to talk about the poll, I spoke with Quincy Miller, Citizens Bank President Business Banking. Mr. Miller and I talked about a wide range of topics such as business audit, cash management and merchant credit card accounts.
While referred the interview, Mr. Miller Citizens Bank is clearly Better Business Review listing. Business current account has no monthly minimum, no monthly fees, and 0 free transactions per month. The following interview is reconstructed from my notes and do not represent Mr. Miller exact words.
Why do more than a quarter of small business owners no business checking account?
Many small businesses believe they. Too few transactions for a business checking account This in conjunction with a major concern about the monthly fees, startles a large number of small business owners from setting up a business checking account. This is one of the reasons why we clearly developed Better Business Checking. There are no monthly maintenance fees, regardless of the account balance.
Why a business should avoid in the same account an account, both for business and personal use?
mixing plant create personal and business funds with an enormous amount of additional work, especially around tax time. go back by a year of records and what costs were personal sorting and which companies were, is a process that is both time consuming and error prone.
Second, expanded as a business, it may want to access credit products as starting credits. Commercial banks going to want to see bank statements for the company, which does not cover the owner's personal finances.
What is the most popular way for small businesses to get the payment?
by Number of banking, paper checks are still the most popular form of payment, closely followed by electronic payment. Payment in physical currency notes and coins, the rear. When considering where a business to open checking account, small businesses should consider the number of transactions can do a fee without charge. Citizen Banks clearly Better Business Checking has 0 free transactions per month. However, electronic transactions, such as online tests do not count towards the 0. In my personal view, more than 0% of small businesses can our product without paying use no transaction fees.
Have you insight on how small businesses improve cash flow?
customers to pay promotion after finishing work instantly improve or delivery using a credit or debit card of product can cash flow dramatically. Typically, funds from credit cards to the owner are within 1- 3 business days of payment. I have a friend of mine in the landscaping business, which provides its customers into account. The bills had generally net 30 days terms. However, pay to its customers on time is not always that meant to collect funds for improvement. When he began to offer and promote credit card payments, he improved his two cash flow and spent much less time to get customers to pay.
On the other hand, many companies do not take to make full use of their credit conditions. If you pay 60 days, an invoice, you should pay at the end of the term. If you are currently unable to obtain trade credit from their suppliers and suppliers for them, ask. Also, ask your suppliers and vendors, if you pay by credit card. So you can still pay to get one month.
Quincy Miller is president of Citizens Bank, Massachusetts, and president of Business Banking for Citizens Bank.
It monitors more than 650 sales and operations colleagues with responsibility for the customer as $ 25 million in annual sales, and all credit officer / operations. His team used the banking needs of more than 330,000 companies served in the 11 states of Citizens Bank.
Previously, Miller was Business Banking Director of Strategy. He also served as the Massachusetts director of retail branch banking for Citizens Bank, responsible for more than 130 branches to monitor and 1,100 colleagues.
Throughout his career, Miller has been engaged in the community. He currently serves as CEO of the Urban League of Eastern Massachusetts, is a board member for the Greater Boston Food Bank and Bottomline. He is a former CEO of the bearing curtain YMCA and board member of the Central PA Big Brothers & Big Sisters and Cuyahoga County Community College. The Central Penn Business Journal, 02; Crain Cleveland Business, 08; and Boston Business Journal, 2012 recognized him as 40 under 40
Before joining the Citizen in 06, Miller spent nine years at M & T Bank in New York City and Harrisburg, Pennsylvania, where he was vice president and retail regional manager.
Miller is a graduate of Lafayette College, where he earned a BA in business and enterprise; , And the Consumer Bankers Association Graduate School of Retail Bank Management
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