Banks use courier services every day to pick up and deliver sensitive documents such as land deeds or stock certificates. Many banks also now offer various kinds of courier services for retail customers, such as businesses that want daily deposits picked up as a convenience. Because the courier service is so widespread, there are plentiful opportunities to become a provider. The key to success is usually a winning competitive bid.
Understand what the bank wants to buy. Different banks provide different kinds of courier services. For example, Capital Bank of New Jersey offers a specialized courier service for local businesses: daily non-currency (check only) business deposit pickups. Centaur Associates, a national provider of bank courier services, touts its full-service support, from staffing to logistics and record keeping.
Research the bank’s current courier service. Analyze the specific opportunity upon which you will build your bid. Establish how you will compete for the business. For example, you can offer a lower price, or you can offer superior service, or broader geographical coverage. Do your homework to determine what the bank really wants to buy, and then sell it to them.
Know the numbers. To be successful, you need to know what you’re bidding against. If you know someone at the bank, or you know someone who knows someone at the bank, get inside information on how much the bank currently pays and what they get for the money. Determine what the bank is happy with and unhappy with about the current provider. Those metrics will allow you to fashion a truly competitive bid. If you’re sure your bid is lower than what the bank is paying now, stress your ability to save them money, while delivering superior service.
Deliver a written bid proposal. Identify the decision-maker at the bank and target that person as your prospective new client. Based on your research, prepare a detailed bid that addresses the bank’s exact needs and explains all costs. Put everything in the context of benefits to the bank if they decide to do business with you. For example, you can tout a better price, faster service or a superior image. Contact the decision-maker and express your interest in submitting a bid.
Get bonded and insured. Transporting sensitive bank documents is a serious undertaking. Therefore, they enforce the highest standards of due diligence. To establish immediate credibility and comfort, be bonded and fully insured. For maximum visibility, join the Better Business Bureau and Chamber of Commerce.
Provide references. Solid references are important to many aspects of a bank’s business. If you have clients who are also major customers of the bank, exploit those relationships. Ask for letters of reference and formal recommendations.