No Strange Bedfellows: Community Banks and Merchant Processors Can Find Lending Success Together
A local merchant walks into a bank, inquires about a working capital loan, and walks out with a to-do list a mile long. It sounds like the start of a really bad joke, but unfortunately, it’s not. Ten years ago, banks were the only option for small businesses in search of a loan, but securing capital required a great deal of time and patience. What gave one bank an edge over another had more to do with relationships than any other factor.
Fast forward to today, and the business lending landscape is barely recognizable. Competition has shifted from “bank versus bank” to bank versus, well, everyone.
Here’s the bottom line: to stay in the game, community banks need to leverage their competitive advantages while offering a more efficient and convenient way of delivering capital. This white paper will show you how.