You are currently viewing Business Banking Services – The Terms Explained

Business Banking Services – The Terms Explained

All businesses, large and small require banking services. As your business grows, so do your requirements with regards to your banking needs. With this growth comes a greater need for superior banking services tailored to your own business. Transactions may increase in size and frequency, you require more services, different services, and so you need to choose the right type of account that can fulfil all your requirements. Here we take a look at the different types of banking services offered to business customers.

Retail Banking

Retail Banking is branch of banking focused purely on retail businesses. Specialised services tailored to retail are of course vital with the specific needs of a retail business. Retail banking services will be accessible from branches local to the business or businesses premises. This location based service is important for transferring takings into a bank account on a regular basis, in the most convenient manner. Other services will include card processing, lending, offering mortgages on premises, specialised insurance products for retail businesses and more.

Commercial Banking

Commercial banks offer services that are specifically aimed at institutional customers. This is usually institutions or corporations but can also include governments. The focus for larger business customers may well include global transfer of funds, so worldwide payments and foreign exchange are important here. Large scale lending, corporate insurance products and other services such as employee stock ownership plans and retirement products could feature in this category of banking. Fraud prevention is also an increasingly important aspect of the commercial bank with an increase in online banking creating more opportunities for potential scams and fraudulent activities.

Corporate Banking

Corporate Banking is the largest and most encompassing of all the business banking sectors. Corporate Banks provide a large range of services to a vast array of businesses throughout the world. From SMEs to multi-national corporations, all can benefit from the banking services made available within the corporate banking structure. Services can include loans and credit, payroll services, retirement plans, asset management, underwriting services, cash management services and much more.

How Globalserve can help your business find the perfect banking solutions

Globalserve are experts in worldwide banking services and can help your business with a full range of banking services such as opening and maintaining accounts, the issuing of debit cards and the undertaking of the execution of your daily bank transactions. Globalserve is also a highly respected bank introducer and so can offer introduction services for clients wishing to be introduced to bank representatives in Cyprus and beyond. You’ll find more information regarding the banking services we can help you with on our website.