In these unprecedented times, there are actions you can take now to help you prepare, protect and continue to run your business. Here are some important tips to help maintain operational continuity during this COVID-19 crisis. As always, People's United Bank is ready and prepared to support your business.
Use online tools for your business continuity planning
- Ensure systems are in place to operate your business remotely.
- Test system access with different devices and with web connections of various speeds in the event that personnel are not able to operate from their primary environment.
Conduct an audit of your existing cash management systems
- List all of your banking/treasury systems along with primary and back-up access to each function.
- Make sure tokens and cell phone numbers for security call back are readily available.
- Ensure user contact information (email, telephone and mobile phone) is updated in the company’s online banking system.
- Review processing limits, such as ACH and Remote Deposit Capture, to determine if they are set appropriately.
Use technology to help protect your business from online fraudsters capitalizing on coronavirus fears
- Review your fraud prevention capabilities to determine if additional services should be added to protect your business.
Make sure you have back-up for all manual approval processes
- Identify approval processes that require in-person approvals and create an alternative workflow.
Evaluate your receivables
- Step up your accounts receivable collections to obtain payments before your customers are impacted negatively.
- Identify customers that may be requesting extended terms and consider offering alternative payment options such as fixed payment plans.
- Ensure a full array of payment options is available including ACH, Check, Wire, Credit Card and Cash.
Evaluate your payables
- Take inventory of your suppliers and renegotiate terms and payment methods, if necessary.
- Evaluate your payment methods (Credit Card, ACH, Wire & Check) and make adjustments as needed.
- Consider using commercial credit cards to increase financial flexibility.
- Consider using technology to keep in front of prospects, clients and employees, such as Zoom, Skype, Go to Meeting or Livestream.
- Ensure access codes to host remote meetings are accessible.