3 Tips to Help You Choose the Best Business Bank Account
January 31, 2023
The bank and bank accounts you choose for your business can significantly impact your operations. The bank you select should not only provide banking services but also serve as a strategic partner in your business journey. Here are three invaluable tips to ensure you make the right choice for business banking needs.
- Choose the best bank for businesses.
Banks, just like businesses, have a "niche" and focus their products and services on catering to specific audiences. You wouldn't take your Bentley to Walmart for service, just like you shouldn't let just any bank handle your business's financial needs. Some banks specialize in providing services for consumers with personal banking needs, while others focus on servicing small businesses or businesses of certain industries.
It's essential to find the right bank that understands your business is your livelihood. Here are a few ways to determine if you've chosen the best bank for your business: - A suitable commercial lender will learn your short term and long-term business goals and provide strategic financial guidance for the future of your business.
- An experienced commercial bank will place the best interest of your business at the forefront of the relationship. Like any great business partner, your commercial banker should be responsive and available to take your calls and meet with you as needed.
- The right business bank will also be able to provide a wide range of solutions specific to your operation, including interest-bearing deposit accounts, customized lending solutions, credit card processing, and other cash management services, along with employer services like payroll and retirement plans.
- Select a business bank account that includes a monthly analysis statement.
Your business bank account should include a monthly analysis statement for you to see what your bank is charging you for and how much those services cost.
Charges and fees imposed by banks can vary. For example, some commercial banks will charge for certain services while other banks may offer the same service for free. Unfortunately, a bank could potentially be charging you for things you are unaware of. Small service or processing fees and late charges can add up and are taking away from your bottom line.
It's best to never assume your monthly statements are correct. Mistakes are easily made when dealing with a high volume of accounts and might go unnoticed. You should be able to review the following and more: - No duplicate transactions or recurring payments are being deducted that you did not authorize
- All payments are processing correctly to minimize late fees
- Banking fees are correct
- Pick a commercial bank that utilizes technology to improve your services.
Time is money, and your time is valuable. Choosing a bank that offers convenient features and apps like remote deposit, online bill-pay and payment scheduling allows you to allot your attention where it's needed most, running your business.
The right bank for your business will also recognize the importance of providing your customers with powerful payment processing technology. A business-friendly bank will be able to suggest and deliver competitively priced credit card processing solutions that work best for your business and do more than accept payments; it should help you manage your business too.
The bank you choose to partner with should also be actively working with providers to offer you the best in protection software. Make sure to select a bank with fraud protection tools such as Positive Pay, which verifies the checks you write.
Bank technology not only saves you money, it increases your overall production and provides a convenience for your customers.
Your business deserves a banking partner that provides the tools and support you need to thrive. By following these tips, you're on your way to selecting the best business bank account—one that not only protects your bottom line but also propels your business forward.
If you're looking for a trusted financial institution to support your business, First Bank and Trust Company is the right choice. Contact us today to open your business account.
Original Publish Date: February 6, 2020
Article Revised: January 31, 2023