When it comes to setting up a business, there are many things to consider such as what is the best business bank account for small businesses or what type of business structure is suitable for your business. While it may seem daunting to make a decision, it is best to take your time with this and read as much as you can about the suitable types of bank accounts and business structures for you. In this article we explain the best bank accounts for small businesses.
Why do I need a checking account for a small business?
It is important for a small business owner to have financial control and great organisation for their business. Having a suitable bank account is also a part of that, since you need to be able to maintain the payroll for employees, handle business insurances, have a merchant account in order to collect payments from clients, collect any money when needed and have a healthy cash flow that is protected.
For online bank accounts
The best business bank account for online banking is BlueVine. It is perfect for online businesses who wish to make transactions online without being charged any fees and your account is also free. This is a relief for startup online businesses who want to keep costs as low as possible, so that they can operate a business and get the support that they need from the online bank. There is also only a 1% interest on your balance, which is barely noticeable.
For National Startup bank accounts
For entrepreneurs or startup companies that want to grow, it is best to open a business bank account with Chase. They offer total support and guidance for starting up a bank account and offer services such as mobile and online banking, wire transfers and flexibility for paying bills online. They are a trusted bank in America, with over 4,900 branches across the states and over 16,000 free ATMS for you to use.
For small checking accounts
The best small business checking account for banking is Wells Fargo. It is especially designed to help small business owners with physical stores that need to survive. Their structure as a business is fitted for any small businesses and at any stage the business is in. They help small business owners maintain and control a healthy cash flow, they can help detect any fraudulent activity and offer other incentives such as zero liability protection on debit cards. This is especially suitable for sole proprietors who want to protect their assets.
For ecommerce businesses
E commerce business owners can join the bank Capital One, since it is the most suitable for their business profile. It has low fees for banking customers and a great system that any business owner can use. There are no monthly service fees or any transaction fees and you can put any amount of money in, without minimum requirements. There is great customer service support with this bank and over 700 brick and mortar locations for business owners to use.
When it comes to choosing the best business bank account for small businesses, it’s best to assess which one is most suitable to your businesses’ needs. You may just need to set up an online bank account if you mainly deal with online transactions or if you are a small business with a handful of employees. If you’re a sole proprietor, it is best to choose a business that specialises in dealing with brick and mortar locations, so that you can protect your assets and have financial stability. If you are an LLC or corporation company it’s best to choose a national bank that can offer different incentives and loans. Before you decide, it’s best to clarify and have a clear understanding on what your goals are as a business and your potential growth.