One of Arvest’s most popular Business Banking services is Remote Deposit Capture, which enables you to send your check deposits to the bank remotely.  Remote Deposit Capture allows you to focus on your business and submit your deposits on your own schedule, without trips to the bank.

Benefits for Your Business

Arvest Remote Deposit Capture is ideal for your business if you make frequent deposits, are not located near an Arvest Bank location or if you are unable to leave during the business day.  For business owners on a tight schedule, this service is a great tool for meeting deposit deadlines.

How Remote Deposit Capture Works

So what can you do with Remote Deposit Capture?  For starters, this service allows you to convert checks into electronic images, which have the same legal standing as physical checks.  You can also deposit scanned checks online, which helps funds to move more quickly from one account to another.  Additionally, you are able to access reports detailing remote deposit activity, allowing you to keep track of your cash flow.  Finally, one of the best features of Remote Deposit Capture is the ability to verify and approve the deposit and submit to Arvest Bank for processing at or before the daily cut-off time.

Getting Started

Your Arvest Treasury Management Representative will complete the initial sign-up Agreement, set up security levels and deliver your scanner and user guides. Additionally, they will provide on-site testing and training for your business associates. After set up, you will have easy access to expert support from your bank’s Treasury Management contact, as well as Arvest Treasury Management Support.

Learn More

To learn more about Remote Deposit Capture and how it could benefit your business, you can click here.  Additionally, you may also view a brief demo of this great service here.

Save time handling your check deposits and enroll in Remote Deposit Capture today!

So, you’ve got an itch to start a new business, but two questions nag at you.  How wise is it to start a new business during an economic recession?  If I start a business, what business should I start?

Starting a business during a recession may seem like economic suicide, but consider that some of the biggest and best companies of our time were started during economic downturns. Companies like Microsoft, FedEx, Hewlett-Packard, Hyatt, GE, CNN, and IHOP were all started during recessions.  No matter what the economy is doing there are always market needs that are not being met.  These successful companies identified those needs and met them.

But how do you discover the unmet needs?  You’ve got to do some research.  One way to identify the needs of the market is to look at what industries are currently growing.   Anything Research has attempted to identify those needs for you by surveying the current market to see which industries are growing fastest.  They then determined which industries are ideal for small business start-ups.  Here are their top 8 small business start-up industries:

1.  Translation and Interpretation Services
2.  Inland Water Passenger Transportation
3.  Repossession Services
4.  Language Schools
5.  Hobby, Toy and Game Stores
6.  Services for the Elderly and Persons with Disabilities
7.  Exam Preparation and Tutoring
8.  Bakeries and Baked Goods Stores

Inc. magazine has also done some research and added additional industries to the above list.  According to Inc., other hot industries for start-ups include environmental consulting, mobile application design, tea and healthy beverages, selling crafts and vintage clothes online, and self-storage leasing.  You can read about these industries at the Inc. website. 

None of these industries may be up your alley, but before you jump in to the world of entrepreneurship, do your market homework.  If your service or product does not meet an unmet market need, your business will struggle for survival.

For more information, articles, training and online tools, visit Arvest's Small Business Resource Center.

Based on the customer activity seen by Arvest, it appears that small and medium size companies, as well as municipalities, have increasingly relied upon equipment leasing during the recession to meet their needs.

Arvest Bank’s Equipment Finance division has experienced significant growth over the past two years – with 2008 volumes up more than sixty percent (60%) from 2007 and 2009 volumes up more than twenty percent (20%) over 2008. Total volume in equipment leases for 2009 was more than $31 million.

Kyle W. Gilliam, president of Arvest Equipment Finance division, says this impressive growth is the result of several factors, “Not only have we seen a lot of companies turn to leasing because of tightened credit markets and standards, but we’ve also seen some contraction within the industry as more than 50 leasing companies have gone out of business. Fortunately for us, this contraction isn’t the result of less demand for equipment leasing but, rather, it’s a result of some companies in our industry having a large amount of charge offs due to unwise credit decisions in the past having a huge impact on the availability of capital to end-users of equipment.”

According to the Equipment Leasing and Finance Foundation’s 2009 State of the Equipment Finance Industry report, bank-based leasing and finance operations gained market share in 2009 while independent leasing companies contracted.

“Well-run and well-capitalized banks have really thrived in the leasing arena during this time because of their ability to fund leases through traditional deposits, while independents rely on capital and loans to fund many of their lease agreements. For businesses looking to lease equipment, the bank-based operations like we have at Arvest are increasingly a more accessible and viable option,” Gilliam commented.

He also noted that lease financing for county and municipal governments has seen significant growth during the last year, “When a police department needs new vehicles or a school district needs to replace maintenance equipment or computers, they’ve probably delayed those investments as long as possible and just because the economy is down doesn’t mean they can wait longer. I think that’s why we’ve been approached to provide financing for so many communities recently.” Gilliam concluded.

