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.
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.
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:
Merchant services simplify cash flow management and forecasting.
More credit card transactions mean fewer bounced checks and associated costs.
When combined with a complete payment system, your business can accept scheduled, ongoing payments from returning customers.
Your merchant account provides customers with the convenience of contactless payments and flexibility in the payment process.
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.
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:
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.
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:
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.
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