While many small business owners are optimistic about 2011, a lot are dissatisfied with the service they receive from their business banks. According to this article, they are unhappy with the overall banking experience for a second consecutive year.
The most important thing that small business owners look for in a bank is an open line of communication. When an owner and a bank account manager understand each other (goals, needs, etc.), the business runs smoothly. There aren’t any surprises, which allows for optimal productivity. Since this type of service has seemingly waned, more and more small business owners are switching to different banks.
This idea of stability and trust in a bank is essential when establishing one’s small business. Often times, as described in the article, small business owners turn to smaller, regional banks to find this type of commitment and dedication.
Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.