What Businesses Can Learn from Silicon Valley Bank
Silicon Valley Bank (SVB)’s recent closure and takeover by the Federal Deposit Insurance Corporation (FDIC) could have long-lasting repercussions for all businesses, particularly when it comes to being able to access funds quickly and reliably.
According to the National Venture Capital Association, over 37,000 small businesses with more than $250,000 in deposits had accounts with Silicon Valley Bank. With the balances now unavailable, these businesses could face difficulty accessing their funds for months to years, says the FDIC.
And while the SVB collapse was ultimately the result of depositors panicking and demanding their funds, and not a more systemic indicator of a larger problem, the event still underscores the critical importance of efficient and trustworthy payment processing for businesses that need to debit clients and ensure fast access to their funds.
Using a third party payment processor like ACH Processing makes it seamless and safe to move money between financial institutions. At ACH Processing, we handle the technical details, mitigating the potential for lost funds, and enabling you to take full advantage of the benefits to your operation, including:
Ready to learn more about how ACH Processing can benefit your business? Let’s schedule a quick 15-minute call to discuss your business’s needs!