Business Bank Account

The following will give you some basic information to think about when you are deciding which bank to select:

Have you already established a personal relationship with your banker? If you already know the key management and personnel at your bank, you will have a head start when you need special consideration.

What kinds of loan programs are available through the bank? Does this bank make business loans or does it confine itself to personal financing? Is the bank a participating SBA guaranteed lender? Does it participate in any other programs aimed at helping small business owners. Either now or sometime in the future, you may need additional funds to operate or expand your business. It is easier to go to your own banker than to have to approach an unknown lender.

Does the bank have merchant credit card services? You may find that your business will be more profitable if you can offer VISA and MasterCard or American Express services to your customers. We are now living in an age in which buyers of products and services do not carry cash and expect to pay with a credit card. The merchant now has the advantage of being able to instantly authorize the purchase and have funds deposited to the business account within 24-48 hours. The bank generally charges the merchant between 3 and 4 percent of the purchase amount for the service, but having the capability may significantly increase your sales.