Small Business Tools You Can Bank On

Did you know small businesses are big drivers of the economy? According to the Small Business Administration, there are nearly 30 million of them in the United States, employing 56.8 million workers. Even more impressive, companies with fewer than 500 employees account for 99.7% of all business in the U.S., driving their local economies and enriching local communities.

It may be your dream. Or your day-to-day reality. But to keep growing, small businesses need to constantly adapt, change and even expand as customer and market needs evolve.

That’s why many financial institutions are now offering digital tools and services to help small businesses do just that. These solutions add online convenience to your accounts, making it easier to keep track of expenses, manage cash flow, pay bills and offer convenience to your customers.

You may be surprised to find out what’s available to businesses of any size:

• Business checking options. Your business situation is unique; the checking account you need to run it should fit your company’s size, volume and goals. Find out if your financial institution has a choice of account types that can help you manage fees, offer digital and in-person services that work for you and let you scale up as your requirements change.
• Digital business banking. Whether you run a simple at-home operation or a standalone shop with dozens of employees, seeing your financial picture at any time is critical. Ask your banker about how flexible their systems are. Or network with other business owners to find out which ones work well for them. Can you access it 24/7/365? Is it available in both online and mobile formats? Do both offer the same features?
• Online lending applications. Whether you’re upgrading equipment or looking for a larger space, getting a loan should be easy. You may not have time to run to a bank during normal business hours. With an online option, you can apply from your workplace and submit all the paperwork digitally. Having access to person-to-person contact is a valuable backup as well.
• Merchant services. Think your business is too small to take card payments? Think again. From tiny smartphone/tablet devices to POS terminals, digital devices can add up to bigger sales at an affordable rate. Money can go straight (and securely) into your account, with fewer worries about carrying and depositing cash.  And many of the merchant services solutions today also open the door to tools to help you streamline operations and grow revenues.     

Of course, even the best of technology is only as good as the people behind it. By choosing a locally based bank, you’ll have the security of knowing that you can have a face-to-face discussion when you need it—and fast, convenient digital options when you don’t. Advice from someone who knows the market and your business can still be the most powerful business tool you use.

Associated Bank can partner with your small business to meet your financial goals. Learn more what we can offer you:

Business checking accounts that fit you.

Flex Lend® loans—Apply online in minutes, get funds in as little as one business day.

Merchant services for POS payment solutions that combine customer convenience with faster transactions.

Associated Connect® for optimal online cash flow and control.

SOURCE: “2021 Small Business Profile,” U.S. Small Business Administration Office of Advocacy.