What many business owners don’t realize about business banking (and what some of them will grumble about) is that it offers several distinct advantages that can benefit both your business and your bottom line. Some of these advantages are obvious, but others might surprise you. Here are 10 benefits of business banking that you might not have thought about before
Attractive interest rates
Businesses need money to grow, and one way to get that money is through business banking. When you open a business bank account, you may be able to take advantage of attractive interest rates. This can help you earn more on your deposited funds while also keeping your operating costs low.
Sign up bonuses
Many business checking accounts come with sign-up bonuses. This is a great way to get some extra cash to help you get started. The best part is that you don’t have to do anything special to earn the bonus, just open an account and meet the requirements.
No monthly fees
One of the best benefits of business banking is that there are usually no monthly fees. This can save you a lot of money, especially if you are just starting out. Plus, you can often get other perks like free checking and interest-bearing accounts.
Tools to help you manage your business expenses
- A business checking account can help you keep track of your expenses and income.
- A business savings account can help you save for unexpected expenses or future growth.
- A business credit card can help you manage your cash flow and make purchases without using personal funds.
- A business line of credit can provide you with working capital when you need it.
- A merchant services account can help you accept credit card payments from customers.
Access to small business loans
One of the biggest benefits of business banking is that you have access to small business loans. This can be a lifesaver when you’re just starting out and need some extra cash to get things off the ground. Even if you don’t need a loan right away, it’s good to know that you have the option if you ever do.
Reliable customer service
When you have a business, you can’t afford to have your money tied up in a bank that has poor customer service. When you have a business account, you can expect reliable customer service that will help you resolve any issues you have quickly and efficiently. This way, you can focus on running your business, instead of worrying about your bank.
Financial advisors are on-call to help you plan your next steps.
When you’re a business owner, it’s important to have someone you can trust to help you navigate the world of finance. A business banker can be that person. They are experts in the field and can offer guidance on everything from how to open a business bank account to how to get a small business loan. Plus, they usually have a team of financial advisors on-call that you can speak to for advice.
Free online resources to manage your accounts and finance
- Online banking makes it easy and convenient to manage your business finances from anywhere at any time.
- You can save time and money by paying bills online, transferring funds between accounts, and sending invoices to customers electronically.
- With online banking, you have 24/7 access to your account information so you can keep track of your finances and make informed decisions about your business.
Dedicated branches nearby
When you have a business, you want to be able to get the money you need as quickly as possible without having to travel far. This is one of the benefits of business banking. You can usually find a business bank in most major cities, which means that you won’t have to go out of your way to get the money you need.
The option of using their ATMs
Many business owners don’t realize that they can use their business bank’s ATMs just like they would any other ATM. This can be a huge benefit, especially if you’re traveling and need to withdraw cash. Plus, you’ll usually get a better exchange rate than you would at a foreign bank.