Self-Employed? What Can Your Bank Do For You?

Whether you’re just starting your own business, or you’re a long-time, self-employed individual, your bank can deliver a variety of services to help you grow your business, plan for the future, and save money each month.

In fact, your banker can offer suggestions on how to expand your client base, cut monthly banking costs, and set up retirement accounts for a brighter future for you and your family.

Here are just a few examples of the products and services your banker can provide:

Merchant accounts enable you to accept credit and debit card payments from customers. Your customers will appreciate the convenience of paying with plastic, which may increase your sales volume. Your banker can explain the various features of merchant account programs, and help you determine which merchant account is best for your business.

A business checking account is an easy way to separate the business “you” from the individual “you.” Save time when preparing your taxes by using bank statements from your separate checking accounts to easily identify business expenses and personal expenses. Be sure to ask about the different kinds of business accounts offered by your bank. Some have lower fees if you maintain other relationships with the same bank – for example, a money market account, a line of credit, or a business credit card.

Online and mobile banking can be convenient for the busy entrepreneur who may not keep regular “business hours.” Banking 24/7 from any computer or mobile device lets you decide when and where you conduct your banking business.

As a self-employed business owner, you should have credit and debit cards for your business to help separate your business expenses and payments from personal payments, even if you’re the sole proprietor of a one-person business. Again, this may simplify tax preparation and can help provide backup support for all business expense deductions. Your company debit card can be used to make all purchases associated with the business – from a new computer to a box of paper clips. Then, you’ll have all your expenses in one place, making business management and tax preparation a lot easier.

Remote Deposits can be a productivity booster. You can deposit checks electronically, saving you time and trips to the bank. You also get paid faster, which can be a boost to your cash flow.

A business line of credit¹ can give you the flexibility you need to purchase new equipment, expand from a home office to a leased space, or just keep your business afloat when waiting for a large check to come in from a completed contract. With a line of credit, you pay interest only on what you borrow, which can be an added benefit for very small businesses running on tight budgets.

Your banker can also be a good source of information about the local marketplace and economic trends that may affect your profession or industry. As a self-employed “company,” it can be valuable to get a different perspective from a knowledgeable business professional who deals with companies like yours every day.

Contact an experienced business banker to ask how you can accelerate your business growth and achieve your business and personal objectives.

1. Subject to credit approval. Terms and conditions apply. See a banker for details.