Equipment leasing is a financing option available to businesses through a bank or leasing company as a means to fund needed equipment while still preserving existing lines of credit. Financing equipment through a lease, as opposed to a loan, provides flexibility in payment structures while preserving cash flow needed for day-to-day operations without requiring a down payment. In many circumstances it also provides tax benefits since leased equipment is not considered an asset.
 

With the recently enacted federal healthcare law, businesses can expect significant changes in the health insurance landscape. What those changes will be and how they will play out on Main Street is not at all clear and will take time to be understood. Businesses of all sizes across America are wondering what it really means to them and their employees.

A recent article in USA Today by Rhonda Abrams, president of The Planning Shop (publisher of books for entrepreneurs), gave an  overview of the effects of the health care reform legislation on small businesses (“The Good and Bad in Health Care Reform for Small Businesses” March 26, 2010) from her perspective. 

According to Ms. Abrams, one good thing for small businesses are the tax credits starting with 2010 taxes.  Small businesses with 25 or fewer full-time equivalent employees that pay at least 50% of the health care premiums for their employees are to qualify for a tax credit up to 35% of their premiums.  The tax credit is to increase to 50% in 2014 if the business purchases insurance through the Small Business Health Options Programs, or “SHOP” exchanges.  The amount of the tax credit is dependent upon the number of employees and their average wages.  Ms. Abrams points out that the tax credit is NOT available to sole proprietors and that might cause business owners to consider changes in their corporate form. 

According to Abrams, the SHOP exchanges are to start in 2014.  These exchanges would allow businesses with less than 100 employees to pool their risk  and, hopefully, receive lower premiums than if buying on their own. 

The USA Today article goes on to note that self-employed persons are to qualify for a subsidy starting in 2014 to help purchase health care.  Individuals earning up to 400% of the poverty level would qualify for assistance.  At today’s poverty level, this means a family of four would qualify up to $88,200.

The downsides to the health care reform legislation, Abrams says, include no caps on health insurance premiums.  She predicts that health insurance companies will increase their premiums in the next few years as they look toward increased competition in 2014 due to the exchanges.  For those businesses with more than 50 employees, they must provide health insurance coverage for their employees or pay a fine starting in 2014.  Also, starting in 2013 the new law places new taxes on  small business owners including increased Medicare tax rates and an additional tax on capital gains, dividends and interest income. 

While the health care debate is not over and the devil is in the details of how the new law is actually implemented, changes are scheduled to start soon that could affect virtually every business, large or small. Take time to consult with your accountant or attorney so you can fully understand the new tax and legal implications of the health-care reform law for your small business. 

For more information, articles, training and online tools, visit Arvest's Small Business Resource Center.

Last week was a valuable time of learning for Arvest business banking customers. The Northwest Arkansas Arvest banks hosted a seminar on Remote Deposit Capture; what it is and how it can be a valuable tool for businesses.

Remote Deposit Capture, or RDC as it's sometimes called, allows business owners to save time handling their funds by sending check deposits to the bank remotely. Using a special scanner and software program, customers are able to convert paper checks into electronic images, which have the same legal standing as physical checks. This allows funds to move more quickly from the check originator's account to the depositor's account, saving the customer both time and trips to the bank.

At this week's seminar, Lucy Suarez, a senior business consultant for Fiserv, (software vendor of Remote Deposit Capture), walked customers through the process. She then demonstrated how to perform a capture using the Arvest screens and scanner. Approximately 75 customers were in attendance and were very involved in the demonstrations. 

Brian Loos with Panini North America was also on hand for any questions customers had on the scanners.  Panini announced he will be giving away a scanner for any customer who attended the seminar and signs up for Remote Deposit with Arvest in the next 30 days.

Arvest also gave away 5 gift baskets. Fiserv sponsored the breakfast at the Pontiac Coffee House and gave an iPod Touch as a door prize.

Think you might be interested in using Remote Deposit Capture for your business? To learn more, click here!
 

“Good fences make good neighbors,” according to the neighbor in Robert Frost’s poem, Mending Wall.  Nowhere is this adage truer than in the realm of small business banking.  Erecting a fence between your business and personal banking makes good business sense.  Unfortunately, too many new and part-time small business owners fail to do so. 

Running their small business out of personal checking accounts small business owners seek the holy grail of simplification.  Comingling personal and business funds, however, unnecessarily complicates your life and subjects you to avoidable risk.  It makes separating business transactions from personal ones at tax time a nightmare.  This in turn increases the likelihood of missing business deductions.  In addition, you risk the IRS declaring your business a “hobby” and invalidating your business expenses.  And if someone should investigate your records (may it never be), you have a very poor audit trail.  And, let’s face it.  It just doesn’t look professional to use a personal checking account when interacting with customers. 

