We are in the process of acquiring a business with ~15 employees and ~1M EBITDA. 95% of transactions are paid via ACH and credit card, 5% is cash payment.
I am looking at both online banking and local credit union options. It looks like local credit unions provide better support for cash deposits, among others, and online banking solutions integrate better with online accounting and payment systems.
What are you using / would you recommend?
What bank are you using for your SMB business?
by a searcher from King's College London, University of London
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Audit your needs: accounting and bank record synchronization, multiple users with different levels of access/permissions, domestic/international wires, simplifying ACH collection, simplifying vendor payments by ACH, customer payment portals, remote check capture and deposit, merchant processing, etc.
From your CPA, local network, SBA lending reports for the state, the local Business Journal etc. you'll be able to surface three types of banks you should approach for proposals: locally owned business bank, mid-size regional bank, and large national bank (US Bank and Chase we've found most competitive for our needs).