How to Start a Rice Dealership Business

Best business to startRice is an important primary staple food in many Asian countries especially in the Philippines. Indicating the high demand for this commodity, planning to put up a rice dealership business in your area is a wise choice. There is already an assurance that this business will succeed because buyers are already there. Of course, in any kind of business, conducting a feasibility study is always a crucial step to take. This will assess the economic viability of your proposed business.

Here are some important questions to consider before plunging into this kind of business.

1. Do you have enough capital or budget for your rice dealership business? With at least P60,000 to P100,000 as a starting capital.

2. Do you want to operate as sole proprietorship or corporation? Business registration guide here.

3. Do you have a big and safe storage room for the sacks of rice that will be delivered to you?

4. Do you have a good location for your rice dealership business? Research the area of your target market, the flow of traffic and their buying habits.

5. Do you have lists of rice suppliers in your area? Make sure you have a lists of several suppliers and make a good relationship with them.

6. Do you have necessary equipments like calibrated weighing scales, rice sacks etc., and a service delivery (optional).

7. What varieties of rice do you intend to sell? Make sure to have several varieties of rice, so that your customers will have several options.

8. How will you market your business? This is also an important aspect especially you are new in this kind of business. Make a good marketing strategy and make your business known to your customers. Make a good deal with restaurant owners, hotels, resorts and small carenderias in your place to be their rice supplier.

Here are Some NFA Rice Dealership FAQ

Q: Who are required to secure license from NFA?

A: All persons, natural or juridical, that are engaging or intending to engage in the rice and/or corn business whether commercial or NFA rice/corn.

A: Before the start in any of the business activity enumerated above, the proprietor or operator should first secure a license from NFA. For those already license, businessmen should renew their annual license on any day within their scheduled month allotted by the NFA

A: Application may be filed at the NFA office that has jurisdiction over the location of the principal business of the applicant.

Q: In case we have more than one (1) store/establishment for Rice/Corn business, should all be licensed?

A: Yes, owner/operator should file a license for all outlets at the NFA office where his principal place of business is located. Additional outlets are treated as branches.

A: For new applicants, follow these procedures:

secure application form from the licensing officer upon payment of application fee;

accomplish and file application with complete requirements to the licensing officer who in turn checks the documents and determines corresponding license fee;

pay license fee to the cashier and get copy of official receipt;

prepare the facilities/equipment requirements for inspection by NFA Investigators;

after inspection of establishments, present notice of inspection to licensing officer, official receipt and proof of compliance with deficiencies, if any;

licensing officer issues license if application is found to be in order;

applicants display license in their establishments.

Procedures for renewal applicants:

secure application from licensing officer upon payment of application fee;

accomplish and file application with complete requirements together with previous year s license to the licensing officer;

licensing officer checks completeness of requirements and determines license fee to be paid;

pay license fee to the cashier and present the official receipt to licensing officer;

licensing officer issues renewal sticker and stick it to appropriate portion of the license if application is found to be in order;

applicants display licensing conspicuous place in their establishments.

Q: For New Applicants, how long do we have to wait for the Approval of our License Application?

A: The establishments and facility requirements of new applicants are inspected by NFA Investigators within 20 working days after the filling of their applications. Those inspected are given inspection notices stating the date when they can return to the NFA to show compliance with any deficiency, if any. Otherwise, their notices state the date they can get their license. In all these cases, it should not exceed 20 working days after inspection.

A: Application fee is P50.00 for a single line activity and P100.00 for two activities or more. License fees depend upon capacity of the post harvest equipment used.

A: Documentary and facility requirements depend upon the business activity.

Q: Does the NFA requires only Licensing on Rice/Corn Business Activities?

A: The NFA also require the registration of the following facilities aside from the license on the activities mentioned earlier list.

motor vehicles used or intended to be used in transport/hauling of palay/ rice/corn whether for exclusive use or for hire except public utility vehicles franchised by proper government agencies not principally used for transporting rice/palay/corn;

warehouses,threshers and sellers for own produce;

mechanical dryers for owner s/operators exclusive use;

packaging machines for owner s/operators exclusive use;

institutions/establishments securing their rice/corn requirements from the NFA;

poultry and hog raisers securing byproducts from the NFA;

manufacturers/importers/dealers and distributors of rice/corn post-harvest facilities;

non-operating mills and other post-harvest facilities. In this case, registration is done only once.

Registration is done at the office of the NFA that has jurisdiction over the location of the principal business of the applicant.

Registration fees see separate from that of the license fees.

Q: In the event that I discontinue my business, what should I do with my License/Registration Certificate?

A: Surrender your license/registration certificate to the NFA office that issued it together with a written notice of discontinuance.

Otherwise, in case you reapply, you would be charged with the fees for the entire period that you have not applied for renewal.

Q: What do you mean by Bonded Activities?

