How to Find Business Banking Online

When it comes to online business banking it is necessary to know what to look for when choosing a bank and enjoy the advantages of getting it right. A good relationship is essential in online business banking. It is important to invest time in choosing the right bank the first place.

Banks offer different business banking services and the fees they charge as well. Some have special teams who deal with business accounts and useful information for start up business.

Choose the right bank

Before making a decision it is a good idea to compare at least 2 banks though many people open their business account with the same bank that holds their personal account. Bank charges vary in the services they offer, so it is best if you compare and get the best all around deal. If you go online and search for business banking, use some business account finder to compare deals. You may even want to choose your business account on the bank’s ethical or religious standing – investment policies issues such as human rights and environmental responsibility.

When dealing with business banking, it is a good idea to ask about:

If the bank has a dedicated team for small businesses

Services they offer

Amount of services

How do they charge for each transaction

If there are additional charges (some banks charge if you exceed the overdraft limit)

If they have local branches – especially if you have to make transactions every week

If there are special offers for start up businesses or for new accounts.

Choose business banking account

Current Account- For frequent transactions includes payments or receipts. A good option if you pay interest and late payment fees on credit balances, but not all banks offer this.

Readily Access Deposit Account- Any cash not needed for frequent transactions. These can be put into your current account so you can check it anytime.

Term Deposit Account – for long term funds

Foreign Currency Account – for overseas trading

Loan Account – for taking out loans

Merchant Account – for businesses so you can accept credit and debit card payments and transactions.

All major banks nowadays offer online business banking. Doing it online is a more efficient way of managing your business accounts. You can check your balances and view statements, transfer money from one account to another, pay suppliers online, fix regular payments such as salaries and even request for chequebook and statements. You can also download your account information and print it out for analysis.

Online business banking is cost-effective. Banks offer online banking at no extra cost!

Most businesses manage their online business banking using internet banking, you can check your account from any computer using web browser. Larger businesses are offered PC banking and require them to install a special banking software on the computer. This is an effective solution for large volume of banking transactions and link directly your accounting system to your bank.

Choosing the Best Business Banking Partner

Establishing a business banking account is one of the first things company owners need to do. These accounts are vital for obtaining accurate accounting data and keeping track of allowed tax deductions.

When business owners mix business banking along with individual accounts they will likely end up undergoing an IRS audit. The time spent clarifying expenses and providing adequate documentation can be grueling and may lead to late fees and penalties, so it’s best to start things off on the right foot.

There are quite a few ways to setup a business bank account. Owners can apply online or visit banks in-person. They can select a basic checking account or apply for accounts that include merchant services, direct deposit payroll, or an open line of credit.

Many banks offer accounts that can be connected to accounting software programs such as Peachtree or QuickBooks. Interconnecting accounting software with business accounts help managers conserve time while providing adequate documentation for tax records. Additionally, this method lets business owners access their account from various locations such as work, home, and even while traveling.

Fees associated with corporate checking accounts are usually quite a bit more expensive than personal bank accounts. The majority of banks charge companies a monthly service fee. Some charge fees for every transaction, while others charge if transactions exceed a set number. Fees are also assessed for overdrafts and electronic transfers.

Although it’s never a good idea to bounce a check, companies can avoid expensive fees by setting up overdraft protection. This involves connecting business checking accounts to a savings account or credit card. If overdraft occurs, banks automatically transfer a preset amount of money into the checking account.

It can be very helpful to comparison shop banks to find ones that offer the most benefits and assess the lowest fees. A trusted source for comparing banks is BankRate.com, which offers information about national and local banks.

Small business owners may find it advantageous to open accounts with local banks or credit unions. Local banks tend to be more flexible and willing to work with owners that don’t have pristine credit. This can be very helpful to owners that require working capital or want to apply for business credit cards.

On the other hand, national banks usually offer a broader range of services than local banks. National banks engage in lending practices for small business to Fortune 500 companies, along with providing a variety of credit card options. Additionally, national banks offer integrated accounting services such as invoicing systems and direct deposit payroll.

The best approach for locating the right bank is to create a list of anticipated financial needs for the short and long term. While it can be challenging to determine what services will be required in the next 5 years, most owners can figure out if they will need business loans or credit cards. Spending time assessing overall needs can help owners avoid having to switch banks at a later time.

When comparing banks it’s important to read the fine print and calculate the true costs of conducting business. Make certain to fully understand the fee structure and checking account requirements.

Some banks charge service fees if balances fall below a certain limit. Others set limits on the number of transactions that can be conducted each month and charge hefty fees if limits are exceeded. Over the course of a year, banking fees can cost owners hundreds of dollars.

Researching available options lets owners find cost-effective business banking and can help determine which bank would be the best partnership. One consideration is that local banks frequently participate in community events where local companies are promoted. Acquiring bank endorsement can be very beneficial, so when talking to banks be certain to inquire about the types of promotional activities they participate in.

App Fog Genius Lessons From A Successful Entrepreneur

App Fog Business Startup Lessons from a Lucrative Entrepreneur

Lucas Carlson is a successful startup entrepreneur. When he first started however, he made a few bad choices that almost cost him big time.

Don’t Skip Business Setup Planning

At first he was just programming an idea for App Fog. He didn’t have a landing page, any bank account, brain storming ideas, or thinking about the ideal customers. Skipping key steps really put him back for years. He would program for weeks, and then finish the app idea. Then program for weeks and finish the idea. He couldn’t get people interested in the idea that was created.

Creating a Landing Page

Finally, he decided to create a landing page one night when he was too tired to sleep or even tell his wife about the programming idea. The app idea was PHP Fog. He tried putting it up on a site before that called Heroku.com. He registered the PHP Fog website and just simply wrote “it’s like Heroku for PHP”. Heroku’s site only allowed for Rudy on Rails applications so he couldn’t put the applications on that site.

Living the Dream

The next morning he woke up and had eight hundred people on his website! He didn’t market it anywhere else. All he did was put one link on Hacker News network. Also, he described the website in more depth. It turned out that the idea was a “hair on fire” idea without even the creation of the project! This gave him assurance that if the effort is put in, the results will be desired. After programming for two weeks. he just only had a prototype and the traffic went from 800 to 4,000 unique visitors per day!

Hair on Fire Problem Equals Confidence

He had identified a “hair on fire” problem. This gave him confidence to program the solution. This changed his life forever! He realized the difference between having a problem that people know they have versus the problems that people don’t know they have. PHP Fog wound up being AppFog. It raised $10 billion dollars and was later bought out.

No Marketing Expenses

He didn’t spend a dime on marketing! It wasn’t an accident. People already wanted the idea and were looking for it. He learned that he could find what people already wanted and then program an application based on what they wanted. He wasn’t taking a “shot in the dark” anymore.

Don’t be Intimidated

Creating a landing page or micro-website is very scary for most people. They don’t want to know if others like their great idea or not. There is a denial psychological part to this way of thinking. It can be self-defeating to the creation of an idea. They will think “Well I believe in the idea so much, that I don’t care what other people think about it”. This philosophy will kill a great idea. Put your “right foot first” and see what people need.