Why Small Business Checking Accounts Are On the Rise
The relationship a small business has with the financial institution that holds its checking account is normally a stable one. It would typically take a very large event to make a company want to go through the trouble of switching banks and opening a new account.
However, a report titled Marketing Small Business Checking Accounts, which was released by Synergistics Research, reveals there is significant activity surrounding the use of business checks and small business checking accounts.
The report indicates that one-third of small businesses have opened or closed a checking account in just the past couple of years. Around 25% opened a new checking account, 15% have closed accounts but only about 8% of the businesses surveyed had both opened and closed accounts during the past two years.
These numbers prove that while smaller companies may not be dissatisfied with their current situation, they may be increasing the use of checking accounts, using more business checks, and looking for better opportunities at other financial institutions.
The current credit crunch is probably the largest factor in this study. Because of the fact that obtaining credit continues to be a difficult task, it makes sense that more small companies would turn to their business checks as the form of payment they rely on most.
Genie Driskill, COO of Synergistics, says small business checking accounts have moved "front and center" in the race to provide business clients with the products and services they need.
"Until more recently, credit was seen to be the key service in small business relationships," Driskill stated. "Small business bankers have recognized the importance of these depository products as a lead service in small business relationships, particular as the credit crunch and resulting stricter lending standards has all but halted small business lending."
Driskill theorizes that financial institutions looking to attract small business clients should consider offering benefits with business checking accounts.
The reality is that there are very few business accounts offering any sort of reward or incentive program - especially when compared to the offers made by most credit card companies. However, features like overdraft protection could be just as practical for a small business as a consumer.
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