A: Bonded activities mean third party stocks are deposited in your facilities, for storage, milling, threshing, corn shelling or mechanical drying. Operators/owners of facilities accepting third party stocks are required to post a bond as well as fire insurance to safeguard the stocks of the third party.



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How to Start a Rice Dealership Business

Best small business ideasRice is an important primary staple food in many Asian countries especially in the Philippines. Indicating the high demand for this commodity, planning to put up a rice dealership business in your area is a wise choice. There is already an assurance that this business will succeed because buyers are already there. Of course, in any kind of business, conducting a feasibility study is always a crucial step to take. This will assess the economic viability of your proposed business.

Here are some important questions to consider before plunging into this kind of business.

1. Do you have enough capital or budget for your rice dealership business? With at least P60,000 to P100,000 as a starting capital.

2. Do you want to operate as sole proprietorship or corporation? Business registration guide here.

3. Do you have a big and safe storage room for the sacks of rice that will be delivered to you?

4. Do you have a good location for your rice dealership business? Research the area of your target market, the flow of traffic and their buying habits.

5. Do you have lists of rice suppliers in your area? Make sure you have a lists of several suppliers and make a good relationship with them.

6. Do you have necessary equipments like calibrated weighing scales, rice sacks etc., and a service delivery (optional).

7. What varieties of rice do you intend to sell? Make sure to have several varieties of rice, so that your customers will have several options.

8. How will you market your business? This is also an important aspect especially you are new in this kind of business. Make a good marketing strategy and make your business known to your customers. Make a good deal with restaurant owners, hotels, resorts and small carenderias in your place to be their rice supplier.

Here are Some NFA Rice Dealership FAQ

Q: Who are required to secure license from NFA?

A: All persons, natural or juridical, that are engaging or intending to engage in the rice and/or corn business whether commercial or NFA rice/corn.

A: Before the start in any of the business activity enumerated above, the proprietor or operator should first secure a license from NFA. For those already license, businessmen should renew their annual license on any day within their scheduled month allotted by the NFA

A: Application may be filed at the NFA office that has jurisdiction over the location of the principal business of the applicant.

Q: In case we have more than one (1) store/establishment for Rice/Corn business, should all be licensed?

A: Yes, owner/operator should file a license for all outlets at the NFA office where his principal place of business is located. Additional outlets are treated as branches.

A: For new applicants, follow these procedures:

secure application form from the licensing officer upon payment of application fee;

accomplish and file application with complete requirements to the licensing officer who in turn checks the documents and determines corresponding license fee;

pay license fee to the cashier and get copy of official receipt;

prepare the facilities/equipment requirements for inspection by NFA Investigators;

after inspection of establishments, present notice of inspection to licensing officer, official receipt and proof of compliance with deficiencies, if any;

licensing officer issues license if application is found to be in order;

applicants display license in their establishments.

Procedures for renewal applicants:

secure application from licensing officer upon payment of application fee;

accomplish and file application with complete requirements together with previous year s license to the licensing officer;

licensing officer checks completeness of requirements and determines license fee to be paid;

pay license fee to the cashier and present the official receipt to licensing officer;

licensing officer issues renewal sticker and stick it to appropriate portion of the license if application is found to be in order;

applicants display licensing conspicuous place in their establishments.

Q: For New Applicants, how long do we have to wait for the Approval of our License Application?

A: The establishments and facility requirements of new applicants are inspected by NFA Investigators within 20 working days after the filling of their applications. Those inspected are given inspection notices stating the date when they can return to the NFA to show compliance with any deficiency, if any. Otherwise, their notices state the date they can get their license. In all these cases, it should not exceed 20 working days after inspection.

A: Application fee is P50.00 for a single line activity and P100.00 for two activities or more. License fees depend upon capacity of the post harvest equipment used.

A: Documentary and facility requirements depend upon the business activity.

Q: Does the NFA requires only Licensing on Rice/Corn Business Activities?

A: The NFA also require the registration of the following facilities aside from the license on the activities mentioned earlier list.

motor vehicles used or intended to be used in transport/hauling of palay/ rice/corn whether for exclusive use or for hire except public utility vehicles franchised by proper government agencies not principally used for transporting rice/palay/corn;

warehouses,threshers and sellers for own produce;

mechanical dryers for owner s/operators exclusive use;

packaging machines for owner s/operators exclusive use;

institutions/establishments securing their rice/corn requirements from the NFA;

poultry and hog raisers securing byproducts from the NFA;

manufacturers/importers/dealers and distributors of rice/corn post-harvest facilities;

non-operating mills and other post-harvest facilities. In this case, registration is done only once.

Registration is done at the office of the NFA that has jurisdiction over the location of the principal business of the applicant.

Registration fees see separate from that of the license fees.

Q: In the event that I discontinue my business, what should I do with my License/Registration Certificate?

