Choosing the right commercial banking partner for your business

If you’re considering shopping around for a new commercial banking partner for next year, it may be because you need a banker that delivers value beyond simply managing your business’s finances.

Maybe you’ve sent out some requests for proposals to institutions that offer different commercial banking products and services. But did they respond with thoughtful follow-up questions about your organization’s unique needs for operating successfully?

Do they want to know more about your company’s vision and short- and long-term goals, or are they more interested in selling their products?

If they’re attentive to your needs and are willing to create a customized proposal for you, that’s a good indicator they could be a strategic partner that grows with you through market shifts, strategy changes or even a merger or acquisition.

Here are some other important considerations for evaluating a commercial banking institution, according to Accion Opportunity Fund, a California-based financial services resource for small businesses.

Commercial banking partnership checklist

What size bank is the best fit? Are you more comfortable working with a community bank or a large national bank? Big banks offer more branches, resources and a wider variety of credit options, but smaller banks are attuned to the conditions in your local market and might be more willing to give you a better interest rate or a lower fee to win your business.

Is there a commercial bank with superior services? Some banks have staffers dedicated to advising you on how to run your accounts, fund growth and expand your business. They also may be able to help with tax or payroll issues. What are the specifics of their lines of credit? When comparison shopping, make a note of any business banking products that come with fees or requirements that could become more costly than they’re worth (e.g., minimum balance, checking fees or monthly required use of a debit card). Are there any customer perks that grab your attention?

What are your digital banking needs? If your accounts payable, accounts receivable or expense management functions are automated, your commercial banking partner’s online banking tech needs to be able to accommodate that with various features. Can deposits be made with a mobile app, for example?

What’s the customer support like? You need to get a feel for how the bank would respond if there’s a problem like a missed payment, a fee dispute or an account overdraft.