All-in-one banking streamlines small business finance

1. Small business checking account

Your checking account is like the train station of your business — there’s lot of traffic coming in and out. It’s the hub of your cash flow and where most of your incoming funds will be deposited. Business checking is also the source of outgoing money, such as weekly employee payroll, monthly expenses and supplier invoice payments. A business checking account will also typically include a debit card you can use for making everyday purchases for your business.

2. Small business savings account

A business savings account is a good place for building an emergency fund for unexpected expenses. You can also use a business savings account to save for future purchases that help you expand your business. Business savings can come in a variety of forms. For example, a basic savings account can be a good place to park money for the short term, while money market accounts often pay higher interest and can be beneficial for larger balances and certificates of deposit (CDs) can be effective for longer term savings.

3. Small business point-of-sale technology

According to Upgradedpoints, the most commonly used form of customer payment is a credit card, with 31% of customers choosing this option. It's followed by debit cards, representing 29% of transactions and cash comprising 18% of sales. Digital wallets on smart devices (phones, watches, etc.) have increased too, more than half (53%) of consumers prefer using digital wallet to other payment methods. Point of sale (POS) technology payment solutions allow you to accept these forms of payment online, in your store, or on the go. POS technology also provides features that let you track your inventory, create invoices, and collect customer data that can improve your service and sales.

4. Small business digital payments

According to McKinsey & Co., over 90% of people use digital payments, including person-to-person (P2P) payments such as Zelle®. This real-time-payment financial tool is also available for businesses, allowing you to request and collect money from customers in a way that’s most convenient for them. The bank-to-bank transfer can be a great solution for businesses that invoice at the time of service.

5. Small business credit cards

Business credit cards can be a convenient way to cover and track your expenses in one place. You can use a credit card for most purchases and to set up automated payments for your recurring bills, such as utilities. Some cards also allow you to earn rewards on your business expenses. You can also request business credit cards for your employees, which can be more convenient than reimbursing team members through complicated expense reports.

6. Small business online and mobile banking application

Online and mobile banking platforms offer convenience and time-saving features, allowing you to monitor cash flow through account summaries and transaction histories. You can easily switch between accounts, schedule and pay bills, and transfer funds both domestically and internationally. With real-time access to key financial summaries and payment reminders, you can stay informed about your financial health. Cost-effective options like ACH payments save you time and money compared to traditional methods.

All-in-one banking streamlines business operations

When your bank offers all-in-one small business finance services, you can streamline your operations effectively. Managing accounts receivable and payable in one account simplifies cash flow, while digital payments allow for real-time fund transfers. Connecting your POS speeds up deposits, and you can make instant payments to suppliers and automate recurring bills.

Being able to monitor the movement of money in and out of your small business bank accounts in one centralized location will help you make more informed spending decisions as well as track your best performing revenue streams. Streamlining your operations with one bank who can provide these tools will help set your business up for future success.