Open a Business Bank Account
Be sure you find a strong banking partner.
Here’s what you need to know about business bank accounts for your new business.
Why you need a business bank account
Business bank accounts typically offer benefits that are not available in a personal bank account. For example, business bank accounts offer limited personal liability protection by keeping your business funds separate from your personal funds.
Additionally, banks that offer merchant services (allowing you to accept credit card payments) offer purchase protection for your customers and ensures that their personal information is secure.
By creating a business bank account, you’ll also create a great level of trust with your customers and prospects. Customers will be able to pay with credit cards and write checks to your business instead of directly to you.
And, many banks offer a line of credit, allowing you to take out loans on an as-needed basis. You can use such loans if there’s an emergency or if you need to buy new equipment or launch a new product or service line.
Finally, a business bank account helps you make large purchases and establishes a credit history for your business.