If you are a small or mid-sized business owner, you must bear a few considerations in mind before choosing any business account.
The first and indeed the most important thing that you must consider is the volume of your monthly, financial transaction. There are business accounts for low-volume transactions, and high volume transactions. If you fail to choose an appropriate business account that suits your business transaction behaviour and cash flow, you may end up incurring a lot of expenses. It is advisable to review your business operations in the past 6 months to determine your monthly transaction volume and then choose the business transaction account whose features and costs meet your individual needs.
Next, you must be clear about the type of transactions that you make. How do you pay salary to your staff? Do you use ATM or internet banking for making payments for raw material and machinery? How do your clients pay you? Analyse the type of transactions that you make before choosing any particular business account.
When
you are choosing the business account, find out what fees and charges
are levied on those transactions by different small business banks in
Florida. Small business banks usually charge monthly account fee,
branch deposit fee, cheque deposit/withdrawal fee, over the counter
transaction fee, and electronic transaction fee on business
transaction account. Carry a thorough research before opting for any
particular business account. If there are any fee-free thresholds,
find out how much fee would be charged once the thresholds have been
exhausted.
Does
the small Business Banks in Florida offer online banking? Online banking is not only convenient and
time-saving, it also helps save money. You may use a payroll package
or bulk payment template to make payments to your employees. It would
be counted as only one debit transaction on your account which would
save you business banking fees. If you get multiple cheques, bundle
them up into one deposit. Use direct credit via internet banking to
pay your bills.
It consumes a lot of time keeping track of cheques and balancing them. Electronic transfers are not only quick, they are also cost-effective. Consider streamlining your customer payment options. It would help you in choosing a simpler and affordable business bank account that best meets your individual needs. Choose the right bank and manage your small or mid-sized business easily.
Source: http://www.jaxbank.com
