In today's business environment, the digital marketplace makes your small business more competitive against large companies.
Small business banking services can help you make the most of this opportunity.
With the right business banking tools, you can accelerate business growth and streamline your operations. Let's look at some of the most popular small business banking services and examine how they can help your business.
Understanding small business banking services
Small business banking does more than just provide limited personal liability protection by separating your business and personal funds. It can also give your small business access to the benefits of small business banking services, such as cash flow flexibility, increased capabilities, efficient money management, and enhanced customer relations.
Small business banking services offer pro-business advantages that don't exist in personal bank accounts. When packaged, these services become a primary part of a bank's strategy to attract, support, and nurture small businesses. As you search for a business bank account, below are some of the small business banking services worth considering.
Merchant services: financial services tailored to you
Since credit cards are the most common form of in-store and online payment, your small business sales could increase if you provide a convenient method of accepting and processing credit cards. Merchant services allow your business to accept credit and debit cards through point-of-sale card reader terminals, online shopping carts, and/or mobile apps.
Along with streamlining the transaction process, merchant services typically offer the following benefits:
- Fluid money management
Merchant services simplify cash flow management and forecasting.
- Avoid bad checks
More credit card transactions mean fewer bounced checks and associated costs.
- Recurring payments
When combined with a complete payment system, your business can accept scheduled, ongoing payments from returning customers.
- Better customer experience
Your merchant account provides customers with the convenience of contactless payments and flexibility in the payment process.
The power of business credit
Solid business credit provides a convenient and quick way to get working capital for your business, especially if you use business credit cards. Since it separates your business and personal expenses, business credit makes it easier to track business spending and manage tax records. You can also make the business credit line available to employees by requesting additional business credit cards. And the adjustable credit limits give you control over the amount they can spend.
The convenience of online and mobile banking
Your small business may require you or staff members to perform three or four financial tasks at any time. You may have key team members working from home or in the field. Fortunately, online banking and mobile apps allow you to manage your business anywhere and anytime.
For example, East West Bank’s BusinessExpress Online Banking and Mobile App1 enables you to:
- Make remote check deposits and view account balance and activity2.
- Send money with Zelle® for your small business and online bill pay2,3.
- Perform Automated Clearing House (ACH) transfers and wire transfers2.
- Export financial data to CSV files or QuickBooks.
Essential small business accounts
Small banking essentials like small business checking accounts and money market accounts are valuable tools for growing your business. They also add professionalism and proficiency to your business's day-to-day operations.
Just as important, these essential small business accounts help build your relationship with your bank. A strong bond with your host bank can be an asset when seeking SBA loans or other funding.
How to open a small business bank account
Typically, it’s more convenient to open a small business bank account at your current bank. However, it could be beneficial to shop around because your present bank may not have the best fees, fraud prevention, business banking services, or benefits.
Regardless of the bank you choose, opening a small business bank account is a straightforward process, provided you have the required licenses, IDs, and verifying documents, including:
- Employer Identification Number (EIN)
- Personal identification (e.g., driver's license)
- Business formation documents (sole proprietorship, LLC or corporation)
- Business license and ownership agreements
Making the most of small business banking services
Small business banking services can significantly contribute to your business's success by refining your financial transactions, cash flow activity, and record keeping. You can learn more about these small business services and others offered by East West Bank. If you're ready to open a business banking account or apply for a business credit card, we can help you start the process today.
1 East West Bank does not charge for Mobile Banking. However, your mobile service provider may charge for sending and receiving text messages on your phone. Check with your service provider for details on specific fees and data charges that may apply.
2 See the East West Bank BusinessExpress Online Agreement for additional details, including qualification requirements, cutoff times and limits.
3 For service and account eligibility requirements, refer to the “Zelle® Terms of Service” section of East West Bank’s BusinessExpress Online Banking Agreement. To send or receive money with a small business, both parties must be enrolled with Zelle® directly through their financial institution’s online or mobile banking experience. Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.