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Help customers choose the right online bank for their small business

Posted by  Sjoerd-Jaap Westra

Choosing the right small business bank for your company is essential to keep track of your expenditures, make payments to employees and collect money from your clients or customers. The boom of mobile devices, Bluetooth technology, and Wi-Fi capabilities makes it convenient now more than ever to conduct business online and on-the-go.

With so many banking options to choose from, it's hard to decide which one is right for your business. The savvy business-owner must weigh many factors, including the bank's availability, how reliable the bank is, and what kind of conveniences the bank offers. Check out these simple tips below to get you on track for selecting the right online bank for your small business.

Choose a bank that is available when you need them

Ever wanted to make a same-day deposit before a 6 P.M. deadline only to find out that the bank you are using is closed for deposits on a Friday at 5 P.M.? This type of scenario can leave you in a tight spot. That is why considering a bank's availability is important. If you have questions about a transaction in the middle of the night, you'll want 24-hour customer support to provide you with the availability you need. Additionally, it's important to consider if the bank offers multiple ways for contact including online chat support, phone support, or video conference.

Select A Reliable Bank

It's important to decide whether the online bank you are choosing is reliable. Research whether any issues has occurred in reference to your selected bank. Also, consider whether the bank is FDIC insured. After all, many small businesses use third-party online payments systems such as Skrill and PayPal to conduct business both online and offline. However, using these payment systems to hold your money as if they were a bank can put your business at risk. An FDIC-insured bank ensures that at least $250,000 worth of your funds will be available and protected in the event the bank goes out of business. This same protection is not extended to online payment systems.

Choose a Bank That Offers Convenience

Consider whether this online bank is truly a convenient bank. Does the bank offer free ATM withdrawals at multiple locations or no minimum monthly maintenance fee? Is there a mobile software application that you can use on-the-go on your mobile devices such as your cell phone or tablet to make quick transactions? Does the bank offer services that make banking online easy for you such as providing an online accounting system? Taking these circumstances into account can help you save valuable time and money.

Keeping these factors into consideration will help you on your journey of choosing the right online bank to meet your small business needs.

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Sjoerd-Jaap Westra

Sjoerd-Jaap Westra

Within global product marketing of Unit4, Sjoerd-Jaap is responsible for the 'Office of the CFO' suite. This suite contains best-in-class solutions for financial management, planning & control management, and corporate performance management.

 

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