If you're an entrepreneur who is considering starting and registering your business, you should consider opting for a bank account which gives you complete peace of mind when managing and growing your business.
Before opening an account, you need to ensure that you do sufficient research to ensure that you select a bank account that best suits your needs.
1. What type of account do you need?
There are a variety of options available, depending on the nature of your business. A standard transactional account is ideal for the management of cash coming in and going out of your company. New business owners can either opt for a Pay as You Use pricing option, which features low monthly account fees based on use, or a Bundled pricing option which accommodates for higher volumes of transactions.
When you select your pricing structure, you need to consider not only the monthly account fee but also the transactional fees associated with the selected pricing structure to ensure that it aligns with your business activities.
Perhaps you're starting a more sophisticated business; you have the options of several niche bank accounts which are designed to cater for specific needs. These bank accounts include Trust accounts, Agricultural, Healthcare, Franchising, Global accounts and many more.
2. Can you manage your account digitally?
Having access to 24/7 banking services is crucial for businesses. These services include viewing your accounts, balances, applying for credit and conducting Foreign Exchange transactions online. As an entrepreneur, you'll need to be able to manage your business on the go while making transactions securely.
3. What value will you get?
In addition to your account's transaction features, it's critical to determine what additional benefits and solutions your selected bank and bank account offers. These days, business accounts often offer a range of other services, including, instant invoicing, accounting, payroll and cash flow management to alleviate some of the headaches experienced with managing these components separately.
In addition, banks offer value-added services such as rewards and loyalty programs, which reward businesses according to their banking behaviours. The ideal programme should reward your business for spending on goods and services during tough economic times in order to make day-to-day operations easier, and cheaper - some even include rewards for the purchase of petrol.
4. Will you always get the best service?
Ensuring that you get the best service when you need it most should be non-negotiable. Business owners should be able to get assistance from their bank on any channel of their choice as and when they need it.
5. Does your bank take into consideration your future growth and business needs?
Your selected bank should go beyond the call of duty to understand your business while providing it with the necessary support and assistance for it to grow. Going the extra-mile can take the form of credit, trade and asset financing and more.
When considering your business bank, think about the overall value you'll receive, as opposed to only factoring in bank fees.
Furthermore, by taking the time to become familiar with your account's pricing structures and adopting the correct banking behaviour and pricing structure will save you loads in banking fees. Becoming familiar with the pricing structure is something that should be done once-off but should be done regularly as business operations changes, to ensure that your business is getting the best value for your banking needs.