-hour in-house merchant help desk 48-hour merchant settlement (24-hour merchant settlement if going to a First Bank account) Easy application process Contact First Bank Today Since 1935, First Bank has been dedicated to helping local businesses get the most out of their money. To learn more or to sign up for a free demonstration of our card processing services, call or visit a local branch. ———- Sources: Investopedia: http://www.investopedia.com/terms/m/merchant-account.asp 2 min read

Enjoy Hassle-Free Online Payment Processing Businesses need a fast and dependable way to manage client payments, whether online, at the point-of-sale, with an integrated solution, or on wireless or mobile devices. First Bank provides online payment processing to make this easy for you, and ensure you’re able to manage your customer payments correctly and securely. Payment Processing for Hassle Free Finances First Bank’s online payment processing offers a pricing advantage while reducing the likelihood of fraud. Our payment services include credit card processing and transaction tools. Credit Card Processing This option is available in-store and on mobile and allows you to streamline cash flow. By choosing First Bank’s services, you’re able to take advantage of these benefits: Competitive rates with no hidden fees Multiple authorization networks and transaction processing methods National processing capabilities 24-hour in-house merchant help desk 48-hour merchant settlement (24-hour merchant settlement if going to a First Bank account) Want to take advantage of these many benefits and capabilities at your business? Online payment processing is highly secure and comes with detailed reporting at First Bank. We offer a broad range of payment processing solutions for in store and mobile retailers. Start accepting cards at your store today with a free demo or visit a local branch for more information. 2 min read

What is the Best Bank for Small Business? If you own or plan to own a small business, you might be asking yourself, “What is the best bank for a small business?” With our history founded on the values of small business and by providing many banking options designed specifically for small businesses, First Bank has solidified its place as the best bank for your business needs. Choose a Bank for Your Business According to Inc., choosing the best bank for your small business is all about knowing your needs, comparing features, and looking for the right size bank. “From the very start, your business should be on the lookout for a supportive and reliable bank. Whether your needs are simple (a separate business checking account) or complex (a line of credit), finding the bank that fits your business’s needs is crucial. In making the decision, it is pertinent to consider not only your business’s current needs, but its potential future aspirations. That’s especially true if you’re anticipating being in the market for a loan over the next few years. Because the bulk of small business loans come these days from community banks like First Bank, it is advisable to establish a good relationship with your bank before your business needs outside capital.” Why First Bank? First Bank’s commitment to small businesses began when we first opened our doors in 1935 in the small town of Troy, NC. After the town lost its only bank during the Great Depression, First Bank stepped in to take care of the farmers and small business owners of the community. We have continued to evolve our model for serving small businesses ever since. First Bank provides a variety of services to small businesses including: Loans. First Bank offers business loans—including credit lines, commercial loans and construction loans—with flexible terms and competitive rates.* Business accounts. Choose from five business checking accounts, three business savings accounts, and free financial education for your employees. Credit cards. Earn rewards points when use your First Bank business credit card.** Business services. Easily accept and process credit and debit cards, electronic checks, and gift cards from your customers; protect yourself from fraud; processes checks remotely; and more. Treasury services. Let First Bank take care of your payroll direct deposit, deposit 4 min read

Two smiling people looking out towards camera.

Top Five Reasons to Offer Employees First@Work Did you know that 78% of Americans live paycheck to paycheck? And only 40% of Americans have sufficient savings to cover a financial emergency of $1000 or more? Imagine the stress that money issues like those might cause, and what that stress can do to employee productivity. According to a study by the American Institute of Stress of over 800,000 workers in over 300 companies, the number of employees calling in sick tripled in a four-year period and an estimated 1 million workers are absent every day due to stress. It doesn’t have to be that way. In order to help alleviate some of that stress, First Bank offers businesses a financial wellness program called First@Work. This program provides them with education and an exclusive suite of products, discounts, and unique services. The top 5 reasons you should offer your employees a First@Work account: It costs you nothing, and you can include it in your list of benefits for your employees. A Focus on Financial Wellness that includes: Online Courses: Free online courses empower employees with the knowledge they need to make smart financial choices. In-Person Seminars: Live workplace workshops inform and educate your team at your location. MyMoney tool: Free personal financial management tool helps employees manage their money in real time. It includes no hassle checking and savings accounts: Checking account with no monthly maintenance fee with a direct deposit1 No-hassle savings account when you set up a $10/month auto-transfer or maintain a minimum daily balance of $300 One overdraft fee waived annually* Digital banking and mobile banking app with check deposit World-Class Protection IDProtect® – Identity Theft Monitoring and Resolution service2 that includes: Credit file monitoring3 Up to $10,000 ID theft expense reimbursement4 And more! Cell phone protection4 Convenience More than 100 branch locations across the Carolinas No First Bank fees at out-of-network ATMs plus with our ATM fee rebates we will refund up to $15/month of fees charged by other ATM owners5 Free digital banking and free mobile app with check deposit and Zelle®6 Ready to Get Started? Sign up for a free consultation or visit your local First Bank branch! Avoid the $20 monthly maintenance fee by receiving a direct deposit of any amount during 4 min read

North Carolina’s Key Industries [Infographic] It’s no secret that North Carolina is a hotbed of business and population growth in the Southeast. We take a look at our home state’s key industries and the economic impact in 2017. 1 min read

Explore Courses to Help Run Your Business

Illustration of open sign in front of increasing charts.

Growing Your Small Business Take your business to the next level with these growth tips. 5 Topics

Illustration of small business and financial charts.

Small Business Essentials Learn the basics of managing a small business. 6 Topics

Streamline how you process payments. View Credit Card Processing

First Bank mobile app on a smartphone with a business credit card.

Accelerate growth and get great benefits. Business Elite Checking

Let’s Partner

At First Bank, our team of business experts partners with you to recommend the right tools for growing your business. See the benefits of having an independent local bank on your team.