Banking for small businesses: essential tips

If you are starting a company, chances are the thought of opening a business account must have crossed your mind at least once. But what if your business is a small one, and you aren’t exactly sure what you need?

Well, Genome has all the answers! In this article, we will explain what a small business bank account is and what attributes the best bank for small businesses must possess. 

What are business accounts for small businesses?

When it comes to financial services for small businesses, a business account is the first thing you will need. On the surface, it looks a lot like a personal account but offers all the financial instruments required for your company. Such as the ability to store your corporate funds inside the account, transfer and receive them, make payouts, oversee your financial operations, and even open a merchant account to accept clients’ payments. 

One of the best parts of the financial industry is that now you can open a small business account online without tiresome visits to bank branches and exhausting documentation fill-out. But how can you understand which online small business bank account will be the best for you? We have some banking tips that may help!

How to choose the best small business bank account

There are certain criteria for selecting the best bank for a small business. So, let’s get to our small business banking tips on looking for the right bank for you.

1. What’s your strategy? Before creating a business bank account, determine what exactly you need it for. If you plan to only use it for business transactions, you can go with a simple but sufficient option. Or, if you feel like you need extra help, the bank that offers business loans will come in handy. And, if you are going to sell things to customers, it is preferable that the bank offers merchant accounts as well. To make it easier, create a list of requirements you have for a small business bank account and then check if the candidate banks can do that for you. You can even contact the bank’s customer support and ask about all the services you are interested in.
2. Mind your location. Again, if you are positive that your company will work exclusively within one country, you can choose a local financial institution or an online small business bank account. But, if you are planning to someday open subsidiaries in other countries or have clients worldwide, you need a bank that will help you operate your business in this manner.
3. Pay attention to the bank’s requirements. You can find the best online bank for a small business that suits you greatly, but your company won’t meet the bank criteria. It usually pertains to the industry you work in, as most are differentiated by low- and high-risk ones. Thus, some financial providers will only offer services to low-risk companies. Determine under which category your company falls, and proceed accordingly.
4. What money transfer option would you prefer? Sending and receiving funds will be one of the core features of your business bank account for a small business. Make sure the financial institution you choose has all the transfer methods you need (like SEPA and SWIFT payment). Also, you may require a batch payment option to send out multiple transfers simultaneously.
5. Mind your customers. If you are selling goods or services, you should also check if the financial services for small businesses of your bank also include merchant accounts. 
6. How to manage your account with no worries? Ensure that the bank you are about to choose has multiple communication channels with the support team, so you can always talk to someone to clarify some questions or issues.
7. The fees. Last but not least, you need to compare the pricing points for small business accounts that different banks offer.

Genome: the best business accounts for small businesses

If you are looking for a small business account, Genome is right up your alley! Our platform services individuals, companies, and merchants!

Our core principles are providing the most user-friendly, transparent, and all-encompassing services to clients. Our electronic money institution works with all the EU countries and other European territories. 

Start a business wallet at Genome and gain access to additional accounts, up to 5 accounts per currency: EUR, USD, GBP. You can transfer money using SEPA, international transfers, and Genome’s internal instant money transfers. We also provide a mass transfer feature for you to send payments in bulk.

There are other financial services for small businesses as well: you can order physical or virtual debit Visa cards for your company. Use virtual cards for online purchases and physical cards for payments on the go. All the Genome cards are compatible with Apple Pay, Google Pay, and Garmin Pay. You can order a Genome token – a device to authorize all your outgoing payments remotely for extra security. The best part is that you can share the tasks when it comes to managing the account with other employees using our secure shared account feature.

And, of course, once you have our business account for a small business, you can apply for a merchant account*. With it, you will be able to receive payments in over 20 currencies, with 40+ local payment methods available*. Genome has integrations with major CMS platforms, such as Shopify, WooCommerce, Magento, Drupal*, etc. All the sophisticated reports on chargebacks, transactions, and approve ratios will be available from one dashboard! 

*Please note that Genome’s merchant services have been temporarily unavailable since September 2024.

All you need to open a small business account at Genome is:

1. Provide some details about yourself and pass the identity verification;
2. Fill out the information about your company and download some documents;
3. Provide the ownership structure – all is done entirely online! 

You can always contact us at support@genome.eu – our team is glad to help!

FAQ

What accounts should a small business have?

A company of any size should have a business account. This way, you can control your business expenses, make transfers to contractors, send payments to employees, etc. And, if you are planning on accepting payments from clients, you will need a merchant account. Genome provides both of those things – you can apply for a small business account right now!

What bank is best suited for small businesses?

The best bank for a small business will be the one that suits your needs the most, works with companies within your industry, and provides services in your current location and the markets you can expand to. You need to also pay attention to the customer support services and if the bank provides merchant accounts. 

Which bank is best for a startup business?

Not all banks work with startup companies, so you need to look for a financial institution specializing in this. When looking for such a bank, pay attention to fees for services and if there are loans and reward programs. 

Should I use a local bank for a small business?

Yes, you can do so if you are only going to work within your country and sell products there exclusively. But, if you are planning to expand into other markets, you should look for a financial institution with a business bank account for small businesses that will take you global.