There are many popular tools available for small business banking needs. With so much information on the topic, it is sometime easy to get overwhelmed with all of the information. If you are a business owner looking to start utilizing more banking services for your company, you should be aware of these various services.
Online Wire Services: If you are always paying bills to suppliers and service providers, you should look into wire transfer services. They allow you to pay your bills online, so you don’t have to pay through traditional channels. This is also good available for international bills.
Positive Pay: This service is available to combat check counterfeiting. Financial institutions that offer this service will make sure that your company does not fall victim to scams as they can detect false serial numbers and incorrect dollar amounts on checks.
Credit Cards: Every company should have credit cards to cover business expenses. Many times business credit cards have points and cash back programs, making it advantageous for businesses to utilize them. As with normal credit cards, business owners must apply for a credit card and are subject to credit approval for most banks.
Remote Deposit: Do you deposit checks? If so, you should look into remote deposit. It allows you to scan your check from the convenience of your home or office and deposit it into your bank account. This will save you time, money, and provide the security you need. Some banks and credit unions also have a smartphone applications that enable you to do this anywhere with your phone. By simply taking a picture of the check, you can deposit the funds into your bank account.
Merchant Services: If you sell products or services in a brick and mortar shop, you most likely need to have merchant services. In a nutshell, this allows your company to accept customer’s debit or credit card transactions. If you are a new business owner looking to open a banking account, hopefully, this article was of help.
It is by no means an exhaustive list of tools, and I would suggest researching the topic more before making a decision on which bank or credit union you decide to go with for your financial needs.