If you want a good business, take the time to erect a good fence by opening a business checking account to record your business transactions.  Arvest offers a variety of business checking accounts designed to grow with your business.  There are four non-interest bearing checking accounts:

1.  Free Small Business - A basic account with no monthly service fee for small businesses that write few checks, deposit few items, and primarily need an account to separate business transactions from personal ones.

2.  Small Business - For the small to moderate-sized business that has limited needs and is a checking alternative that has a simple fee structure - a flat monthly maintenance fee.

3.  Small Business Club – Offers the advantage of special Club rewards, exclusive to qualifying Small Business Club customers including a waived monthly service charge.

4.  Business Checking - For the moderate to large-size business, Business Checking offers the potential to save money through an earnings credit.

There are also two Arvest business checking accounts that earn interest.  These either require either a minimum dollar amount ,(Business Money Market), or charge a monthly fee that is offset by the interest that you earn, (Business Interest Checking.)

To help you determine which account fits your business best, Arvest’s website includes a feature called "Account Chooser" that walks you through the various options.  Or you can locate and contact an Arvest Small Business Banker in your local area through the Small Business Resource Center.  You will also find numerous free resources like articles, interactive workshops and business calculators at the Small Business Resource Center. 

If you want a good business, you need a good fence.  Do yourself and your business a favor, make sure the appropriate fence exists between your personal and business accounts.

To fully understand tax implications for your situation, please consult your tax advisor.

Do the long hours you put in as a small business owner make you happy?  Does worrying about your business’ sales and profits bring you peace of mind?  Or are you ready to throw in the towel and call it quits?  A recent Gallup Poll just might change your mind. 

Between January 2 – August 19, 2009, Gallup interviewed 100,826 adults in various occupations to measure their well-being.  Gallup uses the data to create the Gallup-Healthways Well-Being Index as a way of determining

People’s well-being at the close of every day based on the World Health Organization (WHO) definition of health as not only the absence of infirmity and disease but also a state of physical, mental and social well-being.

Interestingly, the results of Gallup’s Poll showed self-employed Americans have the highest overall well-being and the highest satisfaction with their work environment.  Their well-being scores beat out the next highest groups of professionals and managers/executives. 

On its own these results are not too shocking.  However, combine this finding with another recent Gallup Poll showing that this same group works the most number of hours in a typical work week.  Almost half of self-employed Americans (49%) report that they work over 44 hours in a typical work week.  Only 38% of those employed by a private business report working over 44 hours per week.  Longer working hours = increased well-being? 

Is there a correlation between longer working hours and higher well-being?  Probably not.  A better explanation of these two polls is that there are other factors present in owning your own business (e.g. being your own boss) that significantly offset the detriment derived from working longer hours.  Working longer hours does not significantly reduce the emotional well-being gained from owning your own business. 

The emotional well-being results are even more shocking when you realize that the study was conducted during the heart of one of the deepest recessions America has ever seen.  And business owners are among the hardest hit.  Other surveys show small business owners’ optimism to be at all-time lows due to falling sales and profits.  It appears that worries about falling sales, profits and weathering the recession also do not substantially offset the emotional benefits of owning your own business.  Or do they? 

What do you think?  

Visit the Arvest Small Business Resource Center for other helpful articles, online tools and calculators.  To learn more about Arvest business services, please contact a local business banker today. 

One of the most frustrating things in business is when you know what needs to be done, but don’t know how to do it. With the launch of its Small Business Resource Center, Arvest is helping business owners and managers bridge this gap.

Arvest has dedicated a section of its website at www.arvest.com to providing professional insight on many of the most pressing questions small business owners face daily. Through interactive workshops and articles in the Learning Center and the Information Library you can find solutions to issues critical to the success of your business. Issues like – How do you gain customers? How do you create a buzz around your company or product? How do you write a business plan? What questions should you ask an applicant for employment? How do you create financial statements? How do you generate referrals? These questions and many others are addressed in the Small Business Resource Center.

The Arvest Small Business Resource Center also has a business calculator page.   This page puts some of the best small business calculators available at your fingertips. The calculators are easy to use and help you evaluate key decisions like – How much is my business worth? Or should I lease or purchase some necessary equipment? They also provide detailed graphs and table for easy reference. 

Another feature of the Arvest Small Business Resource Center is the ability to find and contact an Arvest small business banker to help you discover personalized solutions to meet the financial needs of your business. Or if you have a general small business banking question, you can simply submit that question for an expert answer. 

Do yourself and your business a favor. Take some time today to check out this free resource provided by Arvest.