Banking Solutions for Small Business Success: How to Make Your Money Work for You

Small businesses are the backbone of any economy. They drive innovation, create jobs, and contribute to the growth of local communities. However, managing a small business is not without its challenges, particularly when it comes to finances. Many small business owners struggle with cash flow, managing expenses, and accessing credit. At AbbyBank, we understand these challenges and have tailored our banking solutions to help small businesses succeed. Explore some of the banking solutions we offer that can help your small business thrive!
young business woman talking on phone and using laptop
Written by 

Business Checking Accounts

A business checking account is the foundation of any small business’s finances. It allows you to separate your personal and business finances, which is crucial for accurate accounting. With a business checking account, you can track your income and expenses, pay bills, and manage cash flow. You can also issue checks and make electronic payments to suppliers and vendors. Additionally, a business checking account can help you establish a credit history, which is important if you want to access financing in the future.

Business Savings Accounts

A business savings account is a great way to save money and earn interest on your deposits. By keeping your money in a business savings account, you can earn a higher rate of interest than you would with a personal savings account. Additionally, a business savings account can help you set aside money for future business expenses, such as taxes or equipment purchases. Depending on your business needs, AbbyBank offers a service called Sweeps. Sweeps allow you to automate your money management and put your funds to the best use possible.

Business Credit Cards

A business credit card is a useful tool for managing expenses and building credit. With a business credit card, you can make purchases for your business and earn rewards points or cash back on your spending. Additionally, a business credit card can help you establish a credit history for your business, which is important if you want to access financing in the future.

Business Loans

Access to credit is critical for the success of any small business. A business loan can help you finance an expansion, purchase equipment, or manage cash flow. Banks offer a variety of business loan options, including lines of credit, term loans, and Small Business Administration (SBA) loans. However, before applying for a business loan, it’s important to have a solid business plan and a clear understanding of your financials.

Merchant Services

Merchant services allow you to accept payments from customers using credit and debit cards. By accepting electronic payments, you can improve your cash flow and increase sales. Additionally, many merchant services offer additional features such as fraud protection, chargeback management, and online payment options.

Online Banking

Online banking is a convenient way to manage your small business finances. With online banking, you can check your account balances, transfer funds, pay bills, and even deposit checks without visiting a branch. If your business requires a more advanced banking solution, our Business eBanking platform could be an ideal choice. This online platform provides you with convenient access to review and approve account activity, utilize Automatic Clearing House (ACH) services, make remote deposits, implement positive pay, grant multi-user access, pay bills, manage receipts, execute sweeps, and much more.
At AbbyBank, we understand the unique challenges that small businesses face when it comes to managing finances. By offering tailored banking solutions, we can help small businesses succeed and grow. Whatever your needs are for growing your business, we have the tools and expertise to help you make your money work for you! See our website for more details. Call or visit us to speak with a Business Banker or Commercial Loan Officer today.