What bank are you using for your SMB business?

searcher profile

May 01, 2024

by a searcher from King's College London, University of London in Dallas, TX, USA

We are in the process of acquiring a business with ~15 employees and ~1M EBITDA. 95% of transactions are paid via ACH and credit card, 5% is cash payment.

I am looking at both online banking and local credit union options. It looks like local credit unions provide better support for cash deposits, among others, and online banking solutions integrate better with online accounting and payment systems.

What are you using / would you recommend?

0
1
26
Replies
1
commentor profile
Reply by a searcher
from Emory University in Tucson, AZ, USA
Selecting a bank today is about looking to the future. What bank can accommodate the company's growth including your lending and treasury needs, plus have the convenience tools and personal touch. By your question, I'm assuming you don't have a bank lender otherwise it's most convenient to keep all banking at the same institution (and might save you on monthly fees).

Audit your needs: accounting and bank record synchronization, multiple users with different levels of access/permissions, domestic/international wires, simplifying ACH collection, simplifying vendor payments by ACH, customer payment portals, remote check capture and deposit, merchant processing, etc.

From your CPA, local network, SBA lending reports for the state, the local Business Journal etc. you'll be able to surface three types of banks you should approach for proposals: locally owned business bank, mid-size regional bank, and large national bank (US Bank and Chase we've found most competitive for our needs).
Join the discussion