small-business-bankingOwning your own company can be a daunting task. The last thing you need to worry about is paying too many fees for your banking services. Many large banks have products and services geared towards large businesses, which may be overkill for what you need.

First pick a bank or credit union based off of whether or not they can meet your immediate needs. Credit unions are a great choice for low fees, however, some do not offer business banking solutions, or they have a limited set of services. You can use a personal account for your small business, but don’t be surprised if you quickly see the need to add new services, and the personal accounts no longer meet your needs.

If you are serious about your small business, and would like to see it grow, we recommend you start at a bank or credit union that has business banking accounts. Make sure you can find such basic business services as Business Checking, Business Savings, Business Credit Cards and Business Check Cards. You’ll probably need to borrow some money to grow your business, so look for Business Loans with reasonable terms. Business lending is crucial for growth, so be prepared to pay some fees for loans at the size you need to grow.

You will most likely need Merchant Services if you want to accept credit card payments. If you will be accepting online payments, you will need two parts: the merchant account and the gateway payment processing service. You will need to set up as a merchant account, which typically covers Visa and Mastercard transactions. You’ll have to setup a merchant account separately with both American Express and Discover. To money you can use Google Checkout, and if you let Google place ads on your site, then you can process transactions for free. Of course, if you’re worried about leading people to the competition, then you might want to consider paying for the gateway payment processing service. PayPal is another option, where you can setup your site up to receive payments, but you only pay for the transactions when they are made instead of paying monthly fees. It tends to run more per transaction, but again there are no monthly fees.

If you have employees, you’ll want to use some payroll services. This is really nice when the bank or credit union has online payroll services. Also check to see if the bank or credit union has any services that give you invoicing and vendor payment options.

Another big plus is Remote Deposits. Not having to travel to the bank or credit union each day to make deposits can save you a lot of money in time and resources saved. Remote deposit allows you to use a check reader device to scan the checks and then transmit them electronically.

Small business services don’t have to cost a lot of money, but remember to calculate the money saved by cutting out steps you would have had to do yourself. Sometimes the cost is well worth the resources saved and will actually save your company money.