A: Surrender your license/registration certificate to the NFA office that issued it together with a written notice of discontinuance.

Otherwise, in case you reapply, you would be charged with the fees for the entire period that you have not applied for renewal.

Q: What do you mean by Bonded Activities?

A: Bonded activities mean third party stocks are deposited in your facilities, for storage, milling, threshing, corn shelling or mechanical drying. Operators/owners of facilities accepting third party stocks are required to post a bond as well as fire insurance to safeguard the stocks of the third party.



How to Start a Rice Dealership Business

Best small business ideasRice is an important primary staple food in many Asian countries especially in the Philippines. Indicating the high demand for this commodity, planning to put up a rice dealership business in your area is a wise choice. There is already an assurance that this business will succeed because buyers are already there. Of course, in any kind of business, conducting a feasibility study is always a crucial step to take. This will assess the economic viability of your proposed business.

Here are some important questions to consider before plunging into this kind of business.

1. Do you have enough capital or budget for your rice dealership business? With at least P60,000 to P100,000 as a starting capital.

2. Do you want to operate as sole proprietorship or corporation? Business registration guide here.

3. Do you have a big and safe storage room for the sacks of rice that will be delivered to you?

4. Do you have a good location for your rice dealership business? Research the area of your target market, the flow of traffic and their buying habits.

5. Do you have lists of rice suppliers in your area? Make sure you have a lists of several suppliers and make a good relationship with them.

6. Do you have necessary equipments like calibrated weighing scales, rice sacks etc., and a service delivery (optional).

7. What varieties of rice do you intend to sell? Make sure to have several varieties of rice, so that your customers will have several options.

8. How will you market your business? This is also an important aspect especially you are new in this kind of business. Make a good marketing strategy and make your business known to your customers. Make a good deal with restaurant owners, hotels, resorts and small carenderias in your place to be their rice supplier.

Here are Some NFA Rice Dealership FAQ

Q: Who are required to secure license from NFA?

A: All persons, natural or juridical, that are engaging or intending to engage in the rice and/or corn business whether commercial or NFA rice/corn.

A: Before the start in any of the business activity enumerated above, the proprietor or operator should first secure a license from NFA. For those already license, businessmen should renew their annual license on any day within their scheduled month allotted by the NFA

A: Application may be filed at the NFA office that has jurisdiction over the location of the principal business of the applicant.

Q: In case we have more than one (1) store/establishment for Rice/Corn business, should all be licensed?

A: Yes, owner/operator should file a license for all outlets at the NFA office where his principal place of business is located. Additional outlets are treated as branches.

A: For new applicants, follow these procedures:

secure application form from the licensing officer upon payment of application fee;

accomplish and file application with complete requirements to the licensing officer who in turn checks the documents and determines corresponding license fee;

pay license fee to the cashier and get copy of official receipt;

prepare the facilities/equipment requirements for inspection by NFA Investigators;

after inspection of establishments, present notice of inspection to licensing officer, official receipt and proof of compliance with deficiencies, if any;

licensing officer issues license if application is found to be in order;

applicants display license in their establishments.

Procedures for renewal applicants:

secure application from licensing officer upon payment of application fee;

accomplish and file application with complete requirements together with previous year s license to the licensing officer;

licensing officer checks completeness of requirements and determines license fee to be paid;

pay license fee to the cashier and present the official receipt to licensing officer;

licensing officer issues renewal sticker and stick it to appropriate portion of the license if application is found to be in order;

applicants display licensing conspicuous place in their establishments.

Q: For New Applicants, how long do we have to wait for the Approval of our License Application?

A: The establishments and facility requirements of new applicants are inspected by NFA Investigators within 20 working days after the filling of their applications. Those inspected are given inspection notices stating the date when they can return to the NFA to show compliance with any deficiency, if any. Otherwise, their notices state the date they can get their license. In all these cases, it should not exceed 20 working days after inspection.

A: Application fee is P50.00 for a single line activity and P100.00 for two activities or more. License fees depend upon capacity of the post harvest equipment used.

A: Documentary and facility requirements depend upon the business activity.

Q: Does the NFA requires only Licensing on Rice/Corn Business Activities?

A: The NFA also require the registration of the following facilities aside from the license on the activities mentioned earlier list.

motor vehicles used or intended to be used in transport/hauling of palay/ rice/corn whether for exclusive use or for hire except public utility vehicles franchised by proper government agencies not principally used for transporting rice/palay/corn;

warehouses,threshers and sellers for own produce;

mechanical dryers for owner s/operators exclusive use;

packaging machines for owner s/operators exclusive use;

institutions/establishments securing their rice/corn requirements from the NFA;

poultry and hog raisers securing byproducts from the NFA;

manufacturers/importers/dealers and distributors of rice/corn post-harvest facilities;

non-operating mills and other post-harvest facilities. In this case, registration is done only once.

