What is Business Banking?
Business Banking is the dealing of the company’s finances with the bank that holds their business account which provides business loans, credit, and savings. This is the sector of banking dedicated to deal with the business accounts, business loans, and every business transactions.
Business Deposit Accounts
Business deposit accounts are the kind of savings account that allows the account holder to get huge interests from the money that is deposited from the business earnings. If you need to make a withdrawal, there is a particular time before which you should notify the bank. It is not like a saving account in which you can make instant withdrawals.
The loan that is obtained from the banks to start or develop the business is called as a business loan. The business loans are sanctioned by the banks after going through your business plan and the parameters associated with the business. They also provide suggestions that could make the business work better. The business loans involve some procedures as big amount is involved.
Online Business Banking
Online business banking is the online platform provided by the banks to make your business transactions in a more secure platform. This allows the account holder to access the accounts from anywhere. Proper internet service and a device that has internet access are all that is required to do online business banking. Online business banking is a boon for every business as it has made a huge difference in business transactions.
Merchant Card Service
Text: Merchant Card Service allows you to accept the payments made by the customers through any credit cards or debit cards. A merchant account is a platform to accept transactions through encrypted and secure channels.
Business Credit Card
A business credit card is credit card offered by the banks to the business account holder that can be used for only business purposes and is strictly prohibited from using it for personal reasons. A business of any type can have a business credit card. It can contribute to building the credit profile that will help a lot in the future.
International Trade Financing
International trade financing is required to obtain funds to indulge in international trade operations. There are five major methods of international trade. They are prepayment, letter of credit, drafts, consignment, and open account.