If you’re like most business owners, you probably don’t think all that much about your banking relationship on a day to day basis. You may check your account balance online, make a cash deposit in a branch, or use bill pay services, but odds are good that you’re not spending a lot of time thinking about the bank itself and how it could be helping (or hurting) your business. Let’s take a look at five red flags that mean it’s time to switch banks.
They Can’t Solve the Problems You’re Having
For a hardworking business owner, even small problems can feel huge and overwhelming. If a check bounces when it shouldn’t, a deposit is delayed, or a clerical error means you can’t pay a bill on time, that’s a big deal! Mistakes happen to everyone, but if you experience the same problems over and over it’s time to search for a bank that’s better equipped to meet your needs. Running a business is hard enough without worrying about whether your money is going to end up in the right place or not.
They Don’t Have the Tools You Need
If your bank doesn’t allow you to access your account (and therefore your money) the way you want to, you’re setting yourself up for frustration down the road. Mobile banking is a great example of this. If your bank doesn’t over a convenient way to stay connected while you’re on the go, as a tech-savvy and busy business owner you’re going to have problems. Just because the tools exist doesn’t mean you’re guaranteed a great experience, either. If the app is poorly constructed or the website crashes constantly, it may as well not exist at all. Security and convenience are key when it comes to managing your business finances. If your bank doesn’t offer these things, it’s time to switch banks.
They Have Lousy Customer Service
This is one of those things that never seems to matter until it REALLY matters. Even if you usually do all your banking online, the time will come sooner or later when you’ll urgently need to get some help from a real person. How your bank handles that situation will make a big difference in your relationship with them. You deserve a bank that’s going to treat your concerns as a top priority and get things resolved as soon as possible. That’s just good business – but some banks don’t understand that.
They Don’t Offer Proactive Advice
There’s a lot that business owners have to juggle! It always helps to have people on your side who have your best interests at heart. One of those people should always be your bank representative. You should be able to count on them to check in, recommend changes to your account or add-on services that might serve you better, and always think about your bottom line before their own. If you don’t have this kind of relationship, it’s time to switch banks.
They Don’t Have a Partner Network
Your bank representative should always have a recommendation ready for any kind of business need you might have. Whether you’re looking for credit card processing, a CRM system, an internet provider, or a great venue for your holiday party, they should always know someone in the community or have a name from their network that they could recommend. (Psst – if your bank representative isn’t recommending 360 Payments for credit card processing, let us know so we can fix that).
A Word of Caution
The grass isn’t always greener on the other side. Before you jump ship to a new bank, make sure you do your research. Talk to customers of the new bank if you can, and remember that the bank will always roll out the red carpet for new customers and it may take a few months or even years before the bad stuff starts to surface. Proceed with caution, and ask plenty of questions. We’re fortunate to be partnered with several excellent banks, and we would love to refer you to them (and provide a complimentary review of your current credit card processing situation). Give us a call at 1-855-360-0360 or drop us a line on our website. We’re here to make sure you have the right people in your corner.
PS – Is a virtual terminal right for your business? Find out here.
PPS – Get the most out of your next trade show with these tips.