How to choose a bank for business

What should be considered when choosing a bank for business?

Several key parameters can be identified.

  •  Reliability. It is necessary to make sure that the bank has a license and is part of the deposit insurance system (CERS). If the CER member bank bursts, individual entrepreneurs and small businesses will be able to return money from their accounts within a certain amount. In cases where the business turnover is greater, it is necessary either to distribute cash flows to different financial organizations, or to approach the choice of a bank even more carefully. For example, take into account its reliability rating.
  •  A set of services. Today, banks are ready to become an accountant for an entrepreneur, and an IT consultant, and even a security service that will check counterparties. But you should not agree to everything at once. It is important to carefully evaluate what services you really need and on what conditions they are provided. For example, you are interested in a bank that helps with the registration of an individual entrepreneur without going to the tax office.
  •  Service. It is worth looking at the reviews of the bank's work in advance and independently testing different communication channels. For example, check how quickly they will respond to your question by calling the hotline, in a chat on the website and in the bank's office. If you do business in several regions with different time zones, you will need round-the-clock business support.

Some banks specialize in working with small businesses or with certain industries. For example, they offer free account maintenance for companies with a small turnover of funds or loans on special terms for farmers. It is worth finding out in advance which banks offer preferential programs suitable for you, whether they provide loans with state support and whether you can count on it.

What services do banks offer to entrepreneurs?

Let's consider the most common offers of banks.

Business Account maintenance

Usually banks do not charge money for opening an account. Some of them also offer free account maintenance, but often only for the first few months, and then the price rises. As a rule, it depends on the size of the business.
But there are always commissions for transfers and payments. Banks often offer package tariffs: the package includes both account maintenance and a certain number of transactions, and a separate amount is charged for each operation over the limit.

Several accounts for different divisions of the company or different products often simplify accounting, and sometimes allow you to save money due to the optimal choice of tariffs.

Business Card

Such a card is linked to a business account. With its help, you can deposit and withdraw money at ATMs — this option is called "self-collection".

As a rule, card service is included in the package tariff. But even when it is charged separately, it is often free if certain conditions are met: for example, when the amount on the account does not fall below the established limit or, conversely, the turnover on the account exceeds some threshold.

When paying for goods and services with a card, banks do not take a percentage of the transaction amount and do not limit the amount of payments. But limits and commissions are set for "cashing out" — from 0.1%. But there are banks that allow you to withdraw money for free — both in their own and in other people's ATMs. Therefore, specify in advance which ATMs you can use on favorable terms and whether they are conveniently located.

For depositing cash to the card, they also usually charge from 0.1%, but at the same time they are often allowed to replenish the account from the card of any bank with a minimum (or zero) commission.

Do not forget to enable SMS or push notifications for card transactions to immediately find out about those transactions that you did not make.

Online accounting

This is a service that can automatically generate invoices and accounting documents, calculate and transfer taxes, pay salaries to employees and make mandatory tax, pension and social contributions for them.

Many banks offer online accounting to their business clients for free as an application to the package tariff.
Some banks offer the services of a personal accountant who helps to keep records, draw up documents and advises online or by phone on financial issues. This service is almost always paid, but sometimes it is more profitable than hiring your own specialist.

Acquiring and online sales register

Acquiring allows you to accept payments from bank cards. The commission for acquiring is usually 1-2% of the amount of checks for a certain period, most often for a month. Each bank determines the rate itself — it depends on the size of the business turnover, the field of activity and other factors (even the reputation of the enterprise can be taken into account). Therefore, it is better to clarify the conditions in different banks in advance and choose the best option.

Often, in a package with acquiring, you can rent cash register equipment, including an online cash register, which automatically transmits data to the Federal Tax Service (FTS). This is convenient because you do not have to send data about each sale to the tax service yourself. In addition, it makes business transparent to the Federal Tax Service — which means it reduces the risk of account blockages due to non-payment of taxes.

Take a test on the tax website to find out if your business is required to have cash register equipment. It depends on the field of activity, the taxation system and other criteria.

To begin with, you decided to register as self-employed, and they don't have to start a cash register. But if you hire assistants, you will have to re—register, for example, as an individual entrepreneur, and then you will need to purchase cash register equipment.

Enabling QR payments

The largest banks offer entrepreneurs to connect QR payments. This is one of the methods of non-cash payments that can be used both in retail outlets and in online stores.

QR payments are more profitable compared to card payments. They will cost you a maximum of 0.7% of the purchase amount if the bank conducts them through a Quick payment System.

Loans for business

You may need additional financing to invest or replenish working capital. The bank where your company is serviced is usually ready to lend money on favorable terms, because it is already familiar with your business.

In this case, a minimum of documents and time will be required to approve the loan application — the bank already sees your activity on the accounts, can determine the turnover of the business, and it is easier for it to assess the risks, make a decision and set the interest rate.

But it is better to find out in advance, even at the stage of choosing a bank, what its loan conditions are. Be sure to find out whether the bank participates in government programs of preferential lending to small and medium—sized businesses - on loans with state support, the rates are below market.

It is also worth clarifying how quickly the bank considers loan applications and whether it is possible to issue them online.

Letters of credit

Letters of credit allow transactions to be settled safely — the bank guarantees that the seller will receive money if he fulfills the buyer's conditions. For example, he will deliver the goods. This form of settlement protects both counterparties.

This service can be relevant when concluding contracts for a large amount, especially for businessmen who work for export.

So far, letters of credit can only be issued on paper, according to a special standard form. But in the near future, digital letters of credit based on blockchain technology should also appear. Then transactions with them will be able to go online.

If you plan to use this form of payment, be sure to specify the tariffs and conditions for issuing letters of credit in the selected bank.

Factoring

With the help of factoring, you can sell goods with deferred payment or in installments. In this case, the bank immediately pays for the goods to the supplier, and the buyer undertakes to return the money to the bank at the expense of future revenue.

Factoring helps to get revenue quickly and dispense with loans to replenish working capital. It is worth finding out whether the bank offers such a service and on what terms.

What additional bonuses can I count on?

Some banks charge interest on the account balance, and also offer cashback — they return part of payments on a corporate card.

Sometimes banks offer free training for your employees as a bonus to the tariff. For example, on the topic of investments or accounting.

Many banks form a pool of partners who give discounts to their clients-entrepreneurs. These may be special offers from mobile operators, marketing and advertising agencies, IT companies.

Banks often arrange promotions on the eve of holidays. For example, they offer free service to new business customers for several months or special tariff plans. Follow the announcements on the websites of banks to get service on the most favorable terms.

I chose a bank. How to become his business client?

If you already have accounts, deposits or loans with this bank, you can usually open a business account through your personal account on the website or mobile application.

New customers will have to come to the branch. Many banks offer to call a bank representative to their office or home. As a rule, it is enough to fill out a questionnaire and leave a request on the website.

You can open a business account in most major banks in one day. But it is better to clarify in advance how long it will take and what documents will be required. Some banks facilitate the task for potential customers and may, with their consent, request information about the entrepreneur themselves, for example, in the Federal Tax Service, including in the Unified Register of Small and Medium-sized Businesses.

When you open an account, the bank will most likely offer you to create a separate online account for business or install an additional application for entrepreneurs. With their help, you will be able to choose tariff plans, connect additional services and consult with the bank's specialists on business issues.

What should I do if the bank does not fulfill the terms of the agreement?

In cases when the bank changes service rates without warning, refuses to conduct operations or somehow infringes on your rights