Question

What types of benefits and services must a small business expect from a bank that it has a merchant account with? What other useful tools, such as inventory management assistance or a point of sale system (POS), would a bank offer its customers?  Suppose you own a small business and are researching with which bank to open your merchant account. Which benefit, service, or tool offered by banks is most important for you? Explain

Answer 1

Answer ) Merchant account , is consider as account used by a business houses .Each business house has different need for its business. The most important and common services must a small business expect from a bank are:

• Online banking
• Mobile account management
• Accept all types of cards( credit and debit cards ) for sales
• Bill dicounting
• Factoring services
• Minimum Checking account fee ,Like activity fee , miimum balance fee.

Answer ) Apart from the general banking services some useful tools can be

Inventory management assistance : As the inventory management is one of the most important factor for success of business , the small business houses are not expert in managing the inventory . Bank assistance in such acitivity may be an added advantage for customer.

Point of sales system : provide flexibility to all business house to accept any mode of payment at sales point . The system attract more customer on need.

Answer ) As a owner of small business , i would prefer to open my account with bank offering POS and have Minimum Checking account fee.