When setting up the banking for your new business, what are some of the features and functions your account will need?
Setting up a business bank account is one of the most important parts of the process of starting your own business. Managing your money can be pleasantly easy, or a painful headache, depending on whether you set your banking up properly or not. However, if you have never set up the banking for a business before, you might not be sure of what you will need.
If you are starting up a business you will need the following.
A Convenient Transaction Account
You will need an everyday transaction account which is separate from your personal account and which has the following features:
- The ability to write and cash cheques. This is important, because you will not be able to cash cheques into your personal account if they are written to the name of your business. With this type of account you will also be able to pay in cheque on behalf of your business.
- ATM withdrawal options.
- A debit card which is widely accepted.
- Access to convenient and easy to use internet and telephone banking. Sometimes you will not be able to make it to the bank, or you will need to perform a transaction outside of banking hours and online or telephone banking will come in handy.
- The option to set up automatic payments, which you can use to pay the monthly bills for your business such as utilities or rent.
- The ability to set up merchant capabilities. This means that your customers can pay you using their credit card or debit card, which makes it much easier for them to pay you for your goods and services and improves your customer service.
A Solid Savings Account
When setting up your business banking, you should also set up a savings account for your business. Having a place to set away savings will encourage you to think towards the future of the business. You can set savings goals and invest the accumulated cash back into your business to grow your success even further.
Your savings account should have a high interest rate, and no minimum deposit.
A Good Banking Advisor
Dealing with the financial side of your business can be confusing, so it is a good idea to develop a relationship with a business banking advisor with your bank. They are there to help you make the best banking choices for your business, and they can offer you advice on everything from loans to insurance and more.
When choosing a bank, finding a member of staff who you connect with and trust is important. As a business banking customer you will be interacting with them much more than a personal account holder would so it is worth it to choose someone who you feel will be friendly and helpful.