When you’re busy getting your business off the ground, keeping track of those preliminary expenses can be a chore. What is personal and what is business-related may easily get muddled. However, maintaining your business transactions is a key habit that you can’t put off.
That’s why we recommend opening a business checking account as soon as you receive a business license or federal Employer identification number (EIN), which may be required to open the account. With a business debit card, those important transactions are drawn from funds specifically set aside for your business, and you run less of a risk of unintentionally spending beyond your budget.
Maintaining clear expense records isn’t the only reason for utilizing a business checking account, though. Did you know that some business debit cards reward you for making everyday transactions with discounts and cashback?
Learn more about the benefits of using a business checking debit card as part of your business financial strategy.
Why Do You Need a Debit Card for Your Business?
Using a debit or credit card for your business is not so different from using them for your personal finances. Similar to how you might use a personal debit card for regular monthly bills, groceries, and so on, a business debit card is a great tool for business-related bills and supply restocking. You’ll also receive many of the same fraud protection services in case your information falls into the wrong hands.
You don’t need to get another credit card just to unlock certain perks. For example, with a SouthEast Bank business checking account, you receive a debit card from Mastercard Easy Savings™ qualifying you for rebates that can save you up to 1% on fuel, up to 4% on restaurants, and up to 4% at hotels. Plus, with this debit card you also get access to dozens of business services and digital tools at a discount. The best part? You don’t have to use a coupon or remember to apply for the rebates—they’re automatically applied to your checking account.
When you update your software, travel to a weekend trade fair, or treat your team to a thank you meal, you could be earning cashback that’s deposited directly into your checking account. There are dozens of Easy Savings participating locations in Knox County alone. Why not reward yourself for the business expenses you’re already making, or make special moments with your team even more special?
Make Your Business Purchases Work For You
Can your business debit card take the place of a credit card? Not exactly. For the sake of building your business–or, at a minimum, your business’ credit score–you will likely need to open a credit card or line of credit with your financial institution. In fact, you’d be hard pressed to find a business not leveraging their credit as part of their short-term and long-term goals.
Don’t miss out, however, on the financial benefits that may be under your nose. Using a business checking account and linked debit card in combination with other financial tools may be more useful than you know.
With SouthEast Bank, your personal business banker is closer than you think. Learn more and schedule a visit with your local branch to get started toward your business goals today.
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