A Quick Overview of Business Banking

Are you considering a freelance venture? Perhaps you are instead more interested in increasing the amount of liquidity associated with your current business. Whether you own a small startup firm or you manage a multinational organisation, the fact of the matter is that business banking is one of the most important facets of any successful project.

However, this concept can be slightly difficult to grasp. There are many different variables to take into account if you hope to remain one step ahead of the curve. This is why our team has put together a brief overview of business-related banking.

If you are curious to learn more about the possibilities, there is no doubt that the information contained immediately below will prove to be extremely useful. Let's take a closer look.

Business Banking Defined

So, what exactly is business banking? As you might have already guessed, these financial services are specifically geared toward those who are involved with commercial operations. The exact scope of the organisation in question will vary and yet, the benefits are just as profound.

It can be argued that one of the most important aspects of business banking is your ability to obtain capital in order to augment your ongoing operations. Examples include (but are not limited to) purchasing new on-site equipment, accommodating the needs of full-time employees, implementing a robust payroll platform, and improving your credit score.

We should also mention that business banking is somewhat different from personal banking in terms of a few key points:

  • It is normally possible to apply for more generous loan packages.
  • You will often be provided with a dedicated customer service representative.
  • Other stakeholders (such as managers) may be able to access the associated accounts.
  • Owners can obtain access to more amenable interest rates.

In the same respect, the general principles associated with business banking are not entirely different when compared to those attributed to personal bank accounts. This brings us to the next main point. What types of services can business owners expect to enjoy when choosing to open up such an account?

General Services Offered by Business Banks

it is first important to mention that different banks will obviously provide unique amenities to their clients. Having said this, their services can still be segmented into a handful of categories.

Merchant services are arguably some of the most important disparities between business and personal banking accounts. These actions include accounting and bookkeeping, reconciliation, cheque collections, and processing credit card payments.

Also, the vast majority of business banking services are now fully integrated into the digital domain. Why is this important? First and foremost, such protocols will provide cloud storage solutions. In the event that a business experiences an in-house issue (such as a network failure), the data will remain safe and intact. Customers are keen to work with firms associated with these measures, as they can rest assured in the knowledge that they are in good hands at all times.

In terms of digital business banking options, companies are often able to access additional utilities such as payroll management, instantaneous deposits and credit cards with higher limits. These are all critical from the standpoint of liquidity. To put it simply, managers can pay their employees while remaining confident that additional funds are available on short notice.

We should nonetheless mention that business banking also encompasses many traditional services such as checking and savings accounts, debit cards and online account access.

The Best Deals Currently Offered by Business Banks in the United Kingdom

Now that we have obtained a basic overview of business banking, it is a good idea to take a look at a handful of the most attractive bundles found within the UK markets.

Starling Bank

Starling is unique in the fact that it allows UK businesses to make deposits at more than 11,500 post offices across the country. Other amenities include FSCS protection for up to £ 85,000 pounds. 24/7 customer support, a fully mobile-responsive website, a dedicated smartphone application, and no monthly fees for businesses.

Lloyds Bank

Lloyds Bank has always been known for its simple user interface; ideally suited for small businesses. Furthermore, it is possible for startups to leverage 18 months of free banking without incurring any transfer fees. Additional services include a free account cost calculator, automatic debit card payments and second-to-none customer support solutions.

Metro Bank

Metro Bank also scores top points thanks to a decidedly local touch; important for firms which are just entering into the marketplace. No appointments are needed if a face-to-face meeting is required and all fees are transparent. A final unique amenity involves the fact that business accounts which remain above £5,000 pounds are not subject to any monthly maintenance charges.

As we can see, there are many advantages to enjoy if you are looking to obtain a rock-solid business banking account. It is still important to perform a fair amount of research in order to make an informed decision. Either way, please feel free to bookmark this page if you wish to obtain additional inspiration during the decision-making process.