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Altabanking episode 6 with Mike Baum

April 17, 2020

Mike Baum –  Altabanking Interview KSL Radio Transcript:

Segment Title: “Growing Your Online Business Operations With Cash Management Services

GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Mike Baum is vice president treasury management at Altabank. Mike, What is a Cash Management service and how does it help customers?

MIKE: Cash management is really about helping customers run their day to day business. People tend to think about banks as places to hold accounts or take out loans, but banks also offer a wide range of business services that improve cash flow and operational efficiency. 

GRANT: What are some cash management services businesses should be using to be successful?

MIKE: In terms of improving efficiency, we recommend online electronic transactions which give your business the ability to quickly convert payments into cash. Express Deposit services allowing you to deposit checks from the convenience of your office or other remote locations, and of course Merchant Services that make it simple for businesses to accept customer credit and debit payments made in person, online or on the go.

GRANT: With businesses, operating primarily online right now, how do those businesses protect against fraud?

MIKE: Well first of all, with any online banking platform, we recommend multiple authentication. In addition to that, most banks offer what’s called positive pay – really just gives clients the ability to protect their checks and ACH transactions against fraud.

GRANT: in the current business climate, it seems like Cash Management services are particularly important right now.

MIKE: Businesses have had to change how they operate. The advantage to a business is that these services not only improve efficiency and visibility, but they can be set up and securely managed entirely online (see our cash management services). The benefit to a business and this customer interaction, is nearly immediate.

GRANT:  Thank you very much, Mike. This has been Altabanking. Brought to you by Altabank, member FDIC.