Business Checking Account: Tips for Small Businesses

When it comes to business checking accounts, it’s especially important for small companies to make smart decisions. Becoming a customer of a reputable financial institution helps lend credibility to your business. Plus, you have the opportunity to keep your personal accounts separate from your business accounts. By selecting the right banking partner, you can access many useful features and benefits.The choices of business checking accounts are wide and varied. You can comparison shop online or visit with a bank representative in person or over the phone. The benefit of talking with a banker is the help you’ll get in finding the perfectly matched account for your business. And, the banker may be able to help you with any additional financial needs you may have.Top Considerations for Small Business Checking AccountsFeatures can vary by account. Some accounts require no minimum balance and can be especially helpful for new companies trying to become established. Most accounts provide 24-hour access to funds, online banking, FDIC insurance on deposits, check cards and printed checks in different styles.To help you get the best business checking account, you should define exactly what your business needs. Then, you can find the banking solution that best meets those needs. You also need to consider working with a bank that can address your current and future requirements. Although you may just need a business checking account today, you will need additional services as your business becomes more established. Developing a good banking relationship early on can be very beneficial to your company’s future operations.Finally, make sure to understand and compare all of the features any particular business checking account offers. For instance, some accounts may offer a variety of additional features like payroll services, invoicing services and merchant accounts.Additional Features for Business Checking AccountsWhen deciding on a bank’s services, you may want to consider those banks that have a track record with your kind of business. A bank used to working with small businesses would be a good fit for a business just starting out. Banks with this focus understand the special needs of entrepreneurs and small businesses and can tailor solutions, terms and options accordingly.As mentioned earlier, you should also focus on banks that offer business checking accounts with some value-added services. You may find accounts with free unlimited check writing, free transfers, a free ATM card, free checks and other meaningful perqs.You also want to make sure you have online banking capability. Your business likely works with suppliers, vendors and clients online. So, you need online banking features too. Things like online billing, invoicing, tax services and more can be very convenient and useful for your small business.Just as it’s important to understand all the features your bank may offer with business checking accounts, you need to understand the associated fees too. Make sure you ask the right questions so you know about any restrictions as well as additional charges.A small business’ banking needs are drastically different from a Fortune 500 corporation. By finding the right bank, you’ll be able to simplify your financial management and have a partner to help you as your business grows.