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For most businesses a free business banking account can meet the demands and rigours of running a business. Free banking can fulfill both long and short term plans. The demands are met with a combination of free business banking services and available loans. Small business demands can be expansive, but a good business account should cover all the needs.
Free Access to Line of Credit
When there is an opportunity for growth in your business, it is a great idea to consider a loan. A loan can free up your capital and allow your business access to money. Lines of credit to small businesses can seem complicated, but, used properly can be beneficial. Keep in mind that a line of credit will carry fees and costs to access. Also, pay special attention to termination and yearly fees before signing any documents because the fees are negotiable.
- Instant access to capital: Lines of credit allow you to use and payback the funds as your business requires.
- No interest when paid back within six months: Most banks have a six month introductory period, but some may offer three months. Check with your bank for specific details. It is a good idea to pay off your loans during the introductory period to save money on interest and build a strong credit profile with your bank.
- Free checking overdraft protection: This feature can save you money on overdraft charges. Be sure to regularly review your statement to be sure you are properly managing your money. These protective services should be for emergencies only. If they are used too often, you may not be properly managing your funds and should take a second look at your expenses.
Free Online Bill Pay and Invoicing
Free business banking account also convenient. Invoicing keeps track of your business expenses and can save time and money because it automatically keeps track of your bills, credits, and sending invoices for customers. Invoicing can be time consuming, but with a bank invoicing feature, you can pay your bills online and send out invoices to your customers. Completing several tasks at once can be a tremendous savings for your business.
Free online bill payments is a great convenience that enables you to automatically set up a bill paying schedule, recurring payments, set certain pay off dates and even pay your employees. You can do your own payroll, and can do it all in one place. Successfully choosing the right bank can expand and build a stronger business.
