Whether you’re setting up a small business or already running one; it’s important to keep the administrative hassles to a minimum. Online banking is a great way to reduce the paperwork mountain and make sure you’re always up to date with the financial situation of your business. But which bank do you choose? There are so many options out there for online banking and they’re not all equal. So we’ve taken a look at some of the best options for online bank account for small businesses for you.
Bank of America
Bank of America’s small business banking service is highly regarded. There are an incredible range of benefits that the bank offers from Clover Solutions (state of the art PoS systems) that can be easily integrated into your business work flow to excellent credit card facilities for you and your employees. But how does their internet banking stack up?
You have two options for business checking accounts with Bank of America: Business Advantage and Business Fundamentals.
Business Fundamentals is the entry level account but it comes with everything you need to run a small business and that includes both online banking and mobile banking. Their online banking option is extremely versatile and easy to use and is definitely a category leader in the U.S. market.
Business Advantage takes the whole online experience a step further by offering online account management services and QuickBooks integration amongst other benefits. This is one of the highest levels of functionality offered by a bank for small businesses and is highly recommended.
One of the 10 largest banks in the United States; Capital One’s online services are absolutely fantastic. Their Spark Business Checking account was designed with online use in mind. It has no minimum balance requirement, no monthly fees and there are no ATM fees if you use an Allpoint ATM. All account management is done online and it’s always handled in an easy to use manner.
You can arrange to pay bills online and to do your invoicing online too. Better still all deposits are available the day after they are made and you can use their mobile app to manage your finances online through any smartphone – ideal for the busy business owner.
One big benefit of Capital One’s service is their Spark Business IQ program that helps educate business owners on how to maximize cash flow and make the most of their cash flow.
Chase is part of the JP Morgan Chase & Co. group and it offers one of the widest ranges of business bank accounts. They offer different accounts based on the stage your business is at and the size of your business. The idea being that they can offer more tailored advice and support when your banking reflects the state of your business.
They offer a combination of mobile and online banking that allows you to bank anywhere at any time. There’s a mobile app which can be used on any device to complement the standard website. On top of that you can also use text messaging to get information from your bank account when you don’t have internet access.
Small businesses say that FSG’s Small Business 50 account is the best business account for startup enterprises. It requires no minimum balance, offers 50 free transactions a month and even supplies payroll services for businesses with fewer than 19 employees.
On top of that it’s very much equipped with decent online and mobile banking services too. These aren’t quite as extensive as some of the other banks’ offerings but they are perfectly adequate for basic account management and paying bills.
The online facilities provided by Sun Trust are some of the most extensive available in the world today. Their business management facility allows complete integration with online banking and QuickBooks so that you have complete control of your finances all the time.
There’s a set of intelligent software applications which can help make automated decisions about how to best manage your cash flow and investments. They also offer the “Online Cash Manager” which ensures you always have access to the right data, the right analytics and serves as a method for billy payment and fraud prevention too.
Another bank with a very complete suite of internet banking tools is Synovus. They offer a three tier approach to online business banking. The first tier is the simplest and it’s aimed at the sole-proprietor who doesn’t need anything fancy from their internet banking and just wants an overview of their banking and perhaps to transfer some funds. The second tier allows for viewing of deposit tickets or items and also enables higher levels of control such as stopping/blocking payments.
Once you get up to the third tier you get all the functionality of the other two levels plus access to specialist reporting tools and the BAI export module and wire transfers.
Synovus is operates in the South East of the United States and is currently recognized as one of the finest places to work in the country too.
Wells Fargo go above and beyond too when it comes to their internet banking services for small business. Not only can you do all your banking online but you can also access their suite of cash flow tools inside their “Money Map” program.
The idea is that by analyzing your financial data carefully; you’ll be able to get a picture of your expenses and cash flow to make your money work harder for your business. There’s a spending report, budget monitor, and more included in this suite.
Though they’re a Utah based bank Zions Bank has a pretty reasonable reach thanks to their approach of blending traditional banking with digital banking. It’s also that approach that wins them a mention here – their mobile and internet banking is highly sophisticated.
As you would expect their internet banking lets you do everything that you need to do but their mobile banking takes things to the next level. They use TouchID for iPhone – and that means you can get all your data with the touch of your fingerprint. You can skip the complex login processes for balance checks and use a simple passcode for access. It also offers a very high degree of control for users up to and including cancelling payments on the spot.
Some Final Thoughts on Best Online Bank Accounts for Small Businesses
It’s important to note that the best online bank accounts are generally provided by the big name banks. That’s because they have the money and resources to create superior online platforms. This doesn’t mean, however, that they represent the best banking choices for all businesses.
If you need highly functional online banking – they are the best option. If your needs are much simpler; you might want to consider looking at a local bank with more limited internet banking facilities but perhaps better rates of interest on deposits or a more personal touch when it comes to assisting small businesses.