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Free small business banking services are designed to entice small business to borrow and establish banking relationships. Free services provided usually involve bill pay services, account management, no-fee checking and other products. The desire of the small business bank to establish a client relationship through free services offers a way for the bank to provide other services, such as loan.
Step 1: Establish Free Checking
When you engage a small business bank, you should inquire about free checking services for small businesses. This offer provides a valuable service for you in that you will not be assessed fees or charges for simply maintaining a checking account.
Be sure to also inquire about low or non-minimum checking as well. Many times the free checking offer is dependent upon your small business maintaining a minimum balance amount of $1,000 or $10,000 in order to avoid monthly charges and fees. Knowing this should give you the ability to shop other banks and find the one with the best free checking offer available.
Step 2: Set Up Automatic Bill Pay
A valuable additional service that enhances your small business banking experience is an automatic bill pay service. This allows you to set up a routine payment schedule with those vendors and suppliers you work with the most and avoid the hassle of having to address invoices and mail check.
This type of free service should also come with the account and not require a minimum balance or transaction charge for each bill that is paid by your small business. Read the fine print and ask questions to ensure that the word “free” truly means free.
Step 3: Obtain a Free Debit and Checking Card
A free Visa or MasterCard checking or debit card is a great way for you to manage your account when you are away from the business or a computer. These cards are typically issued automatically and do not require anything more than a request for the card at the time the account is established. Debit cards are linked specifically to the money that is in the small business checking account so there should be no additional fees or costs associated with having a checking or debit card.
Ask about any other fees that may be associated with the cards, such as cash advances and use at an automatic teller machine or ATM that is out of the bank’s networks. Some banks are waiving fees for card usage at another institution’s ATM and this could be a bargaining point for you if you choose to establish a business banking relationship with the bank.
Step 4: Set Up Business Consultation Services
A good small business bank will offer consultation services for your business ranging from budgeting and expense management to financial planning. These services are provided usually in one-on-one consultations or in a seminar format. They are designed to be topical and give you knowledge and information on trends that affect your business. It should be part of the value added services that your small business bank provides you to help you stay competitive and grow your business.
Conclusion
These free services and the process for inquiring and obtaining them will help your business become more successful. The more you ask and compare the level of services, the happier you will be with the business relationship that you end up establishing.
