Credit and Debit Card Processing Options at First Bank of the Lake

In the true spirit of a hometown bank founded to take care of the needs of our local community, we know that credit card processing is essential to most of our lake area businesses. We also understand that people prefer to do business with others they know and trust. That's why we’ve partnered with BASYS Processing to offer credit and debit processing solutions at Lake of the Ozarks. BASYS is a family-owned payment processor, and makes accepting credit and debit cards convenient, safe, and affordable. Best of all, BASYS shares the same customer-oriented values as First Bank of the Lake. If you are looking for a credit card processing solution for your Lake of the Ozarks business, keep reading to learn about the benefits of credit card processing services at First Bank of the Lake.

BENEFITS OF BASYS

There are several things about BASYS that we think you will particularly like.  First, you will not be dealing with an automated phone system.  When you call, you will be greeted by a live, friendly voice. You will also have a dedicated account representative who will know your name, not just your account number. BASYS also has an in-house PCI Compliance team that will proactively reach out to help you achieve and maintain compliance.  At BASYS, you will appreciate knowing you are working with people who care and treat you like a person and not a transaction.

SAFETY AND SECURITY – ALERTS, APPROVALS, SECURE LOGIN

Alerts are a simple yet powerful way to stay connected to your account information where you can track as much, or as little, as you choose. Alert notifications can help you monitor your money and detect unusual account activity. You can choose to receive push notifications or email, or both. Simply set up and manage account alerts with the Mobile Banking app.

Approvals are at the heart of our Business Banking App and are essential tool that helps protect your business against fraud. Approvals that have been set-up within our desktop site carry over to your mobile device. Authorized users have the ability to approve payments and ACH transactions, wherever they are and whenever it’s convenient. Approvals offer control over large transfers of money, help identify suspicious activity, and can stop fraudulent transactions before they ever happen. If you have transactions waiting for your approval and have activated your push alerts, you'll even see an alert right on your home screen.

Logging in from your mobile device is simple and very secure. In fact, our mobile login uses the same multi-layer security that’s used as if you’re logging in from your desktop computer. We confirm your credentials along with the device you are using. You can also securely sign in with Touch ID® and Fingerprint Authentication.

VARIETY OF PROCESSING SERVICES AND SOLUTIONS

Credit Card Terminals.  We offer a complete lineup of the latest processing equipment, including fully integrated EMV terminals.

• Ethernet, dialup, or WiFi connectivity.
• Built-in printer.

 

Point-of-Sale Systems. First Bank of the Lake is pleased to offer the Clover™ solution, a cloud-based Point of Sale system with inventory, open source applications, and business management tools to ensure the best fit for your business.

• Robust reporting capabilities.
• Full suite of integrated business management tools.
• Accept strip and EMV cards, as well as contactless payments.

 

Mobile Processing. Whether it be processing on a tablet, smartphone, or fully dedicated wireless terminal, we have user friendly EMV products to fit your mobile needs.

• Accept strip and EMV cards, as well as contactless payments.
• User-friendly setup. 

Virtual Terminal Processing. BASYS Processing’s custom on-line processing system, BASYS IQ, ensures that every transaction contains the correct information to qualify at the best rates, including Business Level III rates. We also work with Authorize.net, Paytrace, ePN, and more.

• No new devices are necessary.
• Qualify for the lowest Level II/III rates.
• Full transaction and settlement history.

E-Commerce.  Let your customers shop with you 24/7 with an online shopping cart. We can help implement a secure payment solution for your e-commerce business that meets your needs while reducing the risk and cost of fraud and charge backs in the online world.

• Simplified PCI DSS compliance.
• Reduced risk of fraud and chargebacks

POS & Software Integration.  From restaurants and catering, to hospitality, to phone ordering, we can integrate with virtually all point-of-sale systems on the market including Micros, Shift4, Aloha, and more.

• Flexible integration.
• Business management tools

PAYMENT SOLUTIONS TAILORED TO FIT YOUR NEEDS!

BASYS Processing makes accepting credit and debit cards convenient, safe, and affordable. You will enjoy competitive processing rates for all major card brands and have access to services and solutions including terminals, virtual terminals, e-commerce, mobile, and point-of-sale, to fit your unique business needs!  First Bank of the Lake thinks you will also appreciate the relationship you get with BASYS. Your personal account representative at BASYS is fully aware that debit and credit card processing is essential to everyday business functioning and downtime is costly and he or she will be there to help whenever you need it. If that sounds interesting and you would like to learn more about credit and debit card processing at Lake of the Ozarks, complete the Basys Contact Form by going to https://basyspro.com/referral/firstbankofthelake/ and a Basys Representative will contact you. To stay informed of all the latest news and announcements about banking at the Lake of the Ozarks, don’t forget to use the links below to follow us on social media. 