Registration is done at the office of the NFA that has jurisdiction over the location of the principal business of the applicant.

Registration fees see separate from that of the license fees.

Q: In the event that I discontinue my business, what should I do with my License/Registration Certificate?

A: Surrender your license/registration certificate to the NFA office that issued it together with a written notice of discontinuance.

Otherwise, in case you reapply, you would be charged with the fees for the entire period that you have not applied for renewal.

Q: What do you mean by Bonded Activities?

A: Bonded activities mean third party stocks are deposited in your facilities, for storage, milling, threshing, corn shelling or mechanical drying. Operators/owners of facilities accepting third party stocks are required to post a bond as well as fire insurance to safeguard the stocks of the third party.



Best Headsets For Business Office Phone 2017

One of the most important devices for any professional or office workers are good headsets for business that provides clear sound and can be used on the go. Many employees throughout the world rely on headsets for their work which is why knowing which headsets for business Phone you should buy is rather important. Picking the right Bluetooth headset for business might seem hard on your own but we’re here to make it as easy as possible. We’ve reviewed all the top headsets for business Phone and singled out the best headsets for business phone based on multiple factors including sound quality, noise cancellation, battery life, range, and comfort.

Best business phone

Best business phone

Plantronics is a well-known headset brand that has been producing top of the line headsets for business for years. Plantronics EncorePro HW540 is by far one of the best headsets for business phone in due to its versatility, quality, and durability. The Plantronics EncorePro HW540 is one of the easiest headsets to use as well as being the first 3-in-1 headset from Plantronics.

You can rotate the headset through different configurations to find the configuration the best suits you. This means you don’t have to decide what kind of headset you want before buying ensuring a more stable and secure fit.

The Plantronics EncorePro HW540 deliver clear sound and comes with a noise cancellation as well as flexible microphone making it perfect for office and on-the-go use. The Plantronics EncorePro HW540 is the best business headset and is available at an affordable price Here.

2. Plantronics HW710

Best business phone

The Plantronics HW710 is another business headset to make it on our list of the best headsets for business phone use simply because of its light weight yet durable design and clear sound quality. The Plantronics HW710 uses mono sound over stereo which is a great move for those who intend use this headset in an office environment.

Using the leatherette ear cushions and wideband technology, this corded headset offers superior sound quality whereas the retractable microphone ensures clear audio quality to make sure your clients never miss a word you say.

What makes the Plantronics HW710 stand out is its design that was made with office use in mind. This headset lets you keep one ear open so that you can hear what your client is saying while keeping up with what your supervisor or anyone else is saying. Thanks to the telescopic noise canceling microphone you don’t have to worry about any noise from your surrounding interrupting your conversation with your client. The Plantronics HW710 is one of the best headsets which you can buy Here.

3. Jabra Biz 2400 II Duo

Best business phone

Jabra is one of the finest providers of headsets for business geared towards the working class. Almost all Jabra headsets have impeccable noise cancellation technology but the Jabra Biz 2400 II Duo takes it a step further.

The Jabra Biz 2400 II Duo is designed for office and call center use with a focus on delivering the most noise free experience possible. The leatherette-covered earpieces rest on-the-ears to provide maximum comfort whereas the built-in Kevlar-reinforced cables ensure long term use. What set’s the Jabra Biz 2400 II Duo apart from its competitors is its extremely light weight and uses Jabra’s ultra-noise-cancellation which is the best in its class. You can buy the Jabra Biz 2400 II Duo Here.

4. Jabra Biz 2300

Best business phone

If you’re looking for an alternative for the Jabra Biz 2400 II Duo for contact center employees and agents then the Jabra Biz 2300 is by far the best choice available. The Jabra Biz 2300 is designed to last and handle the high-performance environment of contact centers which results in fewer headset replacements while delivering HD audio output.

The Kevlar-reinforced cord is lightweight yet durable and spins a whole 360 degrees as well as having replaceable ear cuffs. In a call center, there are multiple people talking and it’s easy for all the noise to reduce the clarity of your own sound as well as making it harder to hear what the customer is saying.

The Jabra Biz 2300 uses HD voice technology to make sure you hear what you customer is saying clearly whereas “air shock” noise canceling microphone filters out any sharp noise like breathing and popping to give your customer a seamless experience. You can buy the Jabra Biz 2300 Here.

5. Plantronics CS540 Wireless Headset

Best business phone

The Plantronics CS540 Wireless Headset offers a lot of quality features that make it a great choice for office use. It provides the user a connection range up to 120m which is comparatively better than the majority of its competitors including those on this best headset for business list. The CS540 is a convertible monaural DECT headset which has easy to use controls, has clear sound output and packs enhanced noise cancellation technology to make it an overall great headset for office use.

