Operating a business takes a lot of money, time and energy. Sometimes, it is almost impossible to manage all your business accounts especially if you are managing more than one business. If you need help when it comes to organizing your business accounts, paying bills and the other needs that come with running a business, finding the right business bank account becomes very important.

Most banks offer online business banking accounts and services. Through this, you will be able to manage all your business accounts quickly, easily and securely. Generally, there are three types of online business bank accounts depending on the size of the business: large, medium and small. These classifications will define what your business banking needs are and the services offered that you will regularly use or need.

So what will you get if you apply for online business banking service? With online business banking, you will be able to view your account activity for a set period of time. You will also be able to get balance information regarding your business accounts and view images of the checks cashed in the past. Plus, you can also make bill payments online and transfer funds between multiple accounts. You can establish recurring payments and transfers as well as start your own business account notifications.

So, how do you open a business bank account online? It is very easy. All you need to do is fill out the online business banking registration form displayed on the website of the bank of your choice and submit it electronically. Once your registration is received by the bank representatives, they will browse through and process your request for security purposes. When it is approved (usually within one to two business days), you will be notified by email and given instructions on how to access your account for the first time. Most of the time, you will be asked to provide your security or tax identification number. You will also have to key in the password you chose during the registration. Once you have successfully logged in, you can access the online business banking services that your bank offers.

Tips on Choosing a Business Bank Account:

1.      What sized business are you? – If you are a sole proprietor or small business versus a medium sized business with point of sale requirements or a larger sized business, your business will have different needs and thus a different type of business account will be required.

2.      What volume of transactions will I have in a month? – If you are a sole proprietor with no store front, then you probably mainly write checks and have expenses on a business credit card. In this case you are looking at few transactions and not needing a POS terminal or have to worry about night deposits. Due to the lower transactions in a month, you may be better off looking for a free business account but paying per check cashed and also having low check fees. If you are a small to medium sized business, the cost of transaction processing will be more important to you where you may want to look for a monthly fee that includes many transactions per month.  A business account allowing some customization to your business may also be more important to you rather then pre-defined business banking accounts that a banking institution will have.

3.      Can I manage all or nearly all business account services online? – If your account let’s you perform the majority of day to day operations without physically going to the brick and mortar location of a bank, the more time you will have on spending on your business.  Simple things like ordering checks, making deposits and bill payments should all be easily handled online.

4.      Are there additional savings on Business Banking services for multiple products used? – If you have a personal bank account at a different institution and other products like car/home insurance, line of credit and credit cards, moving these to the same institution as your business bank account could save you additional money. A bank that gains your personal banking business as well as your business banking business is a bonus to them and that loyalty could mean reduced fees associated with either type of account. Also transferring funds from the same institution but different bank accounts will be seamless and easy.

5.      What level of support will I receive? – When there are no problems, customer service is not a big issue. It’s the one or two times that you might encounter a problem where all of the sudden customer support is the most important thing to your business account. Look for not only long hours of support but also a toll-free number to call to speak to someone when choosing your business account banking institution. As a merchant, be sure you are going to receive free setup and training on using your POS terminal versus having to pay an extra fee.