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Your Complete Guide to SCCU’s Small Business Services
Do you have checking and savings accounts that make running your business easier? Does your financial institution give you access to business experts who know your local market? The right financial partner will have both the services and the team who can make an impact on nearly every part of your business and help you save time and money.
At Space Coast Credit Union, our full suite of small business services is designed to help you reach your goals for growth and provide the personal attention you need, no matter what size or type of small business you have.
If you're unfamiliar with all SCCU can do to support your company's success, use this guide to get to know us, then get in touch with our Small Business Team to learn more about what we can do to meet your company's unique needs today and help you plan for the future.
Benefits for Business Owners
The right banking relationship should do more for your business than give you a place to keep your funds—it should also make your money work harder to move your business forward, give you a range of choices that let you manage your money your way, and include free products and features that give you extra value.
Every SCCU business account member benefits from:
- Free Business Advisor guidance: Need assistance or advice from experts who understand what it takes to run a successful business and know how financial services can help? Our SCCU Business Advisors provide their services free of charge to our members, and there's one near you. We invite you to schedule an introductory consultation with one of our advisors in your local area.
- Free, convenient services: Your SCCU relationship comes with a range of free services and features that help you get things done and give you peace of mind. These include free account alerts, Bill Payer, mobile deposit29, 2Way Text Fraud Alerts60, Visa® debit card, and much more.
- Free Business Webinars: SCCU Business Advisors host multiple free webinars a year that cover topics such as bookkeeping, brand creation, hiring employees, business launches, and so much more. Be sure to stay in the know of any upcoming webinars by checking our Small Business homepage, our Business Resource Center, and if you’re a member, your email—then you can save your spot right away!
Business Bank Accounts That Work for You
If you've come to expect banks to have hidden fees and complicated terms in their business accounts, you'll be glad to know that it's different at SCCU. You'll always know where every dollar goes and understand just how your SCCU business accounts work. You can even use our business finance and business management calculators to help with your finances.
Our dedicated Business Advisors are available to assist you in finding the right mix of our business accounts for you. SCCU business accounts include:
If you've ever had to take time out of your busy day to make sure you're avoiding unnecessary fees on your accounts or getting the best rate of interest, our hassle-free business checking accounts let you get back to work. We keep business banking simple while giving you all of the features you need with our Free Business Checking and Business Interest Checking Accounts:
- The Free Business Checking account is our most popular account, and for good reason—not only is it absolutely free, but it also has no monthly maintenance fees, no minimum balance requirements, and no limits on transactions. That means you never have to worry about additional fees for cash processing or minimum balance penalties. Free Business Checking is true hassle-free banking!
- Our Business Interest Checking account puts your money to work for your small business, earning interest with no transaction fees and a minimum daily balance requirement of just $4,500.
Visit our Business Checking page to learn more and find the account that's right for your small business.
There's more than one way to make your savings grow when you're an SCCU member—in fact, there are three! Talk with our dedicated Business Advisors on which mix of these SCCU Business Savings options are the best fit for you:
- Our Business Savings account gives you simple account management and fast, easy access to your company's funds. This is our required primary SCCU membership account, which you can open with a minimum deposit of just $5. There's no minