by Shane Adair, Marketing Manager
Every business needs partners to address its financial needs, including both banking and lending. Finding the right organization to partner with can go a long way toward helping your company stabilize and secure operations, as well as provide valuable options for future development.
Let’s look at how you can identify a strong banking and financing partner, as well as some of the valuable benefits TAB Bank brings to the table for your company.
The full suite of services a financial institution offers is a vital consideration when it comes time to choose a bank as a partner for your business. We’ll get to the list of offerings a full-service partner for banking and financing should provide. But first, let’s look at why it’s easier to have one consistent point of contact for all your banking needs.
A bank that can comfortably provide for all your company’s financial needs:
- Has the insight necessary to build and review the complete picture of your business finances, helping you make the informed decisions needed to select the banking and finance products and services that best align with your company’s needs.
- Makes it easier for your company to keep track of accounts, financing agreements and overall cash flow. With data from every account and lending plan available from a single source, your company spends less time on administrative tasks while maintaining strong insight.
- Provides an existing, positive relationship that can be valuable for opening new accounts and starting new lending agreements. With a track record of on-time payments and regular account use, as well as past due diligence, it’s that much easier to request financing or add a variety of new accounts. If your business has a time-sensitive opportunity for growth or faces an unpredictable emergency, waiting for review and approval from a financial institution you haven’t worked with in the past can lead to damaging delays and other issues.
These advantages are incredibly valuable when it comes to both regular operations and situations where a company has to act quickly in response to a positive or negative concerns. While not all businesses can have one partner address all their banking and financing needs, keeping the number of outside organizations your enterprise works with low in this context can still provide these benefits.
There are a few core offerings that every financial institution should provide to their clients:
- Business checking: This is a basic, yet foundational need for every business. Our checking accounts offer benefits including debit cards, mobile and online banking, and bill pay. Your business checking account is the basis of your larger relationship with your financial partner, so finding the right one is especially important.
- Savings and money market accounts: Your company always needs a place to keep funds that is both secure and accessible. Savings and money market accounts address this requirement, helping your organization efficiently track and manage its funds. Our savings and money market accounts give you two effective options for doing so.
- Certificates of deposit: CDs offer a unique mix of security and guaranteed returns, serving as a reliable investment vehicle. If your business has plans for growth and wants to maximize the value of money set aside for that project - and avoid the possibility of spending it beforehand - CDs are an effective option.
- Treasury management services: Customized treasury management services take the burden of a variety of routine tasks off of busy business leaders and staff. By placing them in the hands of experts - while still providing your company with complete transparency and oversight - you can effectively address a range of common, time-consuming obligations and focus on your business’s core activities.
Beyond these core banking needs are a variety of financing options that aren’t strictly required for businesses, but are incredibly beneficial in the right circumstances. TAB Bank’s unique offerings include:
- Accounts receivable financing and factoring: A/R financing and factoring leverage an asset that nearly all organizations have - unpaid invoices - and use them as collateral for financing, reducing payment timelines to quickly access needed funds.
- Asset-based lending: This flexible approach to business financing allows your company to use a variety of assets as collateral, such as accounts receivable, inventory and even some equipment. More flexibility means more options, making asset-based lending a valuable choice to have on hand.
- Equipment financing: Designed specifically with trucking companies in mind, this service helps businesses in the transportation sector secure the equipment they need to continue operating effectively.
If you choose to partner with TAB Bank, you can rest assured that your financial institution offers a wide range of services that align with the needs of modern businesses. We bring decades of experience in both banking and financing to the table, along with a staff of experts who can help you make the best possible decisions for your unique needs. To learn more about how we can help your business, get in touch with us today.
If you are looking for more information for your small business, check out our eBook titled, Effective & Practical Advice for Small Business Success. Click on the tile below and download this valuable piece of content today.
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