Bank accounts are essential for your business. They help you get paid, pay others, and make it easier to manage your finances.
But if you’ve been in business for a while and have been using the same bank account for years, you might want to explore other options that can benefit your business.
With the many banks available worldwide, you might think it’s challenging to pick and switch bank accounts. But it’s not as hard as you think so long as you’ve done your research and followed the process involved in changing bank accounts.
That said, here are seven reasons you should switch business bank account:
- It Can Help Your Credit Score
There’s a direct link between your business bank account and credit score. Having an account in good standing is essential in building your credit history. And the best way to ensure your business bank account has that is to use it responsibly.
In particular, having several lines of credit (personal and business) can help. The more active accounts you have that are all in good standing, the better off you’ll be when the time comes to apply for other loans or lines of credit down the road.
- It May Be Cheaper
It costs money to open a new account and close the old one. But usually, the cost of doing business with the bank outweighs that fee. The average price of a business checking account is $300 per year, but it can be as low as $100 or as high as $600. The best way to determine if it’s worth it? Figure out how much you’re spending on your current account, then compare it to other options available in your area. If you’re paying more than $600 per year for an account, it may be time to change.
- You Could Get Better Features
For many businesses, the benefits of changing bank accounts are substantial. You could get better customer service, more online and mobile banking options, lower interest rates, and financial tools to help your business grow.
Some online payment platforms, such as Airwallex, may also offer credit card processing services and payment processing capabilities to help reduce your costs. If you’re looking for loans or cash management services, an online bank might be able to provide those at better rates compared to traditional brick-and-mortar institutions.
- You Can Have Access To Expert Advice
As a business owner, you may be juggling a lot of tasks. As your business grows and becomes more complex, it may not be easy to know what you should be doing to keep things running smoothly. A good bank can provide expert advice on improving your business and making it more efficient. The experts at the bank can not only help with day-to-day operations but also give insight into areas that may otherwise go unnoticed or ignored by busy entrepreneurs like yourself.
- It Can Provide Convenience
In a busy world, convenience is essential. Opening a new bank account can be done online or at any branch location of your chosen bank. If you don’t want to deal with the hassle of signing documents or making trips to the bank, business bank accounts can provide you access, ease, and control.
Some banks offer free debit cards to go along with their business checking accounts. These cards offer convenience and may even come with extras like rewards programs or cash back bonuses. Many other banks provide free ATM use at locations nationwide.
- Streamline Tax Filing
You can rest assured that you won’t be scrambling to find your tax information in the middle of April when the time comes for tax filing when you switch to the best business bank account. You can have all of the information you need, whether you require your bank statements or a copy of a receipt for something that you bought with the company credit card.
Additionally, if there are any problems with filing taxes, such as an error in the report, you can get help from someone who knows their way around taxes. So long as you choose a good business bank account. Instead of waiting for an accountant who may not be familiar with small businesses and start-ups, you can always get a consultant.
- It Could Help Grow Your Business
There’s a lot to think about when you’re starting a business. But one thing you shouldn’t overlook is your bank account. If you’re looking for ways to grow your business and expand its reach, changing banks could be your best option.
A new bank might offer better deals and more personalised service than your current one. They could also have access to better rates on loans, which could help with expansion plans down the road.
There are many compelling reasons you should change your business bank account. If you want to attain financial stability in your business and focus on what matters most, choose a payment platform built around entrepreneurs and small businesses like yours. The right solution can help make your life easier while encouraging the growth of your business and customer base.