Most businesses are eventually in need of financial services. The right bank or credit union simplifies your life in the event you need to open a credit card account or take out a business loan. The best financial service companies for businesses simplify tax preparation and limit personal liability. Having the right banking relationship can impact how smoothly your business runs, so choose one that limits your banking fees and interest payments. This, in turn, keeps more money in your profit line. In searching for the right financial services company for your business, consider all the services you may need now and in the future, including checking accounts, credit cards, lending services, payroll management, and simplified tax information. Shopping around can save you time in reconciling the books and reviewing bank statements. The financial service companies that do that best are Wells Fargo, Chase and Capital One.
Top 3 Business Financial Services Companies:
- Wells Fargo
- Capital One
Wells Fargo has a broad spectrum of business banking services to simplify your finances. They have a particular focus on business lending. In fact, Wells Fargo has five categories of business loans and four business checking accounts that don’t overcharge on fees. Look into the Business Choice Checking account, considered a particularly good fit for new and emerging small businesses that deal mostly in cash transactions. Some of the perks that you can take advantage of include full-service payroll solutions conducted by the bank, employee benefits and human resources services, as well as tax programs to help your business with preparation and quarterly and year-end filings.
- Additional support for cash-based business
- Payroll and other services
- Focus on lending
Chase also has an array of offerings for business. You will find flexible business loan options and cheaper checking accounts for your business. They also have fantastic business credit cards compare favorably with other financial service providers. Chase also has the lowest minimum balance for your business checking account balance to get the monthly fee waived. Chase has the best credit cards for businesses because you can win big on cash back plans and bonus points on purchases. Banking with Chase makes it easier to get approval for these cards.
- Low minimum checking account balance
- Cash back and bonus point on cards
- Easier business loan processing
Capital one uses established relationships to give your business a break on business loan approvals. They also sometimes offer lower financing rates. Consider this financial service provide if your business has a lot of transactions and cash deposits. Capital has unlimited transactions on business accounts and allows a large number of cash deposits throughout the month. So, if your business fits that description, this fit be a smart choice.
- Preferential lending for existing clients
- Unlimited transactions
- High ceiling on cash deposits
If you’re shopping around for a financial service provider for your business, the first step is considering what your business really needs. If you are going to require financing in the near future, how will your existing relationship with each bank help you procure the funds when you need them? Businesses with a lot of cash flow on a daily or monthly basis require a bank that won’t penalize them on the number of deposits. Choose a provider that is available online around the clock and that suits your current business needs. If your business is growing, try to choose a financial service provider, like those above, which other services such as payroll, benefits and tax support. Whether you choose the top picks here or another company that suits your business situation, do so after comparing your top choices, considering both the pros and cons of each one.