- Make sure that the bank is FDIC insured
- Check to see if the bank has integrations with third-party tools (such as QuickBooks). You don’t want to have to manually log your transactions into your accounting platform. Kabbage doesn’t integrate with QuickBooks (at least at the time of this post), and it was a pain to manually log my transactions.
- Confirm if the checking account allows you to create “reserves”. This is the ability to set aside funds in a sub-account, such as taxes.
- Check to see if they offer any other types of perks. For example, Novo offers a variety of discounts with their partners if you sign up for an account (including Quickbooks and Stripe).
Customer relationship management (CRM) platform
- A white-labeled client portal to access invoices and documents
- A platform that integrates with Gmail so that I can view all correspondence with the client in their customer record
- Ability to invoice and set up recurring payments (with the option for a customer to store a payment option and set up automatic payments)
- Workflow management (e.g. customer completes payment > thank you email automatically gets sent to the customer with login credentials to the client portal)
There’s really not a best option in terms of platform… it really boils down to which feature set best supports you and your business model. I ultimately landed on Dubsado.
Dubsado offers several options for payment processors, but I landed on Stripe for the following reasons:
- Stripe enables the customer to store a payment option and set up a recurring payment
- Novo (my current bank of choice) offers a Stripe perk
So here’s the flow (for illustration purposes):
- Customer record gets created in CRM and the customer pays the invoice
- Payment is processed on the backend by the payment processor (in my case, Stripe)
- Payment processor deposits funds directly into bank account
- Bank sends a record of the transaction to account platform
It’s important when setting up your business systems to ensure that you are selecting tools that best fit the needs of your business model and your customers. Selecting a tool that doesn’t provide your necessary feature set and that doesn’t integrate properly with other tools can cost you a lot in time and money.
If you need any help setting up the backend systems for your website, please feel free to reach out email@example.com and we can set up a time to discuss your needs.