Business bank accounts are specially designed financial products that allow both small and large companies to manage their assets and transactions with greater freedom and flexibility. Today, financial institutions offer a wide range of business bank accounts with features designed to meet the needs of home-based business owners, local small business owners and ambitious national and multinational companies alike.
For small business banking, financial institutions typically provide high interest and low fees on business bank accounts, so long as account holders maintain minimum balances and limit the monthly number of transactions to an agreed-upon figure. If you're looking to open a home-based business merchant account, your minimum balance requirement may be waived for a predetermined period of time to give you a chance to build up your account balance through sales and revenue.
All business bank accounts, from small business merchant accounts to multi-tiered accounts for international companies, should offer you easy, hassle-free access to your balance. Avoid dealing with banks that place restrictions on the amount of money you can access and when you can access it. Most options also offer Internet business banking services at no extra cost.
If you do business internationally, inquire about business banking services that include currency conversions as part of the account package. These are commonly available between the United States and Canada and the United States and Mexico, for example.
Many financial institutions won't charge you monthly service fees if you maintain a balance and limit your transactions. For example, a typical plan free of monthly fees might include no minimum balance and a limit of 300 checking transactions per month. Or, a free small business account might be designed for unlimited monthly transactions and no minimum balance, provided all transactions are performed at the financial institution's ATMs.
However, if you get a small business bank account designed for non-profit or community organizations, all such restrictions may be removed outright as a token of good faith. Your best bet is to shop around online by visiting the websites of the various financial institutions that serve your area and then set up a meeting with a representative at the banks you're interested in doing business with.