Banking for Construction Businesses: A Comprehensive Comparison
Construction businesses face unique financial challenges, including managing cash flow cycles, financing equipment, and handling payroll for subcontractors. This post compares Holdings, an all-in-one neobank solution, with competitors such as Chase, First Horizon Bank, and Sunflower Bank to help construction professionals identify the best banking partner for their needs.
Company Backgrounds
Holdings
Holdings is a neobank designed for small to medium-sized businesses, offering integrated banking with accounting software, bookkeeping, invoicing, and bill pay functionalities. It simplifies financial management by combining multiple tools into one platform.
Chase
Chase provides business banking solutions tailored to construction and specialty trades businesses. It offers tools for invoicing, payment processing, and lending options for equipment financing and growth.
First Horizon Bank
First Horizon Bank specializes in construction industry solutions with a focus on lending services, cash cycle management, and treasury management. It serves contractors with hands-on industry expertise.
Sunflower Bank
Sunflower Bank’s Construction Trades Banking Group caters to large-scale contractors and subcontractors. It provides specialized financial solutions like working capital lines of credit, equipment financing, and surety bond underwriting.
Key Differences Table
Feature | Holdings | Chase | First Horizon Bank | Sunflower Bank |
|---|---|---|---|---|
Platform Type | Neobank with integrated accounting tools | Traditional bank with digital invoicing tools | Traditional bank with construction expertise | Specialized bank for large-scale contractors |
Bookkeeping Integration | Built directly into the platform | Not available | Not available | Not available |
Invoicing System | Integrated | Available via Chase Payment Solutions℠ | Limited | Limited |
Bill Pay Functionality | Comprehensive within the same login | Limited | Timesaving payroll solutions | Limited |
Loan Options | Limited to small business needs | Equipment financing and small business loans | Comprehensive lending services | Working capital lines of credit |
Target Market | Small to medium-sized construction businesses | Small to medium-sized contractors | Contractors across all scales | Large-scale contractors and subcontractors |
Detailed Feature Comparison
Cash Flow Management
Holdings: Offers real-time cash flow tracking integrated with accounting software to simplify vendor payments and payroll.
Chase: Provides invoicing tools via Chase Payment Solutions℠ but lacks broader financial management integration.
First Horizon Bank: Focuses on cash cycle management with treasury services tailored to the construction industry.
Sunflower Bank: Specializes in managing revenue cycles for large-scale contractors through working capital lines of credit.
Financing Options
Holdings: Limited loan offerings suitable for small businesses but not specialized for construction.
Chase: Offers equipment financing and small business loans for growth.
First Horizon Bank: Provides a broad range of lending services tailored to supply and demand needs in construction.
Sunflower Bank: Offers specialized loans like acquisition financing and securities in lieu of retainage.
Technology Integration
Holdings: Combines banking with bookkeeping, invoicing, and bill pay functionalities within a single platform.
Chase: Includes digital tools for invoicing but lacks seamless integration across financial management functions.
First Horizon Bank & Sunflower Bank: Focus more on lending expertise than technology-driven solutions.
Pricing Comparison
Holdings: Transparent subscription pricing includes all features like bookkeeping and invoicing without hidden fees.
Chase: Monthly fees apply for business accounts; competitive rates for loans.
First Horizon Bank: Pricing varies based on specific services; tailored packages are offered for contractors.
Sunflower Bank: Customized pricing based on client needs; discounts available on cash management services.
Ideal Customer Profiles
Holdings
Best suited for small to medium-sized construction businesses seeking an all-in-one solution that integrates banking with accounting. Ideal for those looking to save time by automating financial workflows.
Chase
Perfect for small contractors needing basic invoicing tools and financing options like equipment loans or lines of credit.
First Horizon Bank
Ideal for contractors requiring comprehensive lending services combined with treasury management expertise.
Sunflower Bank
Great fit for large-scale contractors or subcontractors needing specialized financial solutions like surety bond underwriting or acquisition financing.
Conclusion: When Holdings is the Better Choice
Holdings is the ideal solution for smaller construction businesses looking to simplify their financial management. Its integrated platform combines banking with bookkeeping, invoicing, and bill pay functionalities—all within a single login. By eliminating the need for separate systems, Holdings saves time, reduces errors, and provides a streamlined solution tailored to small business needs.
Ready to streamline your construction finances? Visit GetHoldings.com today!