Basic Information
Instant online credit card authorization has made selling over the Internet an important source of business income. If your bank offers online merchant accounts, you will need to be sure that your shopping cart system will work seamlessly with the bank’s authorization and deposit system.
What does the bank offer in the way of a business bank account? Is there a holding period on your deposits? Can it be waived? What are the service charges? What is the policy regarding returned checks? Do they have overdraw protection? Is it an interest-bearing account? If so, do you have to maintain a minimum balance? What other kinds of accounts does the bank have that will allow you to divert temporary funds where they can earn more and still stay liquid?
Is the bank a federal depository bank? If your business has employees and you are paying any of those employees over a certain amount, you will have to deposit funds in a separate depository account on a regular basis. It will be more convenient if you can do all of your banking in the same place.
What additional services are available at the bank? Do they have branches available in several locations? What hours are they open? Do they have 24-hour ATM services. Do they have safe deposit boxes. Do they have notary services? What other services does the bank have that might be required by your business?
Does the bank provide electronic banking services? With the advances in computer technology, many banks now offer remote banking through online services. You can quickly access account information, transfer money, pay bills and more – all with the convenience of your computer.
