234 total views
If you open a business checking account in a bank, it is only natural that you verify the different benefits you are receiving. Some of them include the lower fee structure and business debit cards. However, you also need to take into account whether the business checking account can offer features that are designed for helping you grow, manage, and streamline your business. When it is the right time to re-assess or open a business account in your bank, find out what the bank is offering in terms of features to take you beyond the usual business checking experience.
1. Integration of accounting software: It is important to be able to link the business checking account with your accounting and bookkeeping software. To ensure smooth linking, some banks have made the integration simple. They have built-in functionalities within the account. You need to find the banking services that are offering integration with software such as Xero, Mint, QuickBooks, etc. Remember, while using the banking accounting software, you do regular reviews to find out the financial health of your business.
2. Refunding of ATM fees: Many times, the businesses require cash instantly and there is no time to look for ATMs in the network offered by the bank that does not charge a fee. Luckily some business banks offer ATM fee refunds. Some of the banks leading the way are BlueVine, Radius, Novo, and Axos. These banks offer ATM fee reimbursements that are unlimited.
3. Features for card security: It is not too problematic to have the debit card for a personal bank account stolen or lost. But if a business debit card is missing there is a big problem. You have to protect the funds that power the payroll and business payments instantaneously. For example, some top bank accounts in Hong Kong offer the capability to lock the debit card instantaneously. Some of the best banks in Hong Kong are offering these features.
4. Different deals and discounts on offer: It is nice to have free checks but you need to look for real benefits from the bank that will help in saving money for your business and aid in business growth. There are built-in promotional deals offered by some online banks. They allow you to partner with brands and expand your business reach. Look for the banks that offer their customers certain extras that matter such as online advertising credits, saving by using payroll providers, and customer service software enhancements.
5. Payment capabilities and e-commerce: When you are selling something online, you need the payments to get through to the bank account quickly. Although the larger banks have alternatives for merchant services, keep in mind that these services need a sales volume that can support the setup costing and the bandwidth associated with a payment processing service.
6. Enhancements for international payments: If you are doing business beyond the U.S. borders you might be dealing with international banking and currency exchange laws. You are going to need a business bank that will comprehend the nuances involved in receiving and sending funds from the international clientele. You also need to ensure that these banks are not forcing you to overpay for offering the pleasure. If handling payroll responsibilities is too much trouble for you, then you can get an EOR to handle your international payroll processing so you wouldn’t have to stress about it.
7. Invoicing: You may be sending invoices from the banking software you are using. But, for the organizations that are just making a beginning, it will be nicer if you can skip through the payment service middlemen. It will be great if your clients can deposit their payments in your bank account directly. Some banks offer mobile features that can be used on both desktops and mobile phones. Banks offer invoicing services through their online accounting platforms.
Conclusion
If your banks can offer the extras that are listed above, there are no reasons why you should settle for some fundamental business checking bank. However, sometimes you need the functionality offered through the in-person services that can only be offered at the local branches. Unless that is the case, several high-quality online banks can help in raising the game with perks, partnerships, and integrations that will end up saving you some cash and allow you to pursue smart business growth.