Depending on your preference, the Plantronics CS540 Wireless Headset can be worn over the ear or over the head to provide a secure and comfortable fit making it perfect for use while on the go. You can buy the Plantronics CS540 Wireless Headset Here.

6. Plantronics Savi W740 Wireless Headset

Best business phone

If you’re looking for a stylish, portable and long lasting headset for business then the Plantronics Savi W740 Wireless Headset is definitely worth a shot. The Plantronics Savi W740 is one of the sleekest and stylish headsets for business on this list as well as having a variety of features that make it such a great choice for business use.

Besides being one of the lightest wireless headsets for business available, it also has superior DECT 6.0 technology eliminates interference to make sure the sound quality remain consistent. The noise canceling microphone filters out back noises to deliver a seamless audio quality to your clients making it perfect for use while you travel. Additionally, since the batteries can be replaced in the middle of a call you don’t have to worry about having to hang up. You can buy the Plantronics Savi W740 Wireless Headset at lowest price Here.

7. Plantronics CS510 Wireless Headset

Best business phone

The Plantronics CS510 Wireless Headset is one of the finest DECT technology headsets that can provide crystal clear technology without being affected by Wi-Fi or other radio signals. The Plantronics CS510 is a lightweight business headset that provides up to 350 feet of hands-free operation as well as having a replaceable battery that lasts a long time.

What makes the Plantronics CS510 such a great choice is its ability to detect sound levels above 118 dBA that it eliminates using it anti-startle technology that cancels out all sudden increases in noise even those caused by a fluctuation in signals. This headset uses wideband audio technology and enhanced DSP to ensure clear audio for both the client and agent. You can buy the Plantronics CS510 Wireless Headset Here.

Best business phone



Best Work Smartphones of 2017

Your phone is your window to the world. With your smartphone firmly in your hand you can connect with clients, post to social media to increase brand awareness, process payments, share your point of view, travel the world and grow your business. If you have a fantastic work smartphone and passion for what you do nothing can stand in your way.

Here are our top three choices for the best work smartphones of 2017.

Best Smartphones for Business

Best Overall

The Samsung Galaxy S8 is a rare example of a product that lives up to the hype. The newest phone on our list, the Samsung Galaxy S8 is best known for its stunning, high resolution, 5.8-inch Infinity display, but it also boasts some serious business features. The S8 has biometric scanning (facial recognition, iris scanner and a fingerprint reader) for the ultimate in modern business security, and like other Samsung smartphones it has a built-in system called Samsung Knox, so your business secrets stay on a need to know basis.

The fast S8 s fast performance (thanks to the Snapdragon 835 CPU) and generous amount of screen space makes it easy to run and use two apps at the same time, which is ideal for multitasking. No matter how you look at it the Galaxy S8 feels and performs like an upscale business device worthy of a CEO. The Galaxy S8 even comes with expandable storage, so you can customize it to meet your exact specifications.

Click here to read a full review of the Samsung Galaxy S8 on our sister site Tom s Guide.

The Google Pixel 2 is our choice for runner up in the best work smartphone race. While the noticeable bezels are a bit old fashioned, when you compare the price of the Pixel 2 with the dazzling built-in functionality, it s clear that this phone is a winner. The updated Pixel sports the same Snapdragon 835 processor as the Galaxy S8 (and the same amount of storage space), but in other areas, it breaks the mold completely.

Innovative features, such as Active Edge, allow users to access the Google Assistant by simply squeezing the sides of the phone, which is not only cool in a futuristic sort of way but also a serious bonus if you already have Chromecast, because it makes integrating all your hardware and software (in the home and in the office) seamless.

The stunning OLED screen is easy to use in high or low lighting, and the stellar battery life (11:07) and always-on display (which shows time and notifications at a glance) are ideal for business users who are constantly on the go. The built-in Google Lens feature is a serious bonus for world travelers who want to use their smartphone camera to identify landmarks, capture text from any format and translate more than 100 languages.

Click here to read a full review of the Google Pixel 2.

The major benefit to choosing the iPhone 8 Plus as your business phone is brand cohesion. If you re intent on keeping all of your products in the Apple family and you want the familiarity of a Mac OS, the iPhone 8 Plus will deliver that. While some users feel the aesthetic of the iPhone 8 Plus is a bit stale, due to the bulky bezel width and physical home button, the improved (i.e., more durable) glass chassis and impressive speakers (they re 25 percent louder than past incarnations) are certainly welcome changes.

Like the other two phones on our list, the iPhone 8 Plus has a fingerprint scanner and a speedy processor. This phone also has the longest battery life of any device on this list, at 11 hours and 16 minutes. All around, the iPhone 8 Plus has a pleasingly familiar interface, offers reliable performance, has the same great cameras as the iPhone 7 Plus, and easily syncs with other Apple products.

