Business banking is when a company requires the use of a bank for financial purposes related to that company. It is also known as commercial banking, which is when a bank deals solely with business accounts, rather than individuals like most financial institutions. It is not to be confused with investment banks, which are used for capital markets, or a retail bank, which is used by individuals. There are many services that a business bank can provide for your company. This guide will go over some of the most common reasons your company might benefit from a business bank.
Merchant services allow you to offer your customers a secure way of paying that's convenient for you and them. You can use a card reader on your phone to accept payments in person using debit or credit cards. Need a more permanent solution for a card reader? There are many different mobile checkout card readers that you can choose from. Some of them even connect to services like Apply Pay which allows your customers to pay using their iPhone. Chip readers in the mobile checkouts will provide another layer of protection and prevent fraud due to the high-tech encryption features. Have a website for your company? Your customers can use the e-commerce systems from the business bank and accept payments online or even over the phone.
Now that you've gotten paid for your services, you need to handle your payroll. The payroll services offered by business banks allow you to manage your payroll anytime, anywhere. There are options for filing taxes using the payroll services, as well as reminders for when the taxes are due. Many of the business banks will give you rewards for using it as your payroll, such as a certain amount of cash back for every amount credited to the account.
There may be times when you need to send or receive wire transfers. The business bank can handle that for you. It even allows you to store frequent payees information for easier and faster transfers and stores a wire transfer history for a certain number of months, which depends on the bank.
The collection services used by business banks is a convenient way to deposit money into your accounts or the accounts of others. Quick deposit services let you use a special scanner given by the bank which you can use to scan the check and it will be deposited. Many of the banks that have this will even have a mobile app that can do it, too.
No matter how big your business is, you want to protect it any way you can. That involves taking care of your money and your customer's financial information to prevent fraud. Business banks do this for you. Most of them will offer protection or guarantees if something bad happens with your company regarding your finances, as long as that service is provided by them – like the card readers.