Business banking online UK - small to large firms

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Whether your business is a small start-up or has grown into a large UK firm, it is crucial that you have the right type of banking to match your company's requirements, both online and offline.

There are a number of areas in which banks can help you to run your business efficiently. As well as having a good relationship with your bank, it is important that you are aware of the options open to you as a business account holder. Some of the main points that you should be looking at when choosing the right bank and bank account for your enterprise are discussed below.

Bank transaction charges

Banks who deal in business banking usually have a set tariff that they charge to SMEs (small and medium-sized enterprises), however other companies are able to negotiate these charges. Negotiation does not necessarily guarantee you a good deal, and in fact it is estimated that at least one in three of all UK businesses pay more than they should in transaction charges.

Merchant service costs

If your business accepts credit card and debit card payments from customers, your bank will charge you for each transaction that is made. Find out what these charges are, and see if there is any room for negotiation if you think you are being charged too much.

Charges and interest

It is not only important that you get a good rate of interest on the money you have in your business account, but that you also receive a competitive rate on any borrowings you have, like your overdraft facility, loans and commercial mortgage.

Cashflow

If your business occasionally runs into cash flow problems, find out what your bank can do to help you manage your finances during this difficult time. What are you being charged for your overdraft facility? Are there any better options, like taking out a short-term loan, for example? Always seek advice ands assistance from your bank manager at times when there is a shortfall between the money going out of your account and the amount of money that is coming in. Your bank should, if need be, be able to help restructure your finances to help you run your business more efficiently.

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