Gone are the days when banking was only about getting cash and holding deposits. Today, modern banks offer an extensive range of services to help support and add value to the day-to-day management of established small businesses and help expand upon the big aspirations of startups.
The trick to making the most of your bank’s offerings is understanding how each product works within the goals of your business. Understanding what to expect from a few of today’s top banking services is a great place to start when it comes to making the most out of your banking relationship.
Checking account tools that track and manage cash flow
No two businesses are alike. So, it makes sense that the business checking account that works for one company might not be the best option for another. For example, a small business that needs a checking account but that doesn’t handle a lot of transactions might benefit from a primary business checking account that offers no charges for a certain number of transactions per month, free online banking and bill pay, and additional cash flow insights tools to help customers operate their businesses confidently.
Alternatively, businesses with higher cash deposits and transaction needs might need a more enterprising checking account plan that allows them more combined transactions and cash deposited activity per month without charge and the ability to link multiple checking accounts for easy bookkeeping.
Diverse loans best suited for your business needs
While you’re ditching a one-size-fits-all business checking account, consider throwing a one-and-done business loan out the window. Let’s say you need a new or used passenger vehicle for business-only purposes. Consider a small business vehicle finance loan that allows you to structure a vehicle financing solution with competitive, fixed-interest rates and up to 100% financing of the total invoice amount. Suppose it’s owner-occupied commercial property you need. In that case, a small business commercial real estate loan might offer a wide range of mortgage amounts, maturity terms, simplified payments, and convenient terms.
For other financing needs, look for a small business loan — either unsecured or secured — that has the loan amount, terms, payment processing, and interest rate that works with your income and repayment capabilities.
Strategic lines of credit for better access to capital
Keeping the line that separates business and personal from blurring can be difficult. For example, 71% of small business owners say that cash flow issues at their business have caused a negative impact on them, like burnout, stress, and anxiety[1]. The right small business line of credit can make a big difference. By providing access to capital at a moment’s notice — and through easy fund access like online transfers or the ability to write a check against the line amount — business owners can get the peace of mind that comes from knowing they are prepared for the changing needs of their business.
Merchant services that match your growing business needs
Your business is about so much more than paying bills and cashing checks. A modern bank that’s suited to fit the growing needs of a small business will offer additional merchant services that help make life easier and day-to-day services more streamlined. For example, eCommerce Solutions can help businesses establish or improve their online sales presence, while in-person solutions provide portable and/or countertop Point-of-Sale systems that help small businesses expand their payment options and, as a result, keep customers happy.
Small business and startup owners have a lot going on. That’s why they need their business products and services to be more efficient, cost-effective, and streamlined than ever before. PNC has a specially selected suite of business products and services with something for every business. Start your journey towards success today by visiting us online or giving us a call.
