Some businesses use the services of several banks, shopping for the best rates, the most convenient bank branch, the longest roster of services – but using many banks, in the long run, may cost more in time and money as you race from bank to bank to make deposits and loan payments.

Working with a single bank can deliver a range of cost-saving and time-cutting benefits to your business every day, reducing the cost of managing company financials.

The advantages of using a single bank to manage all your business needs? Lots of them.

Convenience is, perhaps, the most obvious benefit. All of your business activity is in one place. You can access all accounts using a single online banking system.

Consolidating current multi-bank activities may just simplify your business life. Talk to your bank representative to learn more about the convenience of having one go-to bank for all your financial needs.

Bundled services save money. Using a single bank, you can bundle a number of services to lower the cost of banking – cutting monthly banking fees.

Use a single bank to maintain the company checking accounts, payroll account, money market accounts, company credit line, credit and debit cards.  When all of these services are delivered by one bank, you can usually negotiate lower fees and better interest rates.

Boost cash flow through the company with faster payment methods. Bank transfers can take up to five days between banks, but when you transfer funds from one account to another within a single bank, it happens almost immediately.

Using remote site payment terminals, money is deposited directly into your business account – even credit card payments, which can often take time to process.

Clients and customers pay faster, money is transferred immediately, and the cash flowing through your business increases, providing more opportunities to expand your business.

Using one bank to manage all of your business’ financials can actually enable you to grow your business more quickly as more cash flows through the company.

Relationship banking is another benefit of using a single bank to handle all the company financial activity.

Using several banks to manage company cash means you engage several banking professionals who may or may not see things from a unified perspective. One financial expert encourages a bigger company credit line, another recommends paying down the current company credit line.

Using a single bank to handle banking business enables you to build a relationship with a financial institution with a variety of resources available to you and your team. Often, you have a single point of contact – one telephone number – to talk to your company’s banking professional. This person quickly learns all about your business and your objectives to structure the banking services your business needs now and in the future.

You may not receive this level of attention if you have a credit line with one bank, your checking accounts with another bank, and your company contingency fund in another bank.

Customized services are simpler when you work with a single bank. For example, you can maintain a “sweep” account that automatically moves money from one account to another when certain thresholds are met. This level of automation equips businesses and their banks to customize services to create cost efficiencies in financial management.

Your company could be more secure when you use a single bank. If your business maintains accounts at several banks, sensitive customer and other information is in several different places.

Customer credit card numbers are stored over here, company account information is stored over here, vendor accounts are over here. Customer and client data is spread out.

Using a single bank, all of your sensitive data is under one roof. Maintaining all of your data in a single place may lessen the likelihood that your data is breached.

So if you have accounts at several banks, and accounts with other financial institutions, talk to the company accountant and your bank’s business professional to consolidate your business activity for convenience, lower costs, and a cohesive view of business activity.

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of ZB, N.A.