10 Key Considerations When Choosing a Bank for Your Business

Your business banking needs are very different from a personal banking customer, so it’s vital to compare banks with scrutiny.

Here are 10 things to consider when selecting a business bank.

1. Accessibility: Is it Easy and Convenient to Access Your Bank?

First, you want to look at how easily accessible your bank is. Can you visit a nearby branch or ATM? How do you access your bank account online? Does your bank have a mobile app? All these factors should be taken into account when determining the most convenient options. 

2. Fees: What Fees Do They Have? Are Their Fees Expensive?

The fees associated with your banking account can have a major impact on your bottom line. Compare fees for a variety of services, from check printing to incoming wire transfers. Also, look out for monthly bank account fees, overdraft fees, and minimum balance requirements. 

3. Security: Do you Feel Safe Depositing Your Money There?

When considering which bank is best, always choose a bank for small businesses that promises security. Your bank should offer security practices like encryption and two-factor authentication. It should also have a reliable customer service team and strict fraud protection policies.

4. Loans and Lines of Credit: Does the Bank Have Good Options?

If you plan to borrow money for your business, be sure to investigate what kinds of loans and lines of credit are available. Do the terms and conditions fit the needs of your business? Can you get the money you need quickly, or will it take days or weeks to process your request? You can consider Atlanta Banking & Credit Solutions if you are planning to apply for capital.

5. Service: Is Customer Service, Helpful, Kind, and Quick to Answer?

When you open an account with a bank, you expect to receive quality service. Look out for banks that are notoriously slow in responding to customer inquiries or that make it difficult to find assistance when you need it. Call customer service ahead of time to test their responsiveness. 

6. Online Banking: Do They Have an App? Is it Easy to Use? 

Online banking is becoming more and more important to businesses around the world. Look for a bank that offers all the features you need, from bill paying and money transfers to tracking accounts and managing payroll. Try to find a bank service that lets you check credit scores.

7. Business Credit Cards: Do Their Cards Provide Value? 

Business credit cards can be a useful tool for small businesses. Look for a bank that offers competitive interest rates as well as rewards programs for frequent use. Compare terms for different cards and read reviews to assess which cards provide the most value. 

8. Merchant Services: Do They Offer Secure and Reliable Services?

If you plan to accept payments from customers online, find a bank that offers secure and reliable merchant services. This should include tools such as payment processing, secure checkout, and fraud prevention. These services often come with extra fees and can get quite expensive.

9. Business Checking Accounts: Do They Have Strong Options?

Most business owners will need at least one business checking account to manage their finances. You won’t want to mix up your personal and business transactions, as you’ll get confused during tax time. Find a bank with low fees and high-interest rates on savings accounts.

10. Customer Reviews: Do Customers Like to Bank With Them?

Don’t forget to read customer reviews before making a decision. See what other business owners have to say about customer service, fees, online banking, and any other factors important to you. If possible, speak to reviewers personally for a more detailed testimonial.