It’s hard to choose the right suppliers when it comes to basically any aspect of your business, but a bank can be one of the most important since your decision is potentially going to impact every single transaction your business makes. There are, of course, an overwhelming number of options on the market and jumping into the first agreement you see could well be a bad idea.
Instead, it’s worth looking at some of the options out there and considering expert opinions from financial advisor’s (like the recommendations from these professionals) before making your choice. Here are some of the key points to remember.
1) Choose an actual business account
Probably the worst thing you can do is try to use a personal account to run your business finances. It will not work out as the best deal or the most practical solution. Go for one that’s designed for people in your situation.
2) Look for free trials
Even on paid accounts, you should be able to get a good trial period and enjoy free banking for 12 months or even longer.
3) Don’t be distracted
Having said that about free trials, you need to consider the long run and what your future costs will be. Free gifts with bank accounts are often irrelevant to your business and shouldn’t be considered much of an incentive.
4) Research transaction fees
Some of the total costs may not be obvious when comparing different bank accounts. Fees may be applied later for things like paying in cash or cheques, which you may or may not need to do on a regular basis, depending on how your business actually works. International transactions may also cost more.
5) Consider convenience
If you do need to make physical transactions at a local branch regularly, make sure you select a provider that does have local locations for you to easily pop into. The time saved will make a big difference later.
6) Meet them in person
If you’re deciding between a few banks for your business account, arrange a few meetings and discuss your requirements with each option. You should find it much easier to make a choice that way.