However, unlike the Galaxy Samsung S8 or the Pixel 2, the iPhone 8 Plus does not have a face unlock feature, even though the iPhone X does. (The reason the iPhone X didn t make our list is due to the price point; at a starting price of $999, Apple s new flagship phone is impractically expensive for many bottom-line-focused business users).

Click here to read a full review of the iPhone 8 Plus.



The Best Bank for Small Business in Canada: Business Bank Accounts

Best bank for small business

In Canada there didn t use to be much point in looking for the best bank for small business when you were looking for a business bank account; for years, the only difference between business bank accounts and personal ones has been that business bank accounts cost a lot more in fees.

But the Cyclopean eyes of Canada s big banks have finally alighted on small business banking and, having decided that small business owners are a worthy market, the banks are actually competing with one another to create business bank accounts that small business owners will find attractive – and that means creating small business accounts with lower bank fees.

Here are the best business bank accounts for Canadian small businesses based on their monthly costs so you can compare and decide which is the best bank for small business.

Business Bank Accounts for Low-Volume Businesses

If you don t have many transactions each month and don t need to write or deposit cheques much, you may be able to use the only free business bank account around, RBC s Small Business eAccount, which has no monthly fee, unlimited electronic account transactions each month and no minimum balance required.

However, standard fees apply to all non-electronic transactions, such as a $2.00 charge for every paper debit or cheque, a $3.50 charge for every paper credit or deposit and a $5.00 fee for every $1,000 cash deposited in-branch. So unless your clients are all paying directly through credit, debit or wire transfer, you may be better off springing for a business bank account that does have a monthly fee.

For instance, RBC also offers a Business Essentials $6 Small Business Account. The $6.00 fee does not apply if your transaction fees are more than $6.00 and the transaction fees decrease by the number of transactions; for example, if you make 1-10 paper based transactions, the transaction fee is $1.25 each but if you make 11-30, the fee decreases to $1.20 each.

You can also cut down on transaction fees by banking electronically; 1-10 electronic transactions are only $0.75 each.

The business bank account with the lowest monthly fee currently is the TD Basic Business Plan. Its $5.00 monthly fee includes five free transactions and five free deposit items each month. After that, each transaction is $1.25 and each deposit item is $0.22 and the first five of each type of transaction are free. Cash deposits are $2.50 per $1,000.

Six dollars seems to be the popular fee for low-volume business accounts. It s the monthly charge for Scotiabank s Right Size Account for business (with transaction fees of $1.20 through $0.85 each depending on how many transactions you make each month), BMO s Business Start bank account which allows you seven free transactions a month and CIBC s Basic Business Operating Account which does not allow you any free transactions each month and charges $1.25 for each full-service transaction you make and $1.00 for each self-service transaction.

Scotiabank also offers a Basic Business Account U.S. account which has a minimum account maintenance fee of $9.95 a month. In addition, you re charged for all your transactions on a pay-per-use basis.

Each cheque, for instance, costs $1.20, while each item deposited to your account costs $1.00. The interesting thing about this account is that you earn one free transaction by keeping a $1,100 minimum monthly credit balance, and you will pay no monthly account maintenance fee if your minimum monthly credit balance is $6,000 or over.

And If You re Not a Low-Volume Business?

You re going to pay more. Sometimes a lot more. Each bank offers a slate of business account offerings and their charges for what you get are comparable. There are no banking bargains.

Most Canadian banks offer a business account at the $20 monthly fee level which might work for you if you run a small retail business.

The Royal Bank s RBC Business Essentials Fixed-Fee Account is pretty typical of accounts offered. For a monthly business bank account fee of $20.00 you get:

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  • Up to 20 debits/cheques each month
  • Up to 15 credits/deposits each month
  • Up to 20 items deposited each month
  • Up to $2,500 cash deposited each month.

(They also offer three other Fixed Fee Plans at monthly rates of $35.00, $50.00 and $75.00, each with increasing numbers of transactions per month.)

The best of these accounts is the TD s Every Day Business Account. For $19.00, it gives you 50 deposit items and up to $5,000 in cash deposits, more than any other of the big banks.

From there, all the banks offer accounts with increasing monthly fees based on the number of monthly transactions.

The CIBC offers an Unlimited Business Operating Account which, as the name suggests, gives you unlimited transactions with a cash, coin and cheque deposit package for a $50.00 monthly fee. Looking at how few monthly transactions are included in most of the more inexpensive business bank accounts and how quickly additional transaction fees stack up, this may well be the most inexpensive option if your business has many monthly transactions.

Small Business Banking Packages

Another thing that complicates the issue of which is the best bank for small business is that some banks offer small business banking packages that bundle banking services.

Scotiabank s combo small business banking packages are of particular interest; they offer several business bank accounts that combine a personal and business bank account with other banking services, such as their ScotiaOne Account Plan. Besides the personal chequing and business bank account, the plan includes a business Visa card, a ScotiaCard and electronic banking for business.

