Banking, getting more than just personal!
As a new business owner, you may need more services from your bank than a checking account, savings account and credit cards. While it is often easiest to get a business account from the bank handling your personal accounts, look over the list below, decide which services are really important to your success now and in the future. Then gather information from several institutions before making a final decision about where to open a new business banking accounts. Here is a list of services new businesses typically use:
Payroll
If you have employees, finding a fast, reliable and affordable payroll service is critical. It’s wise to find out what your prospective bank offers. Carefully, carefully, carefully check out and compare services.
HSAs for Small Business
These programs enhance employee health and retirement benefits and allow you to control health-care costs. One factor in new business failure comes from not being able to attract the best people. Offering good benefits, without breaking your piggy bank, helps.
Merchant Card Processing or Merchant Account
If you accept credit card payments, you must have a bank to process payments from your Web site, your retail store, by fax, phone or mail. Go over the fine print; differences may suprise you.
Online Banking
From a nearly full range of banking services to a simple way of seeing your account status without leaving your office, online banking services abound. It’s a rare bank that doesn’t offer you something. Consider what your new business needs. For me a free bill paying service would be a minimum for my small business. The ability to check accounts at any time, day or night and see instant information is the best thing banks have done for businesses and for individuals. Find out what your bank or credit union offers.
Insurance
Small business insurance to cover health, property, liability, automobiles or performance may be available through your bank. Find out if they do, and get the details.
Retirement Plans
New business owners often overlook or put off establishing their own retirement plans. Before making this costly mistake consider two business owners, each in business for 30 years. During that time each puts $36,000 in a retirement account that averaged a 6% return. So far everything’s the same. Business owner A contributed a steady rate of $100 a month. Owner B delayed starting a plan but made up for it by investing $200 a month for fifteen years. Or did she? At retirement she had $57,387.35. Owner A has $97,451.30, for the same investment. That fifteen year delay, cost over $40,000. Find out if your prospective bank offers retirement accounts, then compare plans benefits and features.
International Business Services
Thinking of imports, exports or foreign investments? Then you’ll want a prospective bank or credit union that offers services and resources to help you in the global marketplace. Ask and compare institutions’ offerings before signing up.
Deposit Verification
Will your bank provide account balance information upon request? Your eligibility for loans or government subsidies may depend on this.
You may find some of these financial services more critical to selecting a bank or credit union than just the number of ATMs available or whether it’s located within walking distance of your front door – of course that walk is pretty beneficial…
What kinds of additional services do you look for from a bank or credit union? Please share your experiences with us by leaving a comment for others to read.
Thinking of opening an online store front? We can
