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Choosing small business banking

After laying out your business plan for a new business, the next important detail to take care of is small business banking. To run a business properly, you must keep personal finances separate from business. This requires setting up business banking accounts to take care of checking, savings, credit card processing and online banking with a convenient and customer oriented bank. Use these tips to get started for business banking.

Business banking

Your first thought may be that you only need a checking account for business. However, once you consider the many types of transactions, taxes and the possibility of a loan, you realize the scope of what is required for small business banking.

Bank location/customer service

Choose a close and convenient location for banking. Talk to potential banks offering small business banking to learn what they offer in the way of customer service.

Banking services

Make up a handy list of all the banking services you believe will be needed for the new business. Use the list when discussing banking services with potential banks. Consider checking, savings, online banking, credit card processing and a line of credit or a start-up loan.

Online Banking

Look for a bank that offers online banking. If you are not familiar with online banking, consider it because it is easy and quick to set up and comes in handy for tracking finances. You can verify checking and savings balances 24 hours a day every day of the week at your convenience.

It is simple to transfer money electronically from other accounts using electronic online banking. Some banks even offer checking deposits using computer scanners to make online deposits.

Tips about business banking

Consider opening a line of credit to help financially when sales are slow with a new business. Ask the bank what the fees are for credit card processing. If they are too high, you can get credit card processing from other sources.

Look for banks with special introductory offers to save money. Talk to at least three banks to find one that suits all your small business banking needs.

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