Fees start at $49.95 per month.

The Best Way to Get a Free Business Bank Account

. is to maintain a monthly balance. But the required monthly balance to waive the account maintenance fee is often quite high.

As of time of writing, the account with the lowest required minimum monthly balance is the aforementioned TD Every Day Business Account. You won t have to pay the $19.00 fee on their Every Day A bank account if you maintain a minimum monthly balance of $20,000.

See What Business Bank Accounts Your Credit Union Offers First

There are also a great many Credit Unions operating in different regions in Canada. and you ll want to check with your local Credit Union to see what kinds of business bank accounts it offers. Historically, Credit Unions have had a strong interest in small business banking and your local Credit Union probably offers business banking accounts and services that are very competitive.

The Credit Union I use offers a $6.00 pay-as-you-go Business Chequing Account, a $10.25 Business Package that comes with 15 full-service transactions and four other business account packages with fees ranging from $19.95 through $99.95. Besides the range of packages, I also really like the fact that their transaction fees are lower than the banks in many cases. Check and see; this may be true of the Credit Union in your area too.

Small Business Banking Isn t All About the Fees

The most important feature of small business banking is the relationship you have with your bank or credit union manager, not the cost of your small business bank account, as sooner or later almost all small businesses need a business loan and/or a line of credit.

That being said, however, there s no point in spending money every month on small business banking services you’re not using or conversely, paying relatively high small business bank account fees and not getting the small business banking services you need.

Checking your business bank account and comparing it with the information on business bank accounts above could help you find a small business bank account that s a better fit for your small business and save you money.



Need cash?: Try these top Main Street lenders

Despite heightened enthusiasm for small-business lending in the banking sector, it’s not easy for mom-and-pop firms to get a U.S. Small Business Administration–backed loan. And it’s not just because small-business loans require a lot of paperwork. Banks tend to favor larger deals, which are more profitable for them. So if you’re a small-business owner hunting for a lender, it helps to know which banks aren’t just talking the talk but are walking the walk when it comes to making small-business loans.

There are some surprises. While big banks still top the list when it comes to issuing greatest dollar volume of loans backed by the SBA and in the sheer number of loans made, some smaller banks are aggressively going after Main Street entrepreneurs.

Best bank for small business

Of the top lenders signing SBA-backed loans of $150,000 and under are Wall Street banks JPMorgan Chase (No. 1 on the list) and Wells Fargo, as well as some smaller players, including Celtic Bank and Zions First National Bank, according to SBA data for the 12-month period ended Jan. 31, 2014.

Larger banks still dominate when it comes to making loans of $1 million and under (which also include those loans under $150,000), but some smaller banks are gaining ground in that category, too. Take, for instance, this list’s No. 14: Ridgestone Bank, a subsidiary of Ridgestone Financial Services, which received money through the recession-era TARP program.

Big banks can be particularly stringent in lending to small business. Biz2Credit, a matchmaker between borrowers and lenders based in New York City, found in its January 2014 index that big banks using its platform approved 17.8 percent of small-business loans compared to small banks, which approved 50.9 percent.

SBA 7(a) Loan Program Top Lenders 2013 ($150K and under)

In fact, the data shows that it’s only the larger-dollar-value small-business loans that grew in the recent 12-month period. In the SBA 7(a) loan program, used for working capital, the number of deals for $150,000 or less declined from 25,485 in fiscal 2012 to 24,923 in fiscal 2013, and loan volume stayed relatively flat at $1.4 billion.

The number of SBA 7(a) loans of $1 million or less rose in that same time period, from 40,496 to 41,694, with volume increasing from $7.6 billion to $8.5 billion.

This trend has created an opening for scrappy smaller players, including Salt Lake City, Utah–based Celtic Bank, which is lending across the country.

“We definitely have stepped up our lending,” said Craig Calafati, executive vice president of business development at Celtic Bank. “We made a very strong commitment to the underserved small-business community, particularly in making loans under $150,000.”

To keep the loans flowing, Celtic Bank has built an online application into its website.

SBA loan approval overview

Small banks have a big financial incentive to go after SBA loans.

They profit from selling the loans they originate on the secondary market, where the deals are bundled and snapped up by institutional investors, such as pension funds, hedge funds, and private investors looking for safe deals.

“Banks make a very good premium of 12 percent to 16 percent,” said Rohit Arora, CEO of Biz2Credit. “That’s a big motivation for small banks to do these loans.”

His prediction: “In the next six months, you will see more small banks coming into this space.”

“It gives them the ability to make loans, retain liquidity and limit some of their risk exposure to the loans,” said Craig Cline, managing director and head trader on the government-guaranteed loan desk at Coastal Securities, a financial services firm in Houston that is active in the trading, securitization and analysis of SBA loans and pools.

