Why are these services worth the financial investment?
Most banking services will have some cost involved. The key is to compare the cost of the service to the cost of handling the processes in-house. Think of it this way: could the time spent manually processing deposits and banking transactions be better used on actions that are more productive and beneficial to the business?
A business owner who is hesitant regarding the costs of these types of services might think back 10 years when cell phones were just being adopted for business use. Many people were reluctant to invest in cell phones initially, but it wasn’t long before most people realized the cost of a cell phone was minimal compared to the value of the work that could be accomplished and the time saved by being connected on the go. The same can be said for treasury management services: the value of saving time and labor while working more efficiently is well worth the cost.
Treasury management services have been prevalent in large companies for many years. Today, Internet access has decreased the need to purchase sophisticated software, thus decreasing the cost of implementing a cash management program. Now, businesses of all sizes can afford some level of service, and reap the benefits that treasury management offers.
Jackie Hilder is a treasury management team leader with FirstMerit Bank. Reach her at [email protected] or (330) 384-7013.
