Breaking Up Is Hard to Do: Small Businesses’ Love Affair with Checks PRESENTED BY Connie Theien, Federal Reserve Financial Services Tommi Homuth, Grayson College Small Business Development Center BC Krishna, MineralTree Megan Minich, Silicon Valley Bank Shaundell Newsome, Sumnu Marketing
13
Embed
Breaking Up is Hard to Do: Small Businesses’ Love Affair with Checks
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Breaking Up Is Hard to Do: Small Businesses’ Love Affair with Checks
PRESENTED BY
Connie Theien, Federal Reserve Financial Services
Tommi Homuth, Grayson College Small Business
Development Center
BC Krishna, MineralTree
Megan Minich, Silicon Valley Bank
Shaundell Newsome, Sumnu Marketing
Disclaimer
The opinions expressed are those of the
individual presenters & not those of the
Federal Reserve System, any Federal
Reserve Bank, or the companies
represented.
2
Panelists
• Connie Theien, Vice President, Federal Reserve Financial Services (Moderator). Connie is responsible for coordinating engagement with payment industry stakeholders to advance the Fed’s strategic direction for payments system improvement. Prior to establishing the industry relations function in 2013, she oversaw the marketing and communications function for first the Minneapolis Fed and then nationally for Federal Reserve Financial Services. In addition to her Fed experience, her career has included stints in agency, nonprofit and consulting environments. Theien holds an M.B.A. from the University of Minnesota’s Carlson School of Management.
• Tommi Sue Homuth, Jobs Act Coordinator, Grayson College SBDC Center. The Small Business Development Center is a nonprofit professional management counseling service funded by colleges & universities across the country & the U.S. Small Business Administration. The center provides free counseling to small businesses, including help with accounting, financial analysis, management, finding financing, marketing, & exporting.
• BC Krishna, President & CEO, MineralTree, Inc. MineralTree provides Business Payments solutions — making it simpler and safer for businesses to make & manage payments. When using MineralTree for AP, businesses save time, simplify approvals & payments, while ensuring that payments are safeguarded from online fraud.
• Megan Minich, Head of Online Channels, Silicon Valley Bank (SVB). Silicon Valley Bank is a commercial bank serving companies in the technology, life science, venture capital, private equity, & premium wine industries. SVB provides a suite of financing solutions, treasury management, corporate investment, & international banking services to its clients worldwide through 27 U.S. offices & operations in China, India, Israel, & the U.K. Founded in 1983 & headquartered in Santa Clara, CA, SVB is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital & SVB Private Bank.
• Shaundell Newsome, Owner, Sumnu Marketing. Sumnu Marketing was established as a re-brand of Newsome Marketing Enterprises in 2011. In addition to leading Sumnu, Shaundell is a regular advisor to the White House on small business matters, an instructor for SBDCs & a member of the Urban Chamber of Commerce Board of Directors & the Las Vegas Metro Chamber’s Small Business Council.
1. Need to connect with the right person—i.e., specialized, corporate-focused “treasury” salesperson at bank
2. Need to be prepared to answer unfamiliar questions—e.g., “Are you planning to issue ACH credits &/or ACH debits?”
3. Risk underwriting can be tedious—e.g., complex forms to fill out, sometimes seems more than necessary
4. Hard to understand & rationalize monthly costs—e.g., maintenance: $40; file transmission: $5; per ACH item: $0.10; plus more fees for report services