How To Start A Bank Courier Service Company
The pick up and delivery of bank transit work is a popular and
in demand service for a courier company. Some courier companies
actually offer only bank courier service work due to the
abundance of banks and need for such a service to deliver the
banks days worth of work to either the Federal Reserve or to a
processing plant which then delivers the work to the "Fed." This
is a great area to try and land a first account for a new
courier business start up because the accounts usually are large
and can carry a courier business on its own.
The few problems which arise in this area are that there is a
lot of competition for the accounts, so setting a price which is
competitive is very important. The next factor which comes into
play is that you need the proper insurance's to carry the
transit work, these insurance's are bonding (known as being
"bonded") and cargo insurance which will cover the bank in case
the work is stolen, lost or becomes involved in an accident such
as a fire. The insurance's will cover the loss of the hours of
work put in by the bank throughout the day. The insurance's can
be expensive and must be put into the quote for the account.
Some research will put you in touch with insurance companies
which cater to the courier service business and acquiring the
insurance is actually easier then getting car insurance.
The next problem you must consider, is while the bank courier
work is abundant and profitable it very well may disappear in
the years to come. The technology is moving forward very quickly
and soon the bank transit work will be able to be delivered
electronically, cutting out the need and use of bank courier
services to hand delivery the paperwork to the Federal Reserve.
The question is not "if'" this will occur but "when," and so far
it looks like the change is about five to ten years away.
The addition of the bank work for your courier business will
help greatly and should be pursued, however you must diversify
your accounts to be stable in the industry. The addition of the
transit work will make you money and also will help gain
accounts such as bank deposit work which will not disappear.
Banks will always require some level of courier service needs,
such as bank deposits for their business customers or intra
office mail and promotional distribution. The understanding that
the bank transit work will disappear should not hinder your
marketing and sales from trying to establish accounts with
banks, they will need and use courier services in one way or
another.