 Small Business Catches The Eye Of BankersPublished Date: 2005-07-13 03:49:04 WorkOnInternet.com
By focusing on ways to free small businesses from time-draining duties and to help these small businesses succeed, banks are offering outsourcing services that are second nature for these financial institutions. Some of these BPOs (business practice outsourcing) services are outside traditional checking and credit cards. For instance, some banks offer travel arrangements, financial advice, payroll services, and 24-hour Internet banking. Bankrate.com~s Small Biz, for example, offers the below special services just for small businesses: - Sign up for an e-newsletter. - Find out the most current loan and credit card rates. - Receive advise in several areas such as finance, e-commerce, taxes and cash flow. - Control accounting online (pay bills, payroll outsourcing). Another major bank that offers small business solutions is Bank of America. Small business services offered by Bank of America include several packages to help small businesses manage more effectively. Many of these packages offer financial advice and resource specialists. The Value Package, for example, offers overdraft protection, Paychex (Bank of America's payroll outsourcing service), merchant services, free small business money market savings account and more. Nearly 21% of the banking market is small businesses. This market accounts for about 41% of the U.S.'s private payroll. Large banks are taking special notice of the influence that small businesses have on the economy. This special notice could be spurred by large banks' recent consolidations with several small banks. Over the past couple years, small business loans have increased as much as 91%, according to some banks. Non-technical small businesses are going after most of these loans. As result of this increase, credit for small businesses has never been better. For many small businesses and the banking world, this is a win-win scenario whereby small businesses are paying less for time-consuming activities and succeeding at a greater rate. The competition among banks is picking up in a race to get the small business's attention. American small businesses and American banks aren't the only operations partaking in this trend; places such as United Kingdom, Australia and other developed countries are also noticing expansions in small business banking. More banks are expected to incorporate special small business banking as more small businesses pick up on the benefits of BPO. Copyright 2005 Wouter Carrie. All rights reserved. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Wouter Carrie is the owner and operator of Fluent Banking Inc hich is one of the leading resources for banking information on the internet. Please visit his archive of articles: http://www.flbanking.com/archive/
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