Posted on: 23 May 2016Share
Did you recently start a small business that has the potential to grow into a larger company in the future? You might want to consider opening a commercial banking account for the benefits that might come in handy as your small business grows. Take a look at the list of benefits in this article that makes opening a commercial bank account a good idea.
Allow Your Customers to Pay with Credit Cards
With a commercial bank account, you will have the option of signing up for a merchant account. The merchant account will give you the ability to process credit card payments. The more payment options that are available to your customers, the bigger impact it might have on the profits you are able to make. The great thing about being able to accept credit card payments is that you can process orders over the phone, which is highly beneficial if you send out catalogs to market your products. Rather than filling out an order form in the catalogs and mailing in a money order, your customers can simply call in with a credit card payment.
Pay Employees More Efficiently
One of the perks of a commercial bank account is that you can receive help with processing your employee's checks. You can opt for giving your employees paper checks that are created by the banking institution, or you can direct deposit money into personal bank accounts. Direct depositing money into your employee's bank accounts is not only convenient for them, but it can help you keep better accounting records of what was paid out. The payment records will come in handy during tax season or if an employee claims that they were never paid.
Borrow Money for a Larger Building
As your company grows and you need to hire more employees, you will need additional space if your current building is small. If you don't want to dip into your business profits to purchase a new building, you will have the option of using your commercial bank account to request a loan. The best thing about getting a loan through your own banking institution is that you will already have a history that might make them trust you more. Plus, your business income will be shown in your account to make getting approved a smoother process. Visit a banking institution so you can open up a commercial bank account for your small business.