As a small business owner, Ade has to make choices every day that impact the overall well-being of his venture. Each decision revolves around picking the right location, hoping for profitable sales, and aiming for the right amount of human traffic. 

As important as these are, it is vital that he chooses the right bank that offers him the services and support he needs to grow and maintain a smooth cash flow. 

If, like Ade, you're a business owner wondering how to choose the best bank for your small business, you're in the right place.

Let's consider the various tips, services, and offers when choosing a business bank account.

8 Tips to Consider When Choosing A Bank For Your Small Business

1. What are your Banking Needs?

Before choosing a bank for your business needs, ask yourself where you are currently and where you are headed. 

Outline your major needs: Do you need a business loan, a business current or checking account, digital or online banking services, etc? Knowing your business needs will enable you to make the right decision that will boost your growth in the long run.

2. What’s The Quality of Customer Support?

As your business grows, you'd want a bank that's there with you every step of the way. Another tip to consider is the quality of their customer service. You can ask yourself the following questions;

• Is there a one-on-one relationship manager?

• Is there round-the-clock support?

• How soon does the service team respond to inquiries?

• What are the bank's operational hours?

As a small business owner, you might need advice and guidance when making certain financial decisions, such as those concerning taxation, banking policies, and more. You can look out for reviews from other business owners and choose a bank with reliable and accessible customer service. 

3. What are the Bank's Service Fees?

Every bank has unique service fees that cut across individual transactions, overdrafts, etc. When choosing a bank for your business needs, ensure you do your due diligence and compare the various fees among banks. 

For instance, if your business frequently uses ATMs or debit cards, you should go for a bank that doesn't charge on the high side for those services. Some common fees banks charge include;

• Service fees

• Management fees

• Account fees

• ATM fees

• Inactive account fees

• Deposit and withdrawal fees

• Card processing fees

One major goal in running a business is cost-effectiveness; therefore, choose a bank that helps you save money.

4. Digital and Online Banking Services

In our fast-paced world, nothing beats staying on top of your business accounts online, no matter where you are. A lot of banks now offer digital banking services that enable you to initiate transactions, check your balances, pay employees, and pay bills from your mobile device. 

For your improved business convenience, choose a bank with a user-friendly mobile app and digital platform. By utilizing the bank's digital features, you should be able to properly manage your business account and track your cash flow easily.

5. Tight Security and Fraud Protection

It's essential to choose a bank with tested and trusted security features. Look for advanced security features on the bank's platforms, such as two- or multi-factor authentication, real-time notifications, encryption, biometrics, and so on. You should be able to run your business and handle its financial flow with peace of mind. 

6. Incentives or Perks Offered by the Bank

A good business bank should typically offer a wide range of basic business banking services such as mobile banking, cash management services, debit cards, etc. You should, however, look for banks that go the extra mile to provide business owners with incentives that help boost their productivity. 

Some of these perks can include low-interest savings accounts, business banking dashboards, free consultation services, and lots more. Ensure you properly analyze these perks and know the cost attached to any of them before making a decision.

7. Easy Access to Credit and Loan Facilities

As your business grows, you might be exploring rooms for expansion; to do this, you'll require capital. A good business bank should offer you hassle-free access to taking approved loans. 

Banks like Moniepoint MFB gain insight into the financial history of businesses that use our services. This, along with a credit assessment system built specifically for informal businesses, means you can access credit in a way that matches your needs. 

8. Convenience

Juggling your day-to-day activities as a business owner can be a lot of work. This is why you should choose a bank for your business that offers convenience and efficiency. 

You can choose from a range of online banking services, or if you prefer a traditional bank service, ensure that its physical branch is close to your location. 

Additionally, if you travel a lot, you should ensure that you can easily access any of the bank's branches across the country for easy banking services.

Improve your Business Banking Experience with Moniepoint

Choosing the right banking partner for your business can improve its chances of growth and expansion. Your ideal bank should enable your business to keep a smooth cash flow, have reliable customer service, speedy transaction services, business accounts, and lots more. 

At Moniepoint, we partner with over two million businesses by providing business owners like Ade with credit access, business banking accounts, POS terminals, secure debit cards, and lots more. Sign up today to experience reliable and speedy banking that suits your business anytime.