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. 

Like Us On Facebook

Follow Us On Twitter

Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100

Osage Beach, MO 65065

                                                                            (573) 348-2265 

Applying for a Mortgage at First Bank of the Lake – 7 Types to Choose From (Part 2)

At First Bank of the Lake, we hope you enjoyed part 1 of our blog on Applying for a Mortgage at First Bank of the Lake.  As you can tell, we have a number of mortgage options for you to choose from to best suit your needs.  Last week we talked about 3 of our more standard mortgages … Fixed Rate Mortgages, Construction Permanent Loans, and Bridge Loans.  This week we are going to go into more detail about 4 other types of loans.  If you are thinking about buying, building, or refinancing a home at Lake of the Ozarks, read on!  We have the information you need to make the best decision on what type of loan would be best for your situation.  When you are ready to make the move, we invite you to reach out to one of our mortgage lenders in Osage Beach to get started.

Adjustable Rate Mortgage (ARM)

ARMs can be a popular mortgage choice when interest rates are high, if you only plan to stay in your home for a few years, or if you plan to refinance down the road. Most ARM loans feature an initial rate period, during which the interest rate, principal, and interest payments remain the same. Once the initial rate period expires, the interest rate will adjust once per year for the remainder of the loan term. The adjustments are based on a fluctuating index plus a margin. When the interest rate adjusts, your monthly payment will usually increase if rates go up or decrease if interest rates go down.

Often, an ARM loan may have a lower starting principal and interest payment, but at the end of the ARM loan’s initial rate period, the interest rate and monthly principal and interest payment could go up. If that happens, you will need to be prepared to make bigger payments. To help avoid significant fluctuations, interest rate caps limit how much the interest rate can go up or down at each interest rate adjustment and over the life of the loan.

Key Features:

• Available in 5/1 term.
• Fixed rate for the first five years.
• No private mortgage insurance.
• Variable rate can adjust up or down at the end of the fixed term.
• Rate increases are capped at a pre-set maximum.
• Attractive interest rates and low closing costs.

ARM loans are named by the duration of the initial rate period and how often the rate will adjust thereafter. First Bank of the Lake offers a 5/1 Adjustable Rate Mortgage:

• The “5” stands for the 5-year initial rate period during which the interest rate remains the same.
• The “1” shows that the interest rate can adjust once per year after the initial rate period expires. An ARM loan may be a good option if you plan to move or refinance within a few years or if you expect your income to grow in the future 

Jumbo Loans

If you’re buying, financing, or building a home with a higher property value and can manage larger monthly mortgage payments, a jumbo loan, also referred to as a non-conforming loan, may be a good choice for you.

“Non-conforming” refers to loan amounts higher than the maximum conforming limits available for Fannie Mae loans. Jumbo loans are available in a variety of fixed-rate and adjustable-rate options. Although they usually feature both a higher down payment amount and higher interest rate than standard mortgages, a fixed or variable-rate jumbo loan can help some people accommodate large purchases.

Key Features:

• Home financing option above $510,400.
• Variety of loan terms are available.
• Financing for primary residences and vacation homes.
• Fixed rate, adjustable rate and interest-only payment options.
• Purchase, Refinance, and Construction options available.
• Attractive interest rates and low closing costs.

Residential Lot Loans

When you find the perfect lot, you don’t need to wait until you are ready to build. You can purchase the lot now, work on creating your new home plans, and then select a builder. When you’re ready, we can also provide the construction loan and permanent financing. With so many considerations to make while preparing to build, let us take care of the lot financing.

Key Features:

• Loan amounts up to 1 million.
• Three financing options available, including interest only and fixed rate loans.
• Low down payment options.
• In-house underwriting, processing and closing.
• Up to 10 acres allowed.

When it comes to finding a lot that works for you, you should consider:

• Your price range.
• Zoning requirements for your desired area.
• Annual tax rate on the lot.
• Ordinances and covenants, including homeowner’s association (HOA).

