Just like an individual, a bank is vital for every business as well. Be it transfer of funds, taking a loan, keeping the money safe. It is a one-stop solution for a businessman. That is why it is essential to choose the right bank for your business.
Don’t know how to do it? Worry not. You will get a solution to all of your queries. But before knowing how to do it, let’s understand why is it important to do so in the first place?
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Why Should You Choose the Right Bank?
As mentioned above, it is very crucial for a business. Still not convinced? Here are some of the vital reasons why you should choose the right bank for your business.
Simplifying Business Transactions
A business undertakes thousands of transactions every day. Previously, you had to visit the branch physically to deposit the cheque or transfer the funds to the other party via RTGS. Not anymore. Thanks to internet banking, you can pay others from the comfort of your home.
Also, you can link the various accounts you operate in a single place. So, you can get all the information at the click of a button. It will help you to manage your business more effectively and make informed decisions.
By using a Virtual Account, you can take care of the linking part. It collects and reconciles payments automatically. Also, it is more secure as it doesn’t reveal the actual Account Number. So, the chances of scams or fraud are next to zero.
Manage Payments and Expenses
Gone are the days when you had to visit a bank to know about your cash flows. In this digital era, you can do everything online. The digital banks provide a user-friendly dashboard that gives you insights into day-to-day transactions. And that too on a real-time basis. So, you can get real-time info. It assists you in managing payments and expenses.
With the help of Payouts, you can automate payments to vendors and employees. So, you don’t have to worry about timely payments. You can even send instant refunds to your customers. It develops a better image of your brand in their minds.
A Right Bank is more than Just a Bank
Besides simplifying transactions and managing payments, an ideal bank should be more than just a bank. Sounds confusing, right? It means that it should provide services which the other banks cannot.
Enalo is one of them. It is the right hand for a business, especially a small business. If you don’t have time to go through the entire statement, you can even search the transaction. So, it saves your precious time. After all, time is money. And you can even export the information in several formats to view it offline.
How to Choose the Right Bank?
If you have read till here, you would have known how crucial it is to choose the right bank. The next big question will be: How to choose the right bank? Worry not. We got you covered. Here are the key factors you should consider while making your decision:
Security
The first and foremost factor to consider is security. Keeping the money safe is the top priority of a business. What is the point of putting your efforts if a hacker takes away all your hard-earned money in a moment?
But that is not a problem. Due to the advanced technology, the products we offer have top-notch security. So, hackers will have a hard time doing their work.
Keep your requirements in mind.
No doubt, security is a crucial factor. But will you choose a bank that doesn’t even have the desired features? You won’t. So, it is essential to keep your requirements in mind while choosing the right bank.
Generally, all banks fulfil the basic requirements. Like credit cards, online payment methods, digital account statements, and whatnot! But some banks provide services that others couldn’t even imagine. That is how they can overshadow their competitors. And that bank will be the best if you want exclusive services.
Bank Charges
As mentioned above, banks provide value-added services to attract customers. If two banks have the same features, the bank charges become the deciding factor. It would be irrational if the bank charges outweigh the benefits received to the customer. So, do compare the charges levied by different banks.
But your search ends here. Enalo is a bank that provides services at the lowest possible cost. You can do wonders without burning a hole in your pocket. For example, the charges to accept payments are as low as 1.5% (excluding GST) of the transaction value. Isn’t it amazing?
Customer Support
Nowadays, operating online banking is a child’s play. After all, Gen Z is the most tech-savvy generation among all. So, it will be rare to use customer care facilities.
Still, why would you rely on Google if you have to ask your queries? That is where customer support comes into the picture. Look for the bank with the best customer support policy. Nowadays, even AI-powered chatbots are available to solve your problems. They give instant solutions. And you can chat with them 24×7. So, try to find a bank that has this feature. Otherwise, you may have to wait significantly on the phone line or to get a reply to your mail.
Minimum Bank Balance
Nowadays, businesses prefer online banks due to their ease of use and exclusive features over traditional banks. Still, you can go for the latter if you want to do so. But remember that you would have to maintain a minimum bank balance. Even though there are Zero Balance Current Accounts, the banks may require you to keep a minimum balance if you want to avail of premium services.
So, don’t forget to consider the minimum balance requirements while choosing the right bank.
The Bottom Line
A bank is the best friend of every business. For a cashless economy, every business should have a bank account. But opening a bank account without proper research will do you more harm than good.
Hence, keep in mind the above factors while choosing the right bank for your business.
