Opening a business checking account is an important step in managing your business. However, in today’s digital landscape, finding the right account can be overwhelming. There are different types of financial institutions, and each one offers a variety of products, services and fee structures. And for a new business owner, it may be difficult to identify the best one. To help ensure that you will get the most out of your business banking experience, we have highlighted key factors to consider as you navigate through all your options.
A business checking account should be easily accessible. Which means, you should be able to access your account and manage your finances anytime, anywhere. As a new business owner, you may want to consider partnering with a bank that offers digital account opening through a sophisticated online and mobile banking platform. At Grasshopper we understand that your time is extremely valuable, which is why we rebuilt our technology stack to provide small and medium-sized businesses (SMBs) with the ability to open a fully digital, paperless deposit account in under 10 minutes- no docs, no lines, no hassle! Also, through our mobile banking app, business owners can access a full suite of powerful, digital tools whenever, wherever they need.
Account Features & Services
When comparing business checking accounts, it is important to consider what services and features would be most beneficial to you and your business. Some features to look out for include:
- Contactless debit card
- Remote check deposit
- Bill payment services
- Wire transfer services
- Accounting integrations
- eStatements & more.
Not only does Grasshopper’s Innovator Business Checking come equipped with a chip-enabled, Visa rewards debit card, but also it includes unlimited 1% cash back on online and signature-based purchases, unlimited ACH and incoming wires, up to 1.00% APY and fee-free cash withdrawals at any ATM bearing the NYCE SUM and MoneyPass logos. Plus, it includes 24/7 access to all integrations available in online and mobile banking, such as Autobooks. The built-in Autobooks subscription allows you to accept payments online, send invoices, pay bills, manage bookkeeping, access financial reporting and more.
Don’t burden yourself by being restricted to minimum balance requirements, transaction limits or monthly service fees. Oftentimes, financial institutions charge a monthly service or maintenance fee when you do not meet their minimum balance requirement. They may also implement transaction limitations, which will charge your small business a fee per transaction after a set limit is reached. If your business has a high volume of transactions and finances tend to vary each month, these fees can end up being very costly. A flexible checking account designed specifically for small businesses in mind would not threaten you with such fees, allowing you to have a stress-free business banking experience. This is why our Innovator Business Checking has no minimum balance requirements, transaction limitations or monthly service fees.
In a data-driven world, it’s vital that your money, along with your data, is secure. Two-factor authentication, fraud monitoring, and other proactive security measures are important to seek out or request from a financial institution in order to ensure that your funds and information are as safe as possible.
Trying to navigate your finances and understand how to utilize all the features that your new business checking account has to offer may be tricky as a new business owner. That’s why it’s crucial to choose a financial partner that has a Client Services department dedicated to the success of your business. When searching for a business checking account, look for banks like Grasshopper that offer personalized, human support through a variety of channels. We understand how important it is for people to get professional help when they need it, which is why our Client Services team can be reached by phone, chat, email, text or secure message. Also, our Client Services team is equipped to provide live demos of online and mobile banking to help ensure that you understand the full functionality of our platforms.
Lending & Financing
When it comes to growing your business, you may need extra funds. Having financing options available through your checking provider can help make the borrowing process easier. That’s why having access to experienced professionals, like Grasshopper’s SBA Lending team, is an important aspect to consider when searching for a business checking account.
The Bottom Line
At the end of the day, banking is not one size-fits all. The best checking account is the one that checks off all the right boxes for you and your business.
Grasshopper’s Innovator Business Checking offers the right balance between services, features and cost. Start enjoying the benefits of banking with Grasshopper by opening an account today!
By Michaela Lenahan in Business Checking