Whether you’re starting a small business for the first time or looking to expand your current operations, deciding who you should work with when it comes to your business finances can be a difficult decision.
The best business bank accounts for West Virginia small businesses aren’t always found in traditional big banks—instead, community bank business accounts could offer you more. Let’s take a look at some of the best reasons for why small businesses should bank locally.
Why Every Business Needs a Dedicated Checking Account
Separating Personal and Business Finances
One of the most important financial steps to take as soon as possible when you start your business is to separate your personal and business finances. Not only is this helpful for keeping your money more organized, but it’s also essential for tax purposes too.
This isn’t only the case if you’re working as a registered business entity like an S Corp or LLC. Even if you’re not established as a corporation and you’re working as a sole proprietor for now, having your business finances separated from your personal money means that you can clearly establish what funds are part of the business if you’re ever audited by the IRS. It’s also helpful when it comes to tax season, as you can pull records for your business and know exactly how much income you need to pay taxes on.
Establishing Business Credibility
When you’re working with other businesses, having a business checking account immediately adds a level of credibility to your operation. The same is true if you’re looking to take out any type of business loan or line of credit. With a business checking account, the bank can see that these funds are going towards a legitimate business, rather than being used for personal expenses.
How Community Banks Offer More Than Just A Checking Account
Personalized Service and Local Decision-Making
One of the biggest benefits of small business banking in West Virginia with a community bank is that you’ll get to know the people you work with personally. That means you’ll be receiving a personalized level of service that big banks struggle to offer their business customers.
Local community banks have a deeper understanding of the businesses in their area, so they can tailor their recommendations based on what your business actually needs and their expert insight into local business trends.
You’ll also benefit from any loan or credit decisions being made locally. This can significantly improve the time it takes for you to be approved for loans and receive your money into your business checking account. And the faster you get your money, the sooner you can invest that into growing your business.
Competitive Fees and Flexible Terms
Many community banks, due to their smaller size and fewer customers, can offer business owners more competitive rates and better, more flexible terms on any business loans that you’re looking to take out.
This is all possible because business banking is often more cost-effective for community banks, so they can pass those savings onto their business customers through better offers. Not only that, but the relationships business owners build with local community bankers means that trust can be established over time, so those businesses in good standing can be over a more favorable rate.
Faster, More Responsive Customer Service
One of the biggest reasons businesses choose to work with a local bank is the excellent customer service they receive. Community banks are typically more accessible and respond faster than a larger bank, with personal relationships built between bankers and business owners for direct, one-to-one communication options.
Key Features of a Business Checking Account at a Community Bank
Online and Mobile Banking for Easy Account Management
It’s easy to think that small = outdated. But that’s simply not the case. Community banks offer checking accounts for small businesses with the same forward-thinking technology that the large financial institutions also provide.
Online and mobile banking are now considered standard offerings for any bank, and you’ll likely have a dedicated app to use from your mobile device when working with a community bank too. Services like online bill pay, peer-to-peer payments, and online loan applications are all available when you work with your local bank.
Cash Management Services Tailored for Local Businesses
Managing your money quickly and easily is essential when you’re running a business. Working with a community bank is one of the best ways to streamline your business finances and make this part of running a company much easier.
Your local bankers will work with you to explain what services may be the best fit for your specific needs and walk you through various cash management options that help you oversee your finances, monitor cashflow, and pay your team on time.
Services like ACH transfers, remote deposit, payroll support are all offered by community banks like JSB to help you achieve your business goals at any time, from anywhere. Gone are the days when you need to rearrange your busy schedule to fit traditional banking hours. Instead, you now have access to the services you need around the clock.
Lending and Growth Opportunities for Business Owners
Getting to know the team at your local community bank can pay off in multiple ways. From establishing your first business checking account to being approved for a business loan, building a relationship with your local banking experts is one of the biggest benefits of keeping your business finances in your community. You’ll benefit from the years of experience and local knowledge the business banking team have, all while getting personalized service to find the best options for you.
When our team gets to know you and your business on a deeper level, we’re able to offer you lending and credit options that are the best fit for your business needs. Whether you’re looking to expand or simply covering cashflow in your low season, we’re able to help you get the funding you need because we have an in-depth knowledge of your business finances.
Why a Community Bank is the Right Choice for Your Business
Support Local Economy and Other Businesses Like Yours
As part of your local community, you want to see your whole town thrive and not just your business alone. By banking with a community bank, you’re keeping your money within the local economy and helping other business owners like yourself benefit from the expertise and services of your local bank.
How to Open a Business Checking Account Today
Opening a business checking account in West Virginia with JSB is quick and simple. You can visit any one of our locations in Shepherdstown, Martinsburg, Charles Town, Inwood, or Sharpsburg (MD) and speak with one of our customer service representatives to get started.
Choose from our variety of business accounts and start working towards your financial goals today!
Strengthening Your Business with the Right Banking Partner
Start benefiting from staying local and work with a local community bank like Jefferson Security Bank. Call us or visit one of our branches in West Virginia to open a new business checking account, or talk with one of our expert business bankers about the products and services that might be a good fit for your growing business.