Resources to Support Your Business During COVID-19

posted Jasmyne Green 4/27/2020 in Business

While Iowa isn’t under a statewide “stay-at-home order,” Governor Kim Reynolds has issued a series of proclamations that limit non-essential businesses and gatherings.

This means that Iowa businesses are facing many of the same struggles as small businesses in other states. As a longtime community bank, LSB wants to help. We’ve compiled a list of resources to help you keep your business running during this difficult time. From Coronavirus scams to watch out for, to Treasury Management and Merchant Services solutions, we hope this article is helpful. Check out our COVID-19 (Coronavirus) FAQs here.

Avoiding Coronavirus Scams for Businesses

Cybersecurity threats and scams have become a normal part of life, but they tend to increase in times of crisis. At LSB, we spend an enormous amount of time and resources to keep our customers’ information safe and secure. Learn how we use and protect your information here.

In addition to the protective features we offer, such as secure login access, real-time information, and automated account alerts, you can take steps to secure your business by reviewing common scam tactics. Remember that LSB and other legitimate institutions will never call or email you to ask for sensitive personal or account information.

  • Federal Relief for Businesses: Recently passed legislation, including the Paycheck Protection Program, offers financial help to struggling businesses. Make sure you apply for loans and grants through legitimate channels, such as your bank. And ignore calls or emails from scammers posing as an employee of the Small Business Administration or other federal agency. If anyone tries to get you to make an upfront payment or provide sensitive information to get government relief, this is a sure sign of a scam.
  • Email Phishing Scams: These are an ongoing problem, but scammers are using Coronavirus to make it seem more plausible that a company CEO might email someone in accounting and direct them to make a strange wire transfer. Scammers may also impersonate the company IT department to exploit employees’ uncertainties about working remotely. As a business owner, make sure your employees are up-to-date with Cybersecurity training. It may be a good idea to refresh your knowledge.

Treasury Management Solutions

LSBpro Treasury Management Services from Lincoln Savings Bank encompasses a variety of financial solutions that allow you to manage your corporate online banking anytime from virtually anywhere.  

  • ACHpro: Pay vendors electronically while saving on transaction costs and ensuring timely delivery. Enjoy the flexibility of making one-time payments or setting up a recurring transaction. ACHpro is available through Online Banking, Smartphone App, or Tablet App and is protected by our advanced fraud analytics software.
  • Remote Deposit: With DepositPro, you don’t need to go to the bank to put checks in your account. All you need is a small desktop scanner and Internet connection and you'll be able to deposit checks from the comfort of your Coronavirus home office.
  • Payroll: Keep it running smoothly with our ACH Net Pay. You’ll have all the flexibility you need to manage electronic direct deposit to your salary or hourly employees.
  • Wire Transfers: Need to move money between accounts? Easily enter wire requests without visiting the bank.
  • Credit Cards: We offer multiple card options available to fit your needs.
  • Tax: The filing deadline may be extended this year, but whenever you’re ready you can access our State and Federal tax forms through Online Banking.

All of LSB’s Treasury Management Solutions create a remote working environment for your business’s payment operations. They don't require any in-person assistance or branch visits. Have questions? The LSBpro Team can help!

Contactless Payments

Keep your staff safe while reducing the touching of receipts and terminals in your office. Throughout this pandemic, you are no longer required to collect the cardholder signature on any card present, chip card, contactless Tap and Go, or Apple Pay, Samsung Pay or Google Pay point of sale transactions. Virtually all terminals that have been deployed by Lincoln Savings Bank in partnership with Professional Solutions since 2015 have these features.

Note: This is optional. if your business model is such that you desire to require signatures, you are able to do so.

If you have questions about your equipment, please call 800-437-0712 for assistance!

LSB is here for you!

At Lincoln Savings Bank, our goal is to be your lifelong partner, helping you achieve your business goals as your business grows and changes. For questions about business banking during Coronavirus, please don’t hesitate to contact us.

Lincoln Savings Bank. Member FDIC.
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