“A Bank That Stands Behind Us”
August 10th, 2020 | | Joe Bauer
riteSOFT is a small, locally-grown company making a world-wide impact. Founded in 2006, riteSOFT provides software solutions to automate data collection for manufacturers and distributors around the globe. riteSOFT has customers in 10 different countries and deals in five different exchange rates.
Located in St. Cloud, MN, riteSOFT boasts smart, simple, and seamless solutions for their clients. They believe their approach to business is very similar to Deerwood Bank’s, which makes the partnership that much stronger.
Bruce Hagberg founded riteSOFT with a mission to provide innovative solutions the “rite” way—through reliability, ingenuity, trust, and experience. When he sought out his initial business loan, he expected the same qualities from his bank.
“From day one, Jim and the Deerwood team helped us get the business set up seamlessly with checking accounts, business loans, ACH abilities, and remote deposit capabilities,” Bruce says. “Over time, we’ve benefited as the bank continues to evolve and to offer technology services that make our lives easier and save us time.”
There have been transitions within both businesses during the time that riteSOFT has been working with the bank.
riteSOFT’s original business loan was initiated in 2006. In 2008, the Great Recession hit and, according to Bruce, things got ugly. “I called Jim, and we secured an SBA loan. It was such a simple process, and another key point in our company’s life that our bank stood behind us.”
As the market changed, riteSOFT evolved in the way they delivered their software. What used to be a software license delivered via a CD is now offered as a cloud-based, monthly subscription. Bruce worked with Jim and Deerwood to navigate automatic payments from their customers as monthly or annual subscriptions—across 10 countries and five currencies.
Most recently, riteSOFT experienced a transition from Plaza Park Bank to Deerwood Bank. “We were paying close attention to how it was going to go, but it was incredibly seamless for us,” says Sue Pogatschnik, riteSOFT’s marketing manager. “We’ve been very impressed with who Deerwood is and how they conduct business. Their values align with ours and they’re community-minded like us.”
riteSOFT has utilized almost all of Deerwood’s business services at one point or another.
“We’ve used traditional business loans, SBA loans, lines of credit, merchant processing, ACH, wire transfers, and even foreign currency exchanges,” Bruce says. “And with every service we use, we continue to be happy and impressed with Deerwood Bank.”
On top of the banking services riteSOFT uses, Bruce and Sue say it always comes back to the relationships. “People like to do business with people they like,” Bruce says. “We enjoy the fun and light-hearted relationship with Jim, and have noticed that it’s a way of doing business at Deerwood.”
“Deerwood stays on the forefront of technology, and that’s incredibly important to us. The online tools available to us are very helpful and simple to use.”
2. Partner in our success
“Deerwood has invested time and resources into ensuring that they have the necessary processes and services that allow us to conduct our international business effectively.”
3. Alignment of values
“It’s important to have similar values as your partners (especially your bank). We’re both relationship-oriented, focus on simplicity, and value integrity and trust. Knowing Deerwood has similar values makes banking with them that much better.”