As a small business owner, visiting a bank can be a frustrating and sometimes a waste of time, especially if you did not choose a bank thatsuits your business. In fact, a report by Business Banking Gallup establishes that 32% of businesses are “actively antagonistic” about their bank.
The relationship you build for your business and your bank can be a headache or a pleasant experience.
Want to pick a bank that is best for your small business? Consider these pointers.
- Identify the needs of your business
The first thing you need to do is establish and study your business’s “list of needs”. This will guarantee a solid foundation for research.
Among the things your business might require from a bank include:
- Checkings and Savings accounts
- Close proximity to your business
- Reliable customer support
- Digital, mobile and remote banking options
- Weigh your options
If your business is situated in a metropolitan area, you probably have more than a few banking options to choose from.
Big banks for instance, have the advantage of staying ahead of the smaller competition. They are available everywhere, their digital banking solutions stay up-to-date and they offer important add-on services to small business owners such as Automatic Download to statements and QuickBooks, Payroll services, Automatic Tax Payment and invoicing.
However, their rates and charges are often too expensive for a small business. Furthermore, big banks are less likely to grant small loans to small parties than local loans, which means you will likely find yourself looking for alternative funding.
Thankfully, financial services providers such as First American Merchant exist, where you can get funds either in the form of micro-loans or cash advances at friendly terms, while utilizing the other services your big bank provides for your business
Otherwise, if you are at the early stages of growing your startup, a smaller, local bank can be your best fit.
For a small business, shaking hands with a local bank allows for personal interaction, reliable accountability and versatile loan offers. Moreover, other than banking services, a local bank can be a trusted, readily available financial consultant.
There are far too many options to stick to a bank – business relationship that offers anything but the best to your small business.