Portfolio Loans

Our in-house portfolio loans can help potential buyers with special circumstances or atypical financing requirements, which can make it difficult to qualify for a conventional home loan. Portfolio loans offer homebuyers and homeowners with greater flexibility in the loan approval process. They feature fixed and adjustable rate terms, attractive rates, low closing costs and local lending decisions.

Key Features:

• Loan amounts from $300,000 to $30 million.
• In-house processing, underwriting and closing.
• Low down payment options.
• Expanded guidelines and specialized features.
• Interest-only options.
• Financing options for self-employed borrowers.
• Bridge financing.
• Pledged assets in lieu of cash.
• For primary or vacation homes.
• No prepayment penalty.
• No monthly mortgage insurance.
• Escrow for Homeowner’s Insurance and Taxes not required.

When it comes to home loans, there’s no such thing as a one-size-fits-all.  That’s why First Bank of the Lake offers different types of home loans to meet a variety of needs. Sometimes the specifics when buying a house at the Lake of the Ozarks aren’t standard, but that doesn’t make it impossible.  Our lending experts in Osage Beach are well-versed in all our loan products and are solution-focused.  It is our goal to help you reach your goal of buying your dream home. If you have any questions, we encourage you to give us a call.  To stay informed with all our latest tips and information about banking at the Lake of the Ozarks, please follow us on our social media channels below!  

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. 

Like Us On Facebook

Follow Us On Twitter

Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100

Osage Beach, MO 65065

                                                                            (573) 348-2265 

Applying for a Mortgage at First Bank of the Lake – 7 Types to Choose From (Part 1)

First Bank of the Lake is very customer-focused, and we know that every borrower’s situation is unique.  That is why it is important to us that we offer a variety of mortgage financing options to accommodate your needs.  If you are interested in purchasing or building a home at the Lake of the Ozarks we invite you to talk to one of our mortgage lenders in Osage Beach.  If you would like to know more about the types of mortgage financing available at our bank at the Lake of the Ozarks just keep reading!  We are going to talk about 3 of our most popular mortgages!

Fixed Rate Mortgage

A fixed rate mortgage is a perfect solution if you plan to stay in your home for a long period of time and have the peace of mind knowing that your monthly payments won’t change.  The interest is locked in, so you’ll have a consistent monthly payment and have the flexibility to choose the length of your loan. Knowing your payment will be the same each month may give you greater ability to plan a budget and pay other expenses without jeopardizing your mortgage payment. With a fixed rate mortgage from First Bank of the Lake, you have a choice of a variety of available loan terms. The overall interest you pay is more over the life of the longer-term loan, but a short-term loan often has a higher monthly principal and interest payment.

Key Features:

• A variety of loan terms are available.
• Consistent payments for the life of the loan.
• Low down payment options.
• Single family loan amounts up to $510,400.
• Attractive interest rates and low closing costs.

Construction Permanent Loan

A Construction Permanent Loan makes new home financing simple. There’s just one loan application and one closing. You can use the construction loan to build either a primary or vacation home. Our construction loans offer low closing costs, and we offer a closing credit on your permanent loan when the construction/renovation project has been completed. Our construction loan approval and construction disbursing processes have been refined to provide a superior borrower and builder experience.

Key Features:

• Loan amounts up to $5 million.
• Construction period up to 12 months.
• Loan Program options provide flexibility.
• Secure your permanent interest rate before you begin building.

Bridge Loan

It’s not uncommon for a buyer purchasing a new home to have to secure financing prior to the sale of an existing home. In this case, a bridge loan – also known as “gap financing” or a “swing loan” – can provide the money you need to help complete the new purchase. The funds from the bridge loan are then used as a down payment on the new home by leveraging the equity in your current home. By using the equity in your current home to acquire your down payment funds, you can purchase your new home now, and then pay off the temporary bridge loan when you close on the sale of your existing home.

Bridge loans can be the perfect solution for a number of different situations:

• Your dream home has come on the market for sale.
• You need to relocate for a new job.
• Your family is about to outgrow your current bedroom count.
• You don’t have a temporary housing solution between selling and buying homes,

Simply put, bridge loans are to help people transition into the next home. They say timing is everything, but real estate opportunities and life transitions rarely come at a convenient time – bridge loans can span the transitional gap.

Key Features:

• Interest only payments on a fixed rate.
• Short loan term with no prepayment penalty.
• Intended to help smoothly navigate this all-too-common homeownership predicament.

Financing Options to Fit Your Needs at First Bank of the Lake! 

