Financial Institutions Can Be Your Business Partners

Financial Institutions Can Be Your Business Partner

Local and regional institutions provide important services

On the road to small business success, owners and CEOs are always on the lookout for an edge, and no one understands this more than a community-based financial institution. Think of Colonial as a partner in your business to help with your small business banking needs.

In the past we years, we’ve seen more small business owners switch from the huge national banks to institutions like Colonial, which is family-owned, financially strong and focused on serving the needs of the people in the community,” David Motley, Colonial President said. “They have discovered that we offer all the products and technology they need but we deliver a better, more personal banking relationship.”

Merchant accounts
Partnering with a financial institution that helps businesses accept credit and debit cards is one of the most important steps a small business can take. The financial institution can also help reduce fees associated with the growing number of online orders many businesses receive.

“There are multiple fees and transaction costs associated with accepting, processing and invoicing customer orders,” explains. “The best banks provide a full-service, turnkey solution to managing your merchant account and they ensure their fees are upfront and transparent.”

Cash flow management
The best financial institutions, says, “help with cash flow management by helping you reduce your costs of financing.”

You can use the Colonial Deposit Xpress product which allows you to deposit checks remotely right from your business location.

Lines of credit and financing
Whether the reason is cash flow management or expansion, every business needs an occasional financial boost, and local financial institutions can provide that via a line of credit.

A financial institution “should provide you with a business credit line that allows you to manage the cyclical nature of your market,” states “Additional services could include receivables factoring and purchase order financing. Both allow you to maintain a rolling credit line based on open invoices and current backlog.”

If it’s a traditional loan your company is after, smaller financial institutions are well known for their accessibility to small businesses.

Market insight and research
One of the best examples of how local and regional financial institutions can act as partners to a small business is the insight they can provide. These institutions, after all, are part of the business community and understand it as well as anyone.

“This is especially the case for smaller local markets, ones where banks can provide invaluable insight based on the knowledge they’ve gained with similar businesses,” explains.

Now is as good a time as any to learn more about how your local financial institution can help your company grow. Don’t settle for only a checking account, because there are many ways to gain an edge via your “partners” in business. Call us, email us, or stop by any one of our Banking Centers to find out more.

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