LENDER SPOTLIGHT: Q&A with David Long

David Long joined Service Credit Union 14 years ago after graduating from UNH.

Starting as an in-store branch manager, he went on to manage a newly opened traditional standalone branch. He has brought those years of experience to his present role as Senior Manager of Business Cash Management. For him, a career in banking was a natural fit.

“I’ve always liked helping people,” he says. We talked to David about how the Business Cash Management department guides and supports both startups and existing businesses, an important service at any time, but especially during the disruptions created by the pandemic.

What does a Business Cash Management department do?

We handle everything business-deposit related — business checking and savings accounts, money market accounts, certificates of deposit, remote deposit capture, ACH payments, wire payments and more.

What size businesses use those services?

All sizes. We offer services for small business owners all the way up to large corporations. We customize our products and services to meet their needs, and we pride ourselves on providing all businesses with white glove service.

What does Service Credit Union offer for business checking and savings accounts?

Our Free Business Checking account is completely free, with no minimum balance requirement and no monthly fees. This account especially attracts small business owners who are just launching their companies. Many other institutions charge a monthly fee for their checking accounts and have all kinds of restrictions on them.

We also have our BusinessPlus checking account which is for larger businesses. That has an average daily balance requirement of $10,000, but we pay a very competitive dividend on that balance, which is one of the highest in the country.

We also have primary and secondary business savings accounts that allow businesses to spread out their funds and better organize finances. Those accounts pay a dividend as well, and they don’t have a minimum balance requirement.

How else do you assist business owners?

Our Money Market accounts help businesses put their money to work by providing some of the best rates in the country. Businesses can earn dividends while keeping their funds liquid. It’s a very attractive product, especially with the uncertainties of the pandemic when businesses need to be agile.

We also offer a robust online business banking service that allows members to initiate and manage ACH, bill pay, wire payments and more. This array of options allows them to pay employees, satisfy invoices and manage their financial needs effectively and efficiently.

In addition, we have our business partner services with Paychex ® , which can handle payroll and HR functions, and EVO Payments, which facilitates credit and debit card processing for our business members.

Are those enhanced online services expensive?

It’s very affordable compared to our competitors. The cost is dependent upon the level of service needed. We created tiers that take into account the volume of transactions processed in any given month and the services required by each business. Our tiered pricing system offers our members peace of mind by aligning their needs with the proper services they require at a flat, monthly fee. Rather than charging per item like other financial institutions, which can really add up, our members know exactly what they are going to pay each month.

What impact has the pandemic had on your department?

Like most, our department had to adapt quickly to the drastic changes brought on by the pandemic. With businesses struggling to stay afloat, our department quickly pivoted to rise to the occasion. While overcoming the new challenge of working from home, our small teams helped facilitate hundreds of Paycheck Protection Program applications and onboarding new business memberships. We were incredibly proud to help not only our current members, but those whose former institutions left them by the wayside in their time of need.

We also made every effort possible to assist our essential workers in the branches. In order to ease some of their additional burden in the early days of the pandemic, Cash Management took on all business account openings for the credit union. Processing every application remotely, helping alleviate some of the increased transaction volume branches experienced trying to assist members with their financial needs in this trying time.

During this time, we changed from a state to a federal charter. Our federal charter expanded our business field of membership exponentially from those registered and located in the state of New Hampshire, to those located anywhere in the United States. Cash Management has since taken on handling inquiries and applications from businesses all over the country interested in taking advantage of our great business product offerings.

What is the biggest challenge for startups?

People are not often versed on the different programs and resources that can assist them in forming their business. We’ve set up an FAQ resource on our website that answers a lot of the common questions they might have. This includes a link to the Small Business Administration website that breaks down each entity type and what documents are required, along with a helpful checklist for anyone who’s launching a business. It provides detailed instructions and information about different business formation types, helping business owners make educated decisions on their individual situations and circumstances.

It must be satisfying to see businesses succeed and know that you and Service Credit Union played a part in that.

Yes, that’s the best part of the job. It’s really great to watch these businesses grow over the years. We helped establish their account when they were starting out and gave them the tools and services they needed to flourish. Now they’re getting a loan with us to expand their operations or add a new location. They tell us we’re the best financial institution they’ve ever had. They say that we make it easy for them, we always pick up the phone, we’re quick to respond to them, and we go above and beyond to provide the best service. That’s a great feeling, and it’s why we do what we do.