Are your merchant services and business banking accounts with the same institution? According to the Small Business Payment Spotlight, consolidated financial relationships are on the rise. There are plenty of good reasons why.
When small businesses combine their financial relationships with one institution, they can gain a variety of benefits—a reality most small businesses are capitalizing on as they shift into 2020 mode.
In fact, 79 percent of small businesses surveyed by Bank of America Merchant Services said an integrated relationship between merchant services and business banking is “important” or “critical.”
Additional data from the Small Business Payment Spotlight1 shed light on the specific benefits small business owners gain by working with a single trusted financial institution.
To maximize your small business banking experience, get the answers to these questions before signing on the dotted line.
In business, it’s helpful to have an experienced hand at the wheel to leverage financial opportunities on a daily basis. That’s what a consolidated financial relationship with a single bank can do for you.
The fact is, a small business receives a range of benefits when it has a single relationship with one financial institution. From accessing a wide variety of payment types and improving cash flow to delivering a better customer experience, consolidated relationships pay off. Find out for yourself by talking to your financial institution.