Everything You Need To Know About Commercial Banking

Commercial banking or business banking or institutional banking is basically banks which provide specific product and services for institutions, corporations and even government. There are many commercial banks in Elgin, IL, and one of the most trusted one is Blackhawk Bank. It is located in Elgin itself, and offer all the necessary products and services to suit big as well as small businesses.

Several services and products offered by Commercial Banks are similar to that of any retail bank. For instance, you can open a checking and savings account with commercial banks as well. Nevertheless, since businesses have some specific banking needs,

Products and services of commercial banks

  • Merchant Services: Credit card processing, issuing electronic check, mobile payment option, gift cards, etc.
  • Global Trade Services: Foreign exchange, Letters of credit, Financing, Global payments etc.
  • Lending Services: Granting loans for commercial real estate, working capital, purchasing equipment and machineries, etc.
  • Treasury Management: Collecting and disbursing funds, Preventing fraud, etc.

Other services include:

  • Advisory services
  • Specialized services ideal for auto dealers, real estate dealers, aircraft lending, etc.
  • Insurance products for corporation and employees
  • Retirement products for employees

Online commercial banking

No matter which commercial bank you choose in Elgin to work with for your business needs, ensure they provide internet banking services. Online access to your account and funds make day to day work extremely easy.

Here are a few reasons why you must pick a bank which provides internet banking services:

  • Convenient: You can log into your account anytime from anywhere. This allows you to make payments and transfer funds conveniently.

  • Saves time: It is very obvious that if you don’t have to travel to bank frequently it will save plenty of your time. Even if you have a designated accountant or bookkeeper, he/she will not have to leave the desk for banking chores.
  • Safe and secure: Only you or someone who is reliable enough to handle your account will know the id and password to your business account. This ensures complete security.
  • Cost effective: Compared to the charges of banking services like withdrawing cash, issuing check, depositing cash into account, etc. the charges of online banking services are much lower.
  • Good for the environment: Driving to bank multiple times a week will not be helpful for the environment. On the other hand, to do your banking operations online, all you will have to do is make a few clicks.

Being a business owner, don’t take the importance of commercial banking lightly. These services are great for any Elgin business, and in long run they ensure that your financial transactions are carried out smoothly.