Whether you are starting a new business or are running a growing company—you will want to make sure that you have the right bank account to support it. This means getting a business banking account that offers modern conveniences and security. Services like online business banking, credit and debit cards, and loans/financing along with low monthly maintenance fees and high transaction limits are just some of the things you should look for in a business bank account. Here is a more detailed look at these factors:
The bank
Start by seeking out the right bank. You can’t go wrong with a bank that has a proven reputation for helping small businesses acquire the services and loans they need. You can usually tell if a bank is business-friendly by looking at their website. Do they have a section devoted to business accounts? Some of the best banks even provide a business loan calculator online, among many other tools and resources for entrepreneurs.
Online banking
You should also make sure that they offer reliable, secure, and around-the-clock online business banking that is completely free. After all, online banking is at the heart of the financial operations of most modern businesses. You must be able to view recent activity and balances, pay bills conveniently, and initiate money transfers within the same bank and other financial institutions. Check if the bank offers a mobile banking app as an option too, so you can make transactions no matter where you are.
Fees
It’s usually free to open a personal bank account, but you may have to pay fees to open a business account. This is normal; it’s a way for banks to make sure that you are not doing any shady transactions that could put them at risk. That said, the bank should not charge exorbitant fees to open and keep a business account. You should also be able to use certain services like the business loan calculator at no cost.
Be sure to check the monthly maintenance fees of the bank you are considering using and compare them with fees imposed by other banks. Expect fees to go higher as your business grows and becomes more complex. That said, you can still limit these costs and enjoy the lowest possible rates with the right bank and banking account. Make sure there are no charges for basic banking transactions, such as checking your balance. Some banks may even waive certain fees if you are able to meet certain requirements such as keeping a minimum balance in your business account.
Integration with your accounting system
Choose a business banking account that can easily integrate with your preferred accounting system. That way, it is easy to send or receive ACH transfers, especially if you are running an online business.
The bottom line
You can’t go wrong with Queensborough National Bank. Open a business banking account with Georgia’s most established community bank today. Since 1902, Queensborough National Bank has supported local businesses and it continues to do so to this day. It offers secure and reliable online business banking as well as checking and lending services. Whether you are looking to open a checking/savings account or acquire a credit card for your business, this bank has it all. It likewise offers cash management and Q merchant services, plus remote deposit.
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