Shakespeare’s “Hamlet” is often considered a work of genius. The writing is captivating and has been marveling readers and audiences for centuries. However, it can be said that the play’s underlying plot isn’t all that original. In fact, Shakespeare was known for drawing heavily from other works to inspire characters, themes, and plotlines. For instance, “Hamlet” is based on the 12th-century Danish play “Historia Danica”, in which Prince Amleth’s uncle murders Amleth’s father, the king, in order to take the throne. Amleth feigns madness while plotting vengeance against his uncle and, unlike the tragic ending for Hamlet, actually triumphs and becomes king. “Hamlet” is even an anagram of “Amleth,” making the comparison even more obvious.Similar to how existing literature like “Historia Danica” provided Shakespeare with a basis for the plot of one of his most renowned plays, community financial institutions (CFIs) can use their retail checking accounts as the basis for coveted business checking accounts.Because they’re also retail banking customers, business owners see the features they can get for their personal checking accounts and want at least the same offerings for their business checking accounts. CFIs that can offer those retail checking perks to business customers stand to gain much more than those that don’t.What Business Customers Envy About Your Retail CheckingBoth retail and commercial customers want checking accounts that help them manage payments and track their finances without sacrificing too much in fees. Here are some examples of what you might offer to commercial banking customers from your retail checking capabilities.
- Straightforward fee structure. Retail checking accounts typically have transparent, easy-to-understand fee structures. Simplicity and straightforward rules are a relief to business owners who often wear multiple hats. The question of whether they’ll earn interest on checking may be one of the criteria they use to choose a checking account, which can, in turn, become a gateway to more business with that customer. Community Bank in West Virginia offers small business checking accounts with no monthly maintenance fee as long as a $500 minimum balance is maintained, making costs predictable for small businesses.
- Integration with financial and accounting tools. Retail checking accounts often integrate with personal finance and tax software. For businesses, seamless connections to bookkeeping platforms, payroll systems, and payment processors streamline back-office operations. Business Insider notes that leading accounts now commonly offer QuickBooks and similar integrations. Veridian Credit Union provides business accounts with QuickBooks and Xero integration, echoing their personal banking tools.
- Multi-currency capabilities for international business. Retail checking accounts increasingly offer features that support travel and cross-border spending, such as the ability to hold and transact in multiple currencies. Adapting this approach for business checking accounts allows companies to efficiently manage international receivables and payables without the burden of excessive currency conversion fees or delays. By enabling businesses to send, receive, and hold funds in various currencies within a single account, financial institutions empower commercial clients to capitalize on global opportunities and streamline reconciliation processes.
- Tailored rewards and extras. Retail customers get travel perks, discounts for shopping small or local, and benefit from partnerships between their CFI and other consumer businesses. Why shouldn’t business customers want the same treatment? Roadside assistance for delivery- or travel-based businesses, discounts on common business expenses like office supplies or shipping services, and reduced fees for participating in local trade shows or community events can all go a long way in determining where a business will do its banking.
Business checking accounts are potential gateways to more business. Commercial checking account clients want the same features they get on their personal checking accounts, including robust websites and mobile apps, payment management and automation, ACH, and SWIFT payment capability, and integration with everything from tax preparation software to compliance requirements and a dashboard for managing multiple accounts. Consider paying interest and offering little extras, like roadside assistance and discounts on local purchases.
