If you can only accept cash and check payments, your customers may be frustrated by the inability to use the plastic in their wallets. Fortunately, opening a business checking account may give you the power to process debit and credit card sales.
From credit unions to big banks, institutions of all sizes offer business checking account holders the ability to approve or decline credit card and debit card payments. These services do come with additional costs such as maintenance fees or transaction fees, Tumber says.
Some banks offer discounts on processing services to certain types of business checking account holders. Regardless, those additional fees can be well worth it.
"Accepting credit and debit cards is the best and most convenient way to transact money for any small business that generates monthly revenue with profits," Tumber says.
As you compare business checking accounts, ask whether the account includes the ability to process card payments. Also ask what types of fees are associated with each transaction.