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Maximizing Your Relationship With Your Bank

 

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by David Garland in David's Blog

Rise Underground: The Rise To The Top Entrepreneur Blog
The Rise To The Top: Entertaining, Energizing and Empowering Entrepreneurs

191510121You remember your dear old friend the bank don’t you? Yes, as an entrepreneur we do use a bank as opposed to shoving precious pennies under the bed (you do use a bank…right?). But did you know that there is MUCH more a bank can do for you and your business besides just opening a checking account?

Especially in these tough economic times, every penny counts and at a recent The Rise To The Top event, Patrick Bowen (Senior Vice President at BancorpSouth) led a discussion along with Eric Griffith and Rebecca Edwards (also from BancorpSouth) about maximizing your relationship with your bank and here is some great insight from the bank’s mouth:

Tips on Forming a Relationship with Your Bank

Contrary to media gloom and doom, some banks are still lending money… we’re one of them!

The most important thing to tell your bank when making a pitch for a loan is how you will pay them back.  Hint: the only thing that can repay a loan is cash.

The five C’s of credit: Capacity (to generate cash), Capital (equity), Collateral, Conditions (economic, market and even the purpose of the loan) and Character.

In regards to character, research yourself.  If you haven’t done so recently, obtain a copy of your credit report, Google yourself and check public records.  A smart banker will do all of these things when you apply for a loan.

Communicate, communicate, communicate.  Good or bad, share it all, and share it now.

Save yourself time; put together a credit application file: three years of financial statements and/or tax returns for your business, three years of personal tax returns and a personal financial statement.

Accounts For Entrepreneurs: Quick and Easy

Sole Proprietor accounts are styled “Doing Business As” or “DBA”
Example:  John Smith “Doing Business As” Entrepreneurial St. Louis

What you should bring to open your account:
♣    Personal state issued identification such as a driver’s license
♣    Personal social security number
♣    Name of your business
♣    Business license if available

Adding authorized signers to your account requires:
♣    Physical presence of authorized signer
♣    Personal state issued identification of authorized signer
♣    Personal social security number of authorized signer

It’s all about Getting Paid!
Payment Processing is vital for a successful business.

How is your business currently accepting payments from clients?

In 2006, for the first time, consumers paid for more purchases with debit and credit cards combined than with checks. Debit card use is growing especially fast; debit cards have surpassed credit cards as the most popular electronic payment, according to the Federal Reserve.

MasterCard and Visa reported debit card transactions increased 17.5 percent, and 7.45 percent for credit card purchases in 2007, according to The Nilson Report, a payment card industry trade journal.

Credit and debit card usage is increasing every year.  By 2010 it is estimated that 47% of all transactions will be by credit or debit cards.  Are you prepared?

Having a comprehensive payment processing plan in place allows you to concentrate on building your business instead of worrying about how you are going to get paid.

A few of the benefits:

1. Expand distribution channels

2. Increase sales

3. Enhance security

4. Provide superior customer service

5. Speed & efficiency

When comparing merchant services, the speed of the deposit can be just as important as the costs involved.  For example, our client’s credit card deposits made to a BancorpSouth checking account are available within 24 hours.

Have you ever worried about receiving a “bad check” from a customer?  You can sleep soundly if you have a check verification program in place.  Electronic check processing is the fastest, most efficient alternative currently available.

Live Passionately! – David Siteman Garland – The Creative Opportunities Specialist and Entrepreneurial Chameleon – https://therisetothetop.com

PS: Make sure to take a great look at BancorpSouth if you have any questions about anything listed above and here are some other things they can do for you…the entrepreneur.

bxs-right-where-you-arecymk4

BancorpSouth FREE Small Business Checking Account

⎫    Only $50.00 initial deposit to open account
⎫    No minimum balance required
⎫    No monthly maintenance fee
⎫    First 175 transactions Free per month
⎫    Free BusinessSite Internet Banking
⎫    10 Bill Pay transactions Free per month
⎫    Free Bank Zip bag
⎫    Itemized monthly statement with check images
⎫    Free BusinessCard Debit Card
⎫    *No annual fee BusinessCard Credit Card
*Subject to approval

BancorpSouth Merchant services provides credit and debit card processing, electronic benefits transfer, check verification, check guarantee and electronic check acceptance.  Through a customized analysis, they can help you decide what services and products are best for you and your business.

If you would like more information, please give them a ring at 314-290-3100

  • elli lou Ilano

    Great Article. Thanks for the info. Does anyone know where I can find a blank personal financial statement to fill out?

 

GET MY FREE CHEAT SHEET

These are the EXACT same steps I used to go from $0 to over $1,000,000 in online course sales in less than 24 months (and used by over 2,500+ of my students)

it's free!
100% privacy guaranteed, no messin' around!