4 Missed Opportunities When Opening a New Business Account

4 Missed Opportunities When Opening a New Business Account-Banner

4 Missed Opportunities When Opening a New Business Account

You are a sales professional at a bank.  You opened a new business account.  CONGRATS!  Now what?  Beginning a relationship with a new business customer is exciting.  But, opening the new account is just the beginning.  To keep that account for the long term, you need to strengthen that relationship.  You must become their business partner.  Here are 4 frequently missed opportunities when opening a new business account that can lead down the path to partnership.


1. Involve the bank’s treasury sales representative with the initial needs assessment

When a bank’s treasury sales representative is not involved in the initial meeting, needs assessments are often poor.  Conversations generally consist of asking the prospect what financial products they are currently utilizing.  However, no effort is made to uncover any flaws in the prospect’s receivables or payables processes.  Further, with a treasury rep on hand, there are usually not any questions about the business’ growth plan, which would allow the bank to propose the addition of new services and the elimination of others.  An “order taker” approach inevitably results in more work and less benefit for everyone involved.  Conversely, looping in your treasury team, and asking more questions about the business will lay the foundation for a long-term banking relationship.


2. Take a consultative approach with the business owner

Most business owners don’t know what they need when setting up a business account with the bank.  You are the expert.  They are relying on you to guide them.  Consult with your new or potential customer to understand their operations and really get to know their business.  What causes them pain?  How can you help them be more efficient?  Then, propose banking solutions that will help them grow their company.  Being a consultant for the business as a whole will solidify your position as a partner.

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3. Cross-sell other banking products

When a customer is opening up a new business depository account, the opportunity is there to cross-sell loan products, merchant services, online banking, ACH services, and much more.  Once you have asked questions about their business, and understand which products they could benefit from, don’t be afraid to ask.  Here are a few ways to bring up the options in a conversation:

Loan Products: “Do you have a line of credit or business loan in place currently?  Who is it with?  Would you be interested in setting up a line of credit to give you flexibility when you need extra funds?”

Merchant Services: “Do you accept credit cards at your business, or do you have customers asking about it?  Let me put you in touch with someone at our credit card processing partner. 

Online Banking/BillPay: “How are you paying your bills currently?  Are you interested in streamlining this to pay all of your utility, vendor, and miscellaneous bills from one spot online?  Let me show you how our BillPay works.”


4. Ask for Referrals

One of the easiest ways to generate new business and increase loyalty of current customers is to ask for referrals. If a customer is happy with the way they are treated at your organization, they usually want others to know. This is especially true with satisfied small businesses, private banking customers and retail customers that are part of a bank-at-work program.  You could take that further and provide an incentive to current customers for referrals.  At this time, new customer acquisition offers frequently exceed $100, and the overall cost of acquisition is usually more than $250.  So, if you offered a referral “bonus” of $50 to current customers for referring a friend, it would be less expensive and would most likely generate a more loyal customer.

BASYS Processing as a business partner

If your processor isn’t delivering strategies to help grow your program and personal service to your customers, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a business partnership that will help you meet and exceed your goals.

BASYS Processing features: 

• A friendly, live voice will answer the phone when you or your customers call; no automated phone systems.
• In-house PCI Compliance team to walk your customers through the process step-by-step, improving security and reducing costs.
• Thorough Market Analysis followed by mutual plans and goals to grow your portfolio.
• In-depth initial training and ongoing bootcamp training for bank staff.
• A full suite of turnkey marketing assets that can be customized with your bank branding.

About BASYS Processing

BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need.  Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe and affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.

Learn more at basyspro.com, and connect with us online at: