• Twitter
  • LinkedIn
  • Facebook
  • Instagram
  • Youtube
Login  | Call now: (800) 780-7133
Kapitus
  • Problems We Solve
  • Products We Offer
  • Partner With Us
  • Blog
  • APPLY NOW
  • Search
  • Menu Menu
Which bank is best for your small business?

Which Bank Is Best for Your Small Business?

September 6, 2018/in Featured Stories, Uncategorized /by Bernadette Abel

As a small business owner, there’s a seemingly endless list of things to worry about, but banking shouldn’t be one of them. Your bank should offer the tools, resources, capabilities and service that are most essential to your business success.

But, what’s the best bank for small business?

Many business owners feel neglected by their bank, according to the J.D. Power 2017 U.S. Small Business Banking Satisfaction Study. If you’re a business owner or CFO who’s considering a banking switch, this guide may help you find your ideal banking match.

How to Find the Best Bank for Small Business

Finding the right bank for your business starts with doing your homework. Here are some of the most important things to consider as you compare banks:

Products and services: A checking account and a savings account are the two most basic financial tools you may need, but in searching for the best bank for small business, it’s important to look beyond that. For instance, you may need help with payroll services, payment processing or inventory management. Wealth management services, cyber security products and services or key person insurance may also be on the list of solutions you need your bank to provide.

Digital banking: Tech is increasingly important among small to medium enterprises, particularly where banking is concerned. Sixty-eight percent of small business bank customers’ interactions are either online or mobile. As you evaluate banks, pay close attention to online and mobile banking capabilities to ensure that you have the access, features and functionality you need to manage your business accounts on the go.

Financing options: You may not be seeking financing for your business right now, but don’t overlook what a bank offers in the way of financing options. Check to see if the bank offers business credit cards, business lines of credit and business loans. Take a look at what’s required to qualify for a loan or line of credit in terms of annual revenue and business longevity. Finally, consider the costs of borrowing with a particular bank. Hone in on the APR for credit cards, loans or lines of credit, as well as origination fees, annual fees and late fees.

Customized advice: Every business owner’s situation is different and there may be specific financial issues that you need guidance on more than others. The bank you choose should be able to offer the type of personalized advice you need most, when you need it.

Deposit account fees: Banking fees can take a significant bite out of your bottom line. In Nav’s 2018 Business Banking Study, 17% of business owners said they chose their current bank because it was least expensive. The biggest fee to watch out for is usually the monthly maintenance fee for checking, savings and money market accounts. Some banks allow you to offset or avoid this fee by maintaining a minimum balance or reaching a certain transaction volume each month, but not all do. Other fees to be aware of include cash deposit processing fees, wire transfer fees, fees for certified or cashier’s checks, overdraft fees, and returned deposit fees.

Deposit account APY: If you’re considering an interest-bearing checking account, savings account or money market account for your business, you want to make sure you’re getting the best rate possible on your balances. Compare the annual percentage yield (APY) for different interest-bearing accounts to see which banks have the most tempting offers. Remember, however, to weigh the interest you could earn on your balances to the fees you may have to pay to maintain your account.

Special incentives: Some banks sweeten the deal for business banking customers by offering special perks or incentives, such as a cash bonus for opening an account or a rewards program that’s linked to your checking account’s debit card. Still others offer discounted rates on financing options, free safe deposit boxes or waived fees on certain services. These extras may be secondary to some of the other criteria mentioned so far but it’s worth looking into see what a particular bank offers.

Convenience and access: If you’re busy running a business, you don’t have time for obstacles when it comes to accessing your accounts. As you scout out banks, consider how many branch and ATM locations there are, and how easily accessible they are to you. Think also about customer service availability. Smaller banks may only offer assistance by phone or email during regular business hours, while larger banks may be available 24/7.

Ease of transitioning accounts over to a new bank: Making the move to a new bank should be a smooth as possible so you’re not wasting valuable time. Some banks offer a switch kit to help you move your accounts over in a streamlined way. That’s something you may want to take advantage of if you want to minimize headaches with transferring accounts.

Reputation and personality: Finally, consider the bank’s reputation and the overall vibe it exudes. A bank that has a track record of engaging in questionable business practices or a reputation for being standoffish to its business clients is one you may want to avoid.

The Best Bank for Small Business Isn’t One Size Fits All

What your business needs from a bank may be entirely different from what another business owner is looking for. Determining which bank is best for you requires an understanding of what your business desires most in a banking relationship. If you’re not sure what that is, think about what’s lacking with your current bank. Then, use that as a guideline to evaluate how different banks may be able to fill in the gaps.

Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on LinkedIn
  • Share on Tumblr
  • Share on Vk
  • Share on Reddit
  • Share by Mail
https://kapitus.com/wp-content/uploads/2018/11/which-bank-is-best-for-your-small-business-scaled.jpg 1706 2560 Bernadette Abel https://kapitus.com/wp-content/uploads/Kapitus_Logo_white-2-300x81-1-e1615929624763.png Bernadette Abel2018-09-06 00:00:002018-09-06 00:00:00Which Bank Is Best for Your Small Business?

LATEST FROM KAPITUS

  • How to Strengthen Your Small Business’ Company Culture
  • Tips to Prevent a Toxic Work Environment
  • Where and How to Find Employees Who Value More than Pay
  • Dos and Don’ts of Online Job Listings for Small Business Owners
  • Over 200 Small Businesses Told Us How They’re Attracting Workers, and Gave Some Surprising Answers

Subscribe To Our Blog For More Tips On How To Grow Your Business

Categories

  • Accounting & Taxes
  • Business Expansion
  • Business Loans
  • Business Productivity
  • Business Productivity
  • Cash Flow Management
  • Claim Your Corner of the Internet
  • Company News
  • Featured Stories
  • Financing
  • Human Resources
  • Industry Center
  • Leadership
  • Legal
  • Living Your Best SBO Life
  • Making Her Mark – Influential Women Business Owners
  • Monthly Must Reads
  • News
  • Operations
  • Raising Capital
  • Recruitment
  • Risk Management
  • Sales and Marketing
  • Tax Center
  • Tax Legislation
  • Technology
  • Technology Center
  • Uncategorized

About Us

  • Media Center
  • Team
  • Careers
  • Events
  • Success Stories
  • The Kapitus Difference
  • Developer Documentation
  • Blog

Products

  • Revenue Based Financing
  • Helix® Healthcare Financing
  • Business Loans
  • SBA Loans
  • Line of Credit
  • Invoice Factoring
  • Equipment Financing
  • Purchase Order Financing
  • Concierge Services

Contact Us

  • (800) 780-7133
  • Email Us

Signup For Our Newsletter

[email protected] Kapitus, LLC or its affiliates. All rights reserved. Kapitus, LLC, Kapitus.com, and the Kapitus logo are registered trademarks of Kapitus, Inc. or its affiliates. | Loans made in California are issued by Strategic Funding Source, Inc. dba Kapitus, pursuant to California Finance Lenders License No. 603-G807.
Sitemap | Terms & Conditions | Privacy Policy
  • Twitter
  • LinkedIn
  • Facebook
  • Instagram
  • Youtube
How a Lack of Trust May be Limiting Your Business’s Success How a lack of trust may be limiting your business's success Growing your employees as your company grows Employee Growth As Your Company Grows
Scroll to top
  • Whether you want to learn more about our financing options, are interested in becoming a partner or just have a general question, we’re here to help! Simply fill out the form below and we’ll get it directly into the inbox of the right person.

Step 1 of 4 - Tell us about you

25%
  • Sign up for the Kapitus Partner Program!

  • Sign up for the Kapitus Partner Program!

  • Sign up for the Kapitus Partner Program!

  • Sign up for the Kapitus Partner Program!

Step 1 of 10 - TELL US ABOUT YOUR PRIMARY FINANCING NEED

10%
  • Find the right financing product for you.

    Answer a few questions and we’ll match you with the best product based on your needs and current situations.

  • 1. Answer a few questions. You let us know some basic information about your financing needs, so we can find a match.
    2. See your financing matches. You'll get matched with up to four financing options based on your answers.
    3. Apply for financing. You can apply for all of your financing options by completing one simple application and providing a few documents.
    4. Get an Advisor: You have the option to be assigned a financing specialist to help guide you through the application process.
    If you are looking to determine the best financing option for you, our matching tool streamlines the process and arms you with information that you can use before you apply. To match you with your best options, we ask you to answer a series of basic questions about your existing and future needs, current financial health, and your financing preferences – including amount to be financed, ideal terms and financing urgency. Our system then finds you up to four financing options to fit your needs. Once you’re matched, you can expect to be contacted by one of our financing specialists to help you navigate the application and selection processes.
  • Find your financing match


  • Each financing product has its own minimum and maximum requirements around the amount of money that can be acquired through that option.
  • Find your financing match



    • Business Accountants
    • Marketing & PR Agencies
    • Commercial Cleaning Companies
    • Printers
    • Human Resource & Payroll Firms
    • Office Supplies Organizations
    • Salons/Spas
    • Gyms & Other Workout Studios
    • Pet Services Companies
    • Personal Accountants
    • Home Cleaning Companies
    • Residential Landscaping
  • There are financing options created to meet the specific needs of particular industries.
  • Find your financing match

  • Thank you for reaching out to Kapitus. Unfortunately, our financing products are only available for existing businesses and we will not be able to help you at this time.


  • The amount of time your business has been in operation is a deciding factor in the type of financing options available to you.
  • Find your financing match


  • Each financing product has its own minimum requirement for the amount of revenue being brought into a business on either a monthly or an annual basis. In addition, your monthly and/or annual revenue can dictate the length and term on your financing option.
  • Find your financing match


  • Each financing product offers different payback lengths and terms.
  • Find your financing match


  • Each financing product has different paperwork and underwriting processes. As a result, the amount of time it takes to get approved for one type of financing over another can vary significantly.
  • Find your financing match

  • Find your financing match


  • There are financing options for every credit type, however your personal credit score will determine your eligibility for each financing type.
  • We’re finding your match