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Where you should bank depends on
your type of business and the type of transactions you
will be making. For example, if you are in the retail
business where at the end of the day you have cash that
has to be deposited, then you want to choose a bank that
has a branch nearby where you can make your deposits.
On the other hand if all of your transactions are done
online via online merchant account, then the physical
location of the bank is not that important.
If you or you employees will be
making ATM transactions locally or when you travel, you
should ensure that your bank subscribe to the widely
used ATM services.
You should look for banks to reach
out to small businesses. These banks offer services
such as Free Business Checking, Reduced Fees on
Transactions, Payroll Services for Small Businesses, Tax
Paying Services for Small Businesses, Overdraft
Protection, Small Business Credit, Free Online Banking,
etc.
You should look for banks that make
the process of establishing a small business account
easy. It should not take more than five pieces of
information to get an account established (see
details)
Some banks require way too much information and ask for
too many documents to be completed before they can start
the process. Some banks even go further by inquiring
into your credit record before they determine whether or
not to give you an account. These are the ones to
avoid.
Most Banks offer
different level accounts that you can take advantage of
depending on your monthly transactions. For
example, accounts with an average balance of $10,000 or
accounts with an average balance of $20,000. Each
come with different fee structure and benefits. Be
sure to ask about this before making your final
decision.
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