BUSINESSBANKNOTESWorking on your bottom line

LEA COUNTY STATE BANK | SUMMER 2018

When Linda Duncan opened the doors of the Iron Skillet Café in 2003 she was already a longtime customer of Lea County State Bank. As her reputation has grown through the years, she has remained loyal to LCSB, preferring to use its credit-card service despite attempts by other companies to lure her away.

“I like using a local bank,” she said. “Whenever I need them, they come right away. I can’t go wrong.”

Recently, the bank changed its credit-card processing company, which required Duncan to replace her credit-card machine. Other than that, nothing changed—same old reliable service.

The reason for the switch in processing companies, said LCSB Vice President Saul Villarreal, was to retain local control over servicing the bank’s accounts. “While we were happy with our previous processor, that company decided to take control of providing service to our customers. We prefer to provide personal service, and so we made the change,” he said. “The new company also offers a mobile-card reader, which can be plugged into a cell phone or tablet.”

Duncan arrived in Hobbs in 1989 and was immediately taken by the friendliness of the town. She offers that same comfort at the Iron Skillet, which specializes in home-style food. From biscuits and gravy to chef’s salad, Duncan likes to provide consistency so her customers know what they will be getting. Chicken-fried steak is her best seller.

In addition to the credit-card service, LCSB provides Duncan with all of her banking needs, including business and personal accounts. She also sought the bank’s expertise when she decided to buy the building that houses her restaurant. It handled that loan along with others through the years.

“I CAN’T GO WRONG” WITH LEA COUNTY STATE BANK

“I LIKE USING A LOCAL BANK. WHENEVER

I NEED THEM, THEY COME RIGHT AWAY.

I CAN’T GO WRONG.”

“Everyone at the bank is always friendly and very helpful if I have any questions,” she said. “I like working with a local bank because it’s nice to have personal service.”

CARD PAYMENTS MOST POPULARA recent federal report indicated that consumers continue to prefer paying for goods and services with debit and credit cards more than any other means of payment. From 2012 to 2015, credit- and debit-card payments accounted for more than two-thirds of all non-cash payments in the United States, according to the 2017 Federal Reserve Payments Study Supplement.

This continues the trend of moving away from writing a check to pay bills. For years, debit and credit-card usage has grown substantially every year.

Card payments overall grew 7.4% in a year, from 104 billion transactions in 2015 to 111 billion transactions in 2016, led by credit-card payments, which grew by 10.2%. Debit cards were second in growth with an annual growth rate of 6 percent for the same time period.

In 2015, only 2% of in-person card transactions were with a chip card. By 2016, that increased sharply to 19.1% or about 1-in-5 purchases. While the Federal Reserve payment data is

not out for 2017, according to Visa, by the end of 2017, chip-enabled cards made up 96 percent of U.S. Visa transactions. For in-person transactions, counterfeit dollar losses also dropped by 70 percent between December of 2015 and September 2017 for merchants who completed the chip upgrade.

A CREDIT CARD FOR YOUR BUSINESS Credit cards aren’t just for your customers. Lea County State Bank also offers business credit cards, and they come with the ScoreCard® Rewards program and no annual fee.

Depending on your needs, the bank can set up separate accounts for you and your employees. Each person receives a card and a separate monthly statement, which makes it easy for you to keep track of your employees’ expenditures. If a card is lost or stolen, only one card is compromised, making it easy for you to continue your business uninterrupted.

The ScoreCard® Rewards program is the same one enjoyed by personal credit-card holders. Bonus points accrue with each purchase and can be redeemed for brand-name merchandise and travel rewards, which include airfare, hotels and rental cars.

A business credit card can simplify your life during tax season. By using a business card only for business expenses, at the end of the year you won’t need to rummage through receipts to separate personal and business expenses. We also provide a year-end summary with easy-to-read reports that summarize the card’s annual activity.

You will receive the same fraud-prevention monitoring that comes with our personal credit cards. This includes text and email alerts for unusual activity on your card. The cards are

accepted worldwide and offer 24/7 customer service. Of course, we also provide local customer service when necessary.

LEA COUNTY STATE BANK | HOBBS 1017 N. Turner St & 3927 N. Grimes St. | LOVINGTON 320 S. Main St. | 575.397.4511

DID YOU KNOW?Business owners with a Lea County State Bank debit

card have the ability to turn on or off the card using

the bank’s mobile app. If you don’t use your debit

card often or you want to be extra cautious, you

should keep it turned off, and then turn it on only

when you need to use it. Open the LCSB mobile app,

click on cards, and then tap card image to enable or

disable your card.

2015 NON-CASH PAYMENTS

Debit Cards–49%

Credit Cards–24%

ACH Payments–14%

Check Payments–13%

49%

24%

13%

14%

TO LEARN MORE ABOUT LEA COUNTY STATE BANK

MERCHANT SERVICES, PLEASE CONTACT LCSB VICE

PRESIDENT SAUL VILLARREAL AT 575.397.6610.

CONTACT: SAUL VILLARREAL AT 575.397.6610.