If none of these three loans exactly fit your needs, we have more to tell you about in another blog!  But if you can’t wait until then, you can go to https://www.fblake.bank/for-you/mortgage-financing-options to read about them on our website. If you are not sure which option is right for you, reach out to our lending experts.  They will help guide you through the process to choose the best rate and term to make your dream home a reality!  Our team of mortgage lenders at Lake of the Ozarks makes the loan process easy.  You can start your application online or call us at (573) 348-2265.  To hear about all our latest announcements and tips, use the links below to follow us on our social media channels! 

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. 

Like Us On Facebook

Follow Us On Twitter

Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100

Osage Beach, MO 65065

                                                                            (573) 348-2265 

Exploring What First Bank of the Lake Has to Offer Using Our Education Center!

The mission of First Bank of the Lake is to put our customers first, and we take that mission to heart in everything we do.  We know that people need access to time-saving technology that is convenient and secure to manage their accounts and keep track of their finances.  We provide that through numerous apps and services available through our bank at Lake of the Ozarks.  We also understand that with technology and a large menu of services available, there is a learning curve. 

So, we created the Education Center on our website to provide 24/7 unlimited access to video tutorials that will help you learn more about what First Bank of the Lake has to offer and how to use each service or app.  If you are interested in utilizing things like Online Bill Pay, Mobile Banking, CardValet, Money Transfers, and more, but don’t know exactly how to get started or use them to their full potential, read on!  We wrote this blog for you.

Library of Tutorials

Finding our Education Center is easy.  Just click on the Resources tab of our website and you will see it in the dropdown menu.  This is where learning begins, and you get to see our products in action!  There will be a menu of tutorials, each one broken down into sections in case you just need help with one part of the product and don’t want to hear the entire overview. They will cover products for personal banking and business banking.  When you click on a tutorial, it will open in a new window and ask your permission to leave the First Bank of the Lake website and proceed to the site for the tutorials.

Mobile Banking

Many of the products we offer at our bank in Osage Beach are integrated into Mobile Banking in general, so the tutorial for Mobile Banking is a great place to start. This video will walk you step-by-step through exactly what features are available with the Mobile Banking app and how to use them.  For example, the tutorial will explain how to use or access the following:

• Instant Balance: When enabled, users can securely preview balances without logging in.
• Touch/Fingerprint ID: Log in using your fingerprint instead of a password with Apple's Touch ID or Android's Fingerprint Authentication or Facial Recognition.
• Account Balances: View your account balances in real-time.
• Recent Transactions: View both recent and pending transactions.
• Check Images: View images of the front and back of your checks.
• Transfer Funds: Easily move money between your accounts.
• Add Contacts: Add companies and people to send money to.
• Send Money: Schedule payments to companies and people.
• Deposit Checks: Deposit paper checks using your phone's built-in camera.

There are also individual videos on things like Online Bill Pay, eStatements, and Remote Deposits.  The Mobile Banking video will talk about these features, too, but you may check the stand-alone videos for more details as well.  In addition, there are videos for the business side of these products e.g. the Business Mobile App, Business Bill Pay, etc.

Other Featured Products

There are several other handy products available at First Bank of the Lake with detailed tutorials in the Education Center library.  There is a video on Popmoney which explains how you can send money to family and friends or other individuals with just their email address or phone number.  There is a video on the CardValet app which allows you to lock and unlock your debit card using your phone, restrict purchases to locations, merchant categories, or transaction types, receive alerts based on criteria you choose, and more!  There is a video on how FDIC deposit insurance works and how to ensure your deposits if they exceed the $250,000 maximum with IntraFI Deposits.  There is even one telling how to manage money transfers with other banking institutions outside of First Bank of the Lake called External Transfers. 

Welcome to the Education Center at First Bank of the Lake!

If you have not ventured to look into any of these banking options, we think you will enjoy exploring the Education Center.  It just may inspire you to try some easy tools that can help you manage your bank accounts at the Lake of the Ozarks with proficiency! Or if it is something you don’t use very often, like Popmoney, and you just need a quick reminder of where to find it or how to use it, the Education Center tutorials are great guides.  At First Bank of the Lake, we are all about making banking easier, better, and more secure for our clients.  We hope you enjoyed this blog about the Education Center on our website. If you would like to stay up-to-date with helpful announcements and information about banking at the Lake of the Ozarks, we invite you to follow us on social media.  The links to our channels can be found below. 

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. 

Like Us On Facebook

Follow Us On Twitter

Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100

Osage Beach, MO 65065

                                                                            (573) 348-2265