SBA 7(a) Loan Program Top Lenders 2013 ($1M and under)

Some small banks are also selling their loans to big banks, said Brendan Ross, president and portfolio manager at Direct Lending Investments, a private investment firm in Los Angeles that owns notes on loans made by alternative lenders.

“The [small] banks can’t afford to warehouse them,” said Ross. “They are like glorified brokers.”

“It does allow us to recycle those dollars back out,” said Eric Petersen, executive vice president of corporate development at Celtic Bank. “It allows an institution like ours to make a lot more loans than we would be able to.”

Celtic Bank sells most of the loans it originates on the secondary market but remains the primary contact for servicing them, Calafati said.

Party like it’s 2009?

Banks aren’t the only place to get SBA loans. They are also available through nonbank lenders and credit unions.

Nicole Zinn, owner of Rocket Electrics, an electric-bike shop in Austin, Texas, won an SBA-backed loan for $180,000 from Austin-based Amplify Federal Credit Union after working with an advisor at the Texas State Small Business Development Center to revise the shop’s business plan and put the loan application package together.

Zinn founded the business in 2011 after losing her job in high-tech marketing during a corporate restructuring; it became profitable four months after it opened. “I didn’t want to go back to a cubicle,” she said.

Zinn applied for a loan to expand her inventory in July 2013, then saw her application stall during the federal government shutdown in October 2013. Finally, in November 2013, after the government reopened, Zinn won the loan, which she was more than ready to put to use in expanding the business.

“When the loan process takes so long, your need grows,” she said.

By Elaine Pofeldt, Special to CNBC.com

(For more on the banks leading in lending under the SBA’s 504 program—loans for fixed assets, including real estate and equipment—consult the charts on the following page.)



Best banks for business

Best bank for small business

When it comes to business banking, working out which financial service institution best suits your needs can be a tricky affair.

South Africa s big banks each offer various accounts tailored towards businesses, and each account has structures, fees and added services catering for specific needs.

Best bank for small business

First National Bank s business account has two payment options: a fixed-fee bundle account which offers a number of transactions and services for a fixed monthly fee or a pay as you use (PAYU) option.

The fixed-fee payment plan costs R169.00 per month, and bundles 30 electronic debit transactions (subject to a maximum of 5 FNB ATM Advance withdrawals) and 10 cash deposits (as long as they re at FNB ATM Advance terminals).

According to FNB, its business account is suited to sole proprietors, partnerships, close corporations, companies, incorporated businesses, trusts and co-operatives.

The bundled transactions do not include cheque transactions; branch transactions; online banking enterprise; non-FNB transactions; as well as any special instructions or penalty

fees, which are all charged at PAYU rates.

Best bank for small business

Absa offers the Small Business Cheque Account and the Absa Biztransact Account with the latter being a current account for small businesses which require a transactional account, but have no immediate need for a cheque book or overdraft.

The fees associated with both accounts remain similar, with the exception of the cheque-book and overdraft fees attached to the cheque account.

Absa s Business Internet Banking (BIB) is charged at R105.00 per month, and the bank offers small businesses its Absa Business Essentials software package (QuickBooks Pro; planning, marketing and business and software skills courses) for R185.00 per month.

Best bank for small business

Nedbank s business account offers a full-featured current account specifically designed for small businesses, according to the bank.

It s a pay as you use account, that provides banker services to assist with specific business needs, as well as customizable Internet banking.

Best bank for small business

Aside from Standard Bank s business banking current account, the bank has also targetted business start-ups and entrepreneurs with its Bizlaunch account.

The Bizlaunch account provides many of the bank s electronic transactions and services in a bundled package and is available for a fixed monthly fee of R90.00 for the first 12 months of opening your business.

The bundled services include eight ATM cash withdrawals and unlimited cheque card purchases, electronic account payments, debit orders, inter-account transfers and others.

The account includes a merchant device for R325.00 a month, at a 3.25% commission rate as well as a wealth of other services to kick-start a business. Once the 12 month window is over, the Bizlaunch account converts to a transactional business account.

Best bank for small business

Capitec does offer business services to banking customers, but does not offer any business account.

We don’t provide business banking for close corporations, companies, partnerships or trusts, the bank s website states.

Capitec is thus not included in the following comparisons.

Business accounts, head-to-head

When it comes to comparing business accounts with each other, all of the various offerings listed above should be taken into consideration.

However, in the end, it boils down to fees. Who is charging you the most to do the most basic or most common transactions?

In this instance, BusinessTech is looking at PAYU fees when dealing in specific transactions to give a clearer picture as to which bank provides the best value.

A bank s monthly fees differ depending on the account one uses (service fees, overdraft fees, internet banking fees, etc). The fees depicted below are the rudimentary amounts taken each month for the account to simply exist.