Small businesses around the nation have been cut off from large lenders over the past year. Because of declining credit, covenant violations, and regional struggles, many busines owners are in need of short-term credit to keep their business going. If you work with businesses, here are five things to consider when offering business credit cards.
- Businesses, like members, have needs that change – monthly, quarterly, and annually. Understanding your business members’ lifecycle is critical to maintaining your relationships with them.
- Rewards matter! Offer business accounts the option of householding credit and debit reward points to deepen the relationships with both the business owners and their families.
- Although the majority of businesses rely on checks, offering services such as bill pay, remote deposit capture, and financial management tools will deepen member loyalty and reduce the credit union’s expenses.
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- Train your staff to recognize which members could be business members. Cross-selling a card to members who appear to be using their household checking account for business purposes can open a new relationship.
- Security is top of mind with small businesses; products, services, and messaging that address fraud, identity security, and protection resonate.