When it comes to running a business, business owners often don't put half as much time into selecting their banking partners as they do into picking which automated coffee machine will hold court in their break room. Business banking has changed drastically over the past decade, and not all offerings are the same. Online banking services can save you time and affect your bottom line. Here is a guide to finding the right financial institution with the best online banking services for your business.
Small Business Checking Account - All businesses need a checking account to operate, and you'll want to find a bank that doesn't limit your transactions or charge unnecessary fees. Those businesses that are just getting started are likely going to be writing a lot of checks so having a limit on this would not be good for your burgeoning bottom line. Having an online business checking account should be a bare minimum requirement.
Savings – A savings account is also important for many small business owners as they use these different deposit accounts to set aside funds for various purposes. Again, be sure that you are not being charged excessive fees for this account or are required to keep a minimum balance.
Twenty-Four Hour Digital Banking - In this digital age, business is no longer a 9 to 5 endeavor, nor is it just Monday through Friday for most people. As you work the hours that you desire, find a bank that is also going to keep up with your demands and give you the unlimited online access that you need. Uninterrupted digital banking isn't the wave of the future; it's what you need right now.
Mobile Deposit - What was a novelty just a few years ago has become much more common with banks today. Being able to make check deposits from anywhere is an incredible convenience that will save you both time and money in your business. Find a bank that is offering this valuable service.
Merchant Services - Some business owners mistakenly believe that they have to contract with a third party for merchant services. This is inconvenient and unnecessary. Many banks offer this service and do so at very competitive rates. Look for a business banking solution that will allow you to include merchant services in the package so that your credit and debit card payments can be processed with the smallest delay possible.
Business Lines of Credit - Short-term expenses and unexpected opportunities do not have to put a strain on your bottom line if you have the relationship with the right bank. Find a bank that offers a business line of credit and take advantage of this valuable service.
Business Loans - When just starting a new business, looking to expand, or even to restructure, small businesses frequently take out business loans so that they don't have to dig into their capital. If you have selected the right bank, you will be able to secure one of these loans at favorable terms. Whether it is a secured term loan, business equity loan, or a commercial real estate loan, the bank will help you to determine which product is best suited to your needs and advise you on the latest competitive rates.
Relationships Matter -From the beginning, you should be searching for a bank that meets your emerging needs and one that is both reliable and supportive. Online services are incredibly important in today's business world, but relationships remain just as important when it comes to your business bank. Whether your needs are simple or complex, find a bank that is interested in your business and that wants to grow with you.
Even the smallest start-up should take all of these factors into consideration when evaluating online banking services for their business. While they may only think that they need a checking account to start, the idea is to grow your business and to have a bank that will grow along with you. Don’t just open an account, but build a relationship with your bank when you chose CHROME Federal Credit Union. Our representatives take a personal interest in your business, doing everything they can to help your business grow to the best it can be. Whether you’re just starting to draft your business model or are looking for a better banking solution, schedule an appointment at CHROME today for all of your small business banking needs, and let us lend a helping hand.