Of all businesses in the United States, 99% of firms are small businesses and employ 47.1% of the private sector. These businesses rely on their small business relationships to help manage capital, savings, and operational exchanges of funds. Therefore, making the right choice for a bank for your small business does not have to be confusing. Fortunately, we have a top-notch approach to finding the bank that’s right for you.

Whether you are looking for a no credit check business bank account from a brick-and-mortar institution or prefer an online business checking account, there are options in the marketplace today. There are numerous benefits to having a bank account for your business, including:

  • Separating your assets from your company’s for protection
  • Save time with improved tracking of income
  • Make reporting for tax purposes simpler
  • Handle deposit payments under your company’s name
  • Manage business expenses separately from personal expenditures

Let’s get right into how to refine your search for the best bank.

Evaluate Your Preferred Method of Banking

Brick and mortar are no longer the only show in town for banking. For example, consider the skilled team at Small Business Bank. They have the talent and background to help with your business needs with the convenience of online banking. Many online banks are worth close consideration and research. Additionally, banking relationships are vital, and you can build them virtually easier than ever before.

Many still prefer an in-person option to build or manage business credit and accounts. Assess the team’s capability that may handle your affairs if you need in-person service. Some procedures benefit from the one-on-one interaction and service. Consider the cost and the availability of your bank throughout the business week and even weekends. You may need services that a prospective bank does not offer. Take an honest look at the features your business needs.

Identify your Long and Short-term Business Goals

Where your business currently stands in the industry may not be its full-time placement. If your needs are likely to expand based on your expressed goals, make sure the bank you consider will be able to accommodate when the time comes to pivot into the next phase of your business. Map out the goals of your business and ensure they are supported by the amenities of the bank you are researching.

Make an Assessment of the Services and Financial Products Most Important to Your Business

You may be looking for an online business checking account with no credit check. However, it could be that your company needs the option for mobile deposits. Consequently, the bank you consider should have the services and financial products you require. While they may satisfy one need, ask questions around other offerings to be sure they are a match for the future of your business as well.

In an era where the Small Business Administration has provided relief to more business owners, you may be looking at a bank that is an SBA lender. Are bank-issued certified checks a must-have for you? Find out if the bank has what you need before opening an account with them. Perhaps deposits need to occur regularly, or you need services for advanced directives. Never feel pressured to trim back your needs to squeeze into a bank that is not the ideal fit. It is your future, and you should partner with the best institution for your needs.

Limits & Fees

It is not fun to talk about fees, but they are associated with many of the business owners’ features. Monthly maintenance fees, minimum deposits, and transaction limits are worth careful consideration. Your financial institution is also a business that requires capital to sustain its services.

A cash deposit limit may also be in place for each billing period. A fee is often applicable once the threshold is reached for your account type. Access to ATMs is a limit that business owners should also consider since you may require access to cash when you are out of network. As a result, terminal fees may apply. The dreaded overdraft fee or insufficient fund fee is also of note. Consequently, some banks offer kinds of protection from overdrafts that may interest you. Look into these features when assessing the limits and fees of a bank.

Consider the Offerings of Your Personal Bank

The search does not have to end there, but your personal bank likely has some business tools that may be of interest. For example, your checking account may come with online offerings and mobile banking solutions. In addition, Digital bill pay and mobile solutions are typical today. Finally, invoicing for customers and integration for third-party peripherals are also supported in many cases.

If your bank offers interest-earning accounts, that may be a fit for you. However, keep your options open and consider the reality that you may have built a relationship with your personal bank that can grow into a business relationship.

Compare your options, and don’t rush the process. Regional banks or local credit unions are up for consideration for some business owners and present a range of tools that could be of use for your business. Opening an account online quickly with an online-only bank might be just the thing. Choose a partnership that can be a fit for the long haul.