With the sophistication of financial products and services, small-business owners have a lot of decisions to make about money. The Federal Deposit Insurance Corp. has some tips to help small businesses run safely and efficienty.

First off is payments from customers, starting with how customers will pay you.

“Whether or not to accept debit or credit card payments is an important decision to make,” according to the FDIC. “While these forms of payment are convenient for customers, you may choose not to accept debit or credit cards because of the fees and other costs. You may allow customers to pay using mobile apps, but make sure you carefully read the fine print of any mobile app you’re considering, so that you are aware of any fees and limitations on funds availability.”

Small-business owners also must decide whether or not to keep their personal accounts separate from business accounts, the FDIC said.

“Keeping your business accounts separate from your personal accounts has some benefits,” the agency said. “Also, the need for separate accounts generally increases as a business grows or becomes complex.”

Some things to consider include that keeping your business funds separate from your personal funds, such as in a business account, may limit personal liability. The separation allows authorized employees to handle day-to-day business banking tasks without those employees being involved in your personal finances. In addition, the FDIC said the Internal Revenue Service recommends keeping a business checking account separate from a personal account.

Small-business owners also have to be wary of scammers trying to steal information about customers or executing unauthorized withdrawals from a bank account, as well as fraudulent offers and counterfeit bills. And not to forget the many digital scams involving ransomware and phishing.

“Making sure you choose the right bank for the deposit services or products that you need for your business is really important,” the FDIC said. “Separating your personal accounts from your business deposit accounts is not only a practical way to run your business, it may also be more efficient. Lastly, stay on the lookout for scams to help protect your business and customers’ interests.”

SOURCE: Federal Deposit Insurance Corp.