How to Choose the Right Bank Infographic
This info-graphic provides an explanation of the different banking options that are available to small businesses and how to choose the best one for you.
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Why is a bank important
First and foremost, it is important to know how banks work with small businesses. Banks provide useful services that are critical to running a business. First, the offer a means to convert your sales to cash, and unless you run a cash-only business, you need a bank.
Banks also provide you with the means to pay your suppliers through checks and/or credit cards. Again, unless you are able to pay all your bills in cash, you will need a bank or similar institution, credit union, etc.
Finally, banks provide access to capital (cash). We go into this in detail in our other small business loan info-graphic.
What to look for in a bank?
Finding the right bank is very important. Like any service provider, banks can offer a range of services at different prices. Some will bundle these services into one package. Some will not. As with any vendor, you need to carefully select your bank or similar institution based on your needs.
Are you an e-commerce brand? If so, you will need Merchant Services. Do you handle a lot of transactions in a day or just a few? Do you need a cash drawer? Do you loan? We go into these questions in more detail in the info-graphic.