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When you keep money local throughout the spending cycle, it works with you to strengthen the dollar and enhance the local economy. Rural businesses have traditionally been limited to large national banks for their comprehensive business services. All that has changed in recent years, however, with credit unions evolving their business services and offering better rates to empower rural businesses.
Here are a few things to consider when choosing the right financial institution for your business:
Combined Online, In-Person Banking
Most credit unions now offer a mobile app for convenience, with extra enhancements that can be built into business banking accounts. These apps include things like electronic check deposit, bill pay and transfers – making weekly trips to a branch optional for rural businesses.
That said, having a productive working relationship with your business banker can be invaluable when you are looking to grow. Take distance into consideration when selecting your business banking provider and consider a credit union with a local branch.
Direct Deposit
How many employees do you have? Do you handwrite checks or have a payroll service in place? Adding direct deposit capabilities to your business banking account can reduce costs and increase efficiencies while providing added convenience for your associates.
Remote International Wires
It’s common for businesses to work with vendors in international markets, and business banking services provide remote wire options. This feature saves time and money, allowing businesses to operate seamlessly without frequent trips to the branch.
QuickBooks Compatibility
Whether you are your own accountant or work with one, business banking can sync with your QuickBooks subscription. Once access is granted through a secure portal, all of your accounts, deposits and payments will sync to provide an up-to-the-minute look at your business finances.
Low Entry Loans
Many national banks will not consider loans below a high dollar mark, but credit unions have the flexibility for small-dollar loans to help local businesses grow. Whether it’s new equipment, infrastructure construction or technology upgrades, a small business loan from a credit union can help.
Subject Matter Experts
Beyond the basic services, make sure your business banking partner provides subject matter experts. The right knowledgeable industry specialist is just a phone call away, ready to help with your business-related financial questions.
Perhaps even more important, these subject matter experts network in the community and can help identify opportunities for their business banking clients.
No matter which business banking partner you select, remember that making the choice to bank locally increases the value of the dollar and strengthens our Arizona economy. FBN
By Caprice Daniels
Caprice Daniels is a business deposit services officer with OneAZ Credit Union serving the Prescott area. OneAZ Credit Union is the largest state-chartered federally insured credit union in Arizona and offers a statewide field of membership, serving its more than 140,000 members through 21 locations across southern, central and northern Arizona. To learn more, visit OneAZcu.com.