In most cases, business checking accounts are considered the very foundation of financial planning for small and middle enterprises. This means that once you acquire commercial checking account, you are all set to venture into any activity of your business and set out your path to success. The problem however is that there are so many business accounts offering almost similar business checking needs that it becomes impossible to know which account would be the best fit to enhance your business banking relationship. Today, a good business checking account should combine quality customer service with easy software integration and other business-specific features such as the ability to make deposits or wire funds. This means that regardless of whether you are starting out in business or looking to improve banking services by making upgrades to your business finance, make sure that apart from personal checking accounts, your business checking account is fully optimized. To achieve this, you need the right checking account. Below are some of the key factors you should consider before choosing a business checking account.
When it comes to business banking relationship, the first thing you consider when choosing a checking account for your business is the services on offer. This would mean that you need to explore all areas such as in-branch services, online services and other related services that banks offer as incentives to customers. When it comes to in-branch services, you can be able to make cash and cheque deposits as well as make cash withdrawals. In addition to these, in-bank services allow you access to an ATM, customer service and support and other basic services that are common in a normal banking transaction. However, it is the online banking services that have the greatest impact to businesses when choosing a checking account especially for those businesses that are not cash based. In an attempt to improve their business banking relationship, banks have been forced to embrace technology and improve on their service delivery. It is this business banking relationship that online banking services are pegged upon and with internet connection; you can check your balance, initiate transfers and monitor your recent activities.
Cash and Transaction Limits
Before opening an account with commercial lending services, make sure that you fully understand the transaction limits. There are certain banks that no fee for transactions up to a certain limit which is one way of improving business banking relationship with the customers. When operating a business checking account, one of the limits you are most likely to encounter is a monthly cash deposit limit. This limit would make sense since making cash deposits require the presence of a teller in addition to the fact that running a banking branch is cost intensive to the bank itself. The fee charged is based on the amount of cash deposited within that month. Whereas the business banking relationship with the client strategy might not be applicable here, some banks also tend to set limits on online transfers, payment of bills and deposits from third parties.