Small businesses are often characterized as too small and too simple to want, need or understand the potential benefits of Treasury Management™ products applied to their business. However, the pandemic has caused many small businesses to focus on operational efficiencies, improved cash flow, including cash management related services.
As the needs of small businesses evolve during the pandemic, banks can employ creative approaches to meet their customers’ cash requirements.
Small Businesses Make the Jump to Online
Pre-pandemic, lots of small businesses were still conducting much of their banking business in-person. But when COVID-19 upended the world, it was impossible for some business transactions to go on as usual. Many bank’s lobbies were closed, so popping in daily to deposit checks was no longer an option. Nor was chatting with friendly bank staff to get help on much-needed loans such as Payroll Protection Program (PPP).
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