Services Every Business Expects From Small Business Banking

Services Every Business Expects From Small Business Banking
When it comes to banking, small businesses have different needs than larger businesses. Larger businesses
may have more complex banking needs, such as international wire transfers and depository services. However,
small businesses still need the most basic banking services, including checking and savings accounts, debit
cards and credit lines.
Small business banking can be done at a brick-and-mortar bank or through an online bank. Brick-and-mortar
banks often have more ATMs and branches in rural areas, while online banks may have lower fees and offer
more account options.
Some of the most important services small businesses should expect from their bank include:
1. Checking and savings accounts: A checking account is a type of bank account that allows users to withdraw
cash, pay for goods or services and deposit money. They can also use their debit cards to make purchases.
Checking accounts are typically considered the most common type of account because they allow people to
access their funds easily, especially when they need quick cash.
2. Debit cards: A debit card is a small plastic card that is connected directly with a checking account through an
ATM or swipe machine at any retail location that accepts debit cards as payment for goods or services. The
money in the checking account is immediately deducted from the balance whenever someone uses their debit
card to purchase something.
3 . Lines of credit : Lines of credit are usually offered by brick-and-mortar banks only if the business has been in
operation for a while and has a good credit history. A line of credit is essentially a loan that the business can
draw from as needed, up to a certain limit. This can be helpful for businesses that have seasonal fluctuations in
revenue or need to make a large purchase but don't want to dip into their savings.
4. Online banking: Online banking allows customers to access their bank accounts through the internet. They
can view account balances and transactions, pay bills and transfer money between accounts. This service is
typically free for customers and can be helpful for businesses that need to track their expenses closely or
manage their finances on the go.
National Bank of Fujairah (NBF) offers a credit card that is designed to meet the needs of both individuals and
businesses. The NBF credit card comes with a host of features and benefits, including:
-A low interest rate
-No annual fees
-A grace period on purchases
-24/7 customer service
-Flexible payment options
The NBF credit card can be used at millions of locations around the world and is accepted by most major
merchants. In addition, the card can also be used to withdraw cash from ATMs worldwide.
To apply for a NBF credit card, applicants must be UAE residents aged 21 older.