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Mind Your Business Services
Wednesday, May 31, 2017 6:25 AM

Karen Coble, VP Sales, Catalyst Corporate FCU

Over half of all Americans own or work for a small business, and these small businesses create about 67 percent of new jobs in the U.S. each year—at least according to the latest data from the U.S. Small Business Administration.

With those numbers, it’s no wonder credit unions are bolstering their small business services and outreach to select employee groups (SEGs). After all, credit unions, by nature, offer SEGs a better banking relationship by providing specialized services specifically for their needs.

But is your credit union positioned to help this growing population by providing funding, fee-generating deposit accounts and payment services to small businesses? Check out some of the ways your credit union can support, engage, and advise the SEGs and small businesses in your community.

Deposit Directly. Small businesses need to make the most of their resources and time. Your credit union can help by offering direct deposit services for their payroll needs. With ACH origination, SEGs and member businesses can expedite vendor payments and direct deposit of payroll and tax payments while instilling best practices for their business.

Capture Convenience. While exploring ways to reduce the labor and improve member satisfaction, consider a way to capture checks remotely. Catalyst Corporate’s Business Capture service addresses obstacles such as limited branches and limited time by allowing member businesses and SEGs to scan and transmit deposit items directly from the business to Catalyst Corporate for processing, clearing, and collection. Credit unions have the opportunity to review, modify, or delete these items before they are processed.

This service reduces credit union back-office labor and lets credit union staff focus on members’ other needs.

Make Marketing Easy. Let’s face it: it takes blood, sweat, and tears to run a business. Lighten the burden for your member businesses by showing them ways your credit union can assist. Provide marketing materials detailing your business offerings so members (and potential members) can find your business solutions easily. (They are working hard enough as is!) Consider offering training classes or other educational opportunities as well.

Also be sure to check out CU Business Group (CUBG), a CUSO that provides comprehensive support for credit unions seeking to begin or expand their business services. CUBG’s team of professionals provides a wide variety of á la carte services, including comprehensive loan support, credit underwriting expertise, guidance on strategy, policies and business deposit services, and more.

Ensure your members have the best credit union experience possible by making their business needs your business.