Why You Should Open A Commercial Bank Account
Posted on: 25 April 2016
Are you trying to decide if you want to open up a commercial banking account for your small business? You will actually find that opening a commercial bank account can be beneficial in a several different ways. In this article, you will learn about some of the benefits you can enjoy if you open up a commercial bank account.
1. Access to Commercial Real Estate Loans
Although you may not be thinking about getting a loan right now, it doesn't mean that you won't need one later. For instance, if your business grows a lot over the years, you might need to invest in a bigger building. A commercial bank account will give you the ability to apply for a real estate loan through the company that you bank with. The perk is that your income history will already be on file with the bank, which can make it easier for you to get approved for the loan.
2. Assistance with Payroll Processing
Having a commercial bank account will give you access to the service of payroll processing for your employees. You won't have to worry about processing the checks on your own, which can be time-consuming if you have a lot of employees. By leaving payroll processing to the banking institution, it can save you money because you won't have to hire someone to perform the task. You will also be able to get your employees' paychecks direct deposited into their personal bank accounts, rather than only having the option of paying them in cash or checks.
3. Accept Credit Card Payments from Customers
One of the biggest perks of having a commercial bank account is that you can opt for merchant services. You will be able to accept credit card payments from customers, which might increase the amount of business that you are able to get. You must keep in mind that there are some people that will pass up on buying a product or service if they are unable to use their credit card.
4. Enjoy the Features of a General Account
You will not only have access to many great features with a commercial back account, but you will still get to enjoy the services offered from a general account. For instance, you will have access to a debit card for use in ATM's, as well as the convenience of online banking (depending on who you bank with). Open a commercial bank account for your business as soon as possible.
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