Owning a small business means that your personal bank accounts are no longer up to the task. It's time to enter the world of commercial banking and to get a business account. While the bank you have always used may be up to your business needs, this isn't always the case. The following tips can help you find the best commercial bank for your new small business needs.

Tip #1: Check the fine print on fees

Fees are a fact of life at many banks, since there is a cost associated with managing your money. Your goal is to find the lowest fees possible. One common pitfall for small business owners is being sold a product that is too much for their initial needs. For example, you may not need the executive checking account with all the perks for your fledgling business, especially if it comes with large fees if you don't maintain a high minimum balance. Your best bet is to go with a commercial bank account that is targeted to small business owners, because these are more likely to have low fees regardless of your current balance.

Tip #2: Look for lending authority

One thing that small businesses run into is problems with raising capital for growth. Make sure that the bank you choose has bankers on hand that have the authority to approve loans without going through a disconnected corporate office. Why is this a concern? Because your personal banker will come to know you and your business, which means they may know that you are a good risk even if you don't necessarily look like one on paper. This can be vital when you are first trying to get loans to fuel your business.

Tip #3: Ask about specific small business products

Not all big business products are suitable for the small business. For example, check to see if they offer low cost credit card processing for smaller businesses. You don't want to pay high fees just because the amount of receipts you see daily is lower than the larger corporate clients. Credit cards aimed at small business owners can also be helpful. Some banks have cards, for example, that earn you points that lead to discounts on other loan products or even lower fees for your other accounts.

Tip #4: Find a bank with employee service products

If you plan to have employees, you may also need to juggle several other financial tasks, including payroll, insurance accounts, and employee finance accounts, such as retirement plans. A full-service commercial bank may be able to handle all of this for you. It may even cost less than going with a third party, since the fees will be bundled with the other services you use at the bank.

For more information, contact a place like State Bank of Cross Plains.