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Banking Considerations When Starting a Business

Starting a business can be an exciting adventure. It’s a venture that more people are embracing, with over 5.5 million new businesses launching in the United States alone in 2023. However, there is a lot you need to consider, including where and how you will bank. Citizens Bank is here to help you navigate your business banking needs. 

What Banking Services Does My Business Need?

Much like you use several different banking services like checking accounts and credit cards as an individual, your business has equally complex financial needs. Below are some banking services your business will need to succeed. 

Business Checking Account

To manage your cash flow, you need a checking account for your business. Various types of accounts are available depending on where you are in your entrepreneurial journey. Your checking account provides a register of all transactions that occur within your business, even those using your business debit card. 

Online Banking 

Regardless of which type of business checking account you choose, it is recommended that you use online banking for optimal convenience and security. As a busy entrepreneur, you won’t need to worry about making it to your local branch during business hours, as online banking platforms are available 24/7. 

You can even access your business account through your smartphone using mobile banking apps. If you would like to take advantage of this service, your business banker can help you establish your online banking account. This is particularly helpful if multiple employees will need access to your business bank account. 

Business Savings 

Once you are earning revenue, you want to be able to invest some of that money back into your business to help it grow even more. Along with traditional savings accounts, you can use tools like money markets and certificates of deposit (CDs) to grow your business. These solutions are ideal for small business owners who may be using some of their own money to fuel their business growth. 

Business Lending

Purchasing tools or property for your business can sometimes require that you take out a loan. You should choose a bank that provides business loans to help you obtain these assets. These loans can also be helpful for those investing in real estate who want to take advantage of the benefits they offer over traditional mortgages. 

Business Credit Cards

Credit cards provide greater convenience and security than cash or checks for business transactions. Using a credit card can help you track business-related spending, monitor cash flow, and prepare to pay taxes. If your business has multiple employees, you can provide them with credit cards to save time on expensing.

Fraud Protection 

Both businesses and individuals are susceptible to fraud today. Your bank can be your partner in preventing and mitigating fraud. With monitoring features on credit cards and online banking platforms, you can know when any suspicious activity has occurred on your business accounts. You also have the support of your bank or credit card company if fraud occurs, along with resources to learn how to prevent it. 

Start Your Business Banking Journey with Citizens Bank

If you’re a new business owner, you may not know where to start. The business bankers at Citizens Bank can help you navigate this portion of your entrepreneurial journey. To get started, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis.

Open Your Business Bank Account in Tennessee at Citizens Bank

At Citizens Bank, we support business owners in Tennessee by offering a full line of business banking services. To open a new business bank account or apply for one of our business credit cards, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis.

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