In your personal life, you might have to use different methods of financing to help you in urgent situations. For example, short term loans are a popular way to resolve financial emergencies. However, you might not have this option when running a business and instead you need to rely on your profits. Financing your business is one of the best ways to see growth and generate profit for your business. However, did you know that there are other ways you can help increase your profit that doesn’t require you to borrow any further finance? The idea of switching your bank account can seem daunting, especially if you’ve banked with the same one for years. There are lots of different things to consider when changing, so here’s a list of reasons for how your business can profit from moving bank.
Better Overdraft Limits
Your current bank might not provide you with the type of overdraft finance you want and looking at other banks is a good way to see if you can get it elsewhere. Different banks may offer better interest rates for business overdrafts, which can help you to save money in the long run.
New Customer Offers
When you join a new bank, most of them offer some form of incentive. It’s worth shopping around and checking which incentives will benefit your business. For example, if you use your overdraft a lot, one that’s offering a lower interest rate would be perfect. Some banks use a standing charge when you decide to open a business account with them. However, some may waive this fee for a certain period of time, so you’ll get free banking.
Different And Better Customer Service
Running a business can be a 24/7 job, and managing your finances eats up a lot of that time. If you’re trying to effectively manage them, you’ll need access to brilliant and round-the-clock customer service. If you only have time in the evenings to go over your accounts, you want to make sure you go with a bank that provides out-of-hours customer service. Otherwise, you’ll find yourself trying to fit it into your daily operations and not be able to easily keep on top of it. It’s also worth checking out reviews of their customer service to ensure it’s efficient and worth changing banks for.
If you’re looking at different banks, you should make sure that there’s a branch close by to you, so if you need face-to-face support, you can receive it without having to travel miles. Similarly, you want to check that you can use any ATM in your area, not just the ones that you bank with. It’s a good idea to also find out if they charge you for withdrawing money from an ATM too, as this is an easy way to retain more of your profits. Most banks now offer pretty good internet or mobile banking, but you should check how good it is before changing over. If you rely heavily on internet banking in your daily operations, you might need to consider moving to a bank that can provide you with the best online banking over one that has a better interest rate.
Changing bank isn’t something that you should take lightly, especially when it’s your business accounts. Personal accounts tend to be a lot simpler, but business accounts require different functionalities that can benefit the business owner. Don’t make a rash decision when thinking about switching bank accounts. Make sure you take your time and weigh up the pros and cons of each bank so you can be certain you’re making the best move for your business.