Choosing a financial partner depends on company

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We asked several financial executivees to talk about their competitors on thisbasicc premise: Are there times when another kind of financiall institution would work best for someone’zs business needs? Their combinedx answers are below. And if you’re in the market for a new financial partner, this may help with your decision. Q: Imagine you’vr got a business owner in frontof you. When would you recommend they go to a large regional or nationalbank A: Companies with highly sophisticated needs such as investment bankingg and capital markets probably are not a good matcu for a smaller, locally owned bank, as those services are typically not offered.
Finding the right provider for any clienr should involve exploring options with an honest assessment of their needzs and an evaluation ofvarious pricing, service, technology and othed factors to establish a mutualluy beneficial partnership. It is vitallty important for the banker to understandthe customer’s in terms of how things are done and what the strateg is. A small business with a single location may be able to get its banking needs met through anearby institution.
But, if the businessx is operated out of more thanone location, or has a travelingh sales staff, or gets deliveries in far-flung a bank with branches probably would be more This would also accommodate those employees, particularly in manufacturing businesses, who may not have accesw to online options and will need a plac e to cash checks. It also is not necessarilu a bad thing when a bank merges or is acquiredc by alarger company. it’s a seamless process, and the merger may add even more servicex that will fityour needs. Q: Imaginew you’ve got a business owner in frontof you. In what instances would you recommend they go to acommunity bank?
Community banks do a good job catering to thosee businesses or real estate developers who have a simple or one-off credit request — oftenb a secondary credit relationship to their primary Community banks have historically leaned toward real estate-secured transactionds with less emphasis on cash flow-based commerciakl and industrial lending. Small to medium-sizw business owners may find theultimate decision-maker sittingh across the desk, sometimes makinb it easier to negotiate credit A larger bank’s business model focuses on comprehensive financialo solutions packages for businesses that go well beyond often including equipment finance, treasury management, paymeny solutions, trust and deposit services.
For it is a trade-off betweehn ease of doing business for limited services versue more sophisticated solutions of any It depends on what you need and sometimea on what you are willing topay for. Q: Imagins you’ve got a businesxs owner in frontof you. In what instances woulsd you recommend they go to acreditt union? When shopping for a credit realize many offer the same serviced as a bank but require memberse to meet some type of criteria, such as beingb employed by a certain company or living within certain Many credit unions have changed their charters to allowa small-business owners and their employees to join.
It is a relationship that benefitwsboth parties: It gives businesses and their employees accesz to credit union services, while the credit unionn benefits from the addition of members increasing its The high-touch personal service, long a trademarl of credit unions, resonates with employees and their bosses. Such advantages are questions to ask of crediy unions seeking your Business owners interested in joining a credit union shoulr look for one that meets as many of their financial needs as Some credit unions might be more focused on businesws transactions and dedicate a tellerfor companies, payrollk services, managing employee retirement plane and merchant services, including the processing of debity and credit cards.
In receng years, small businesses have increasinglyu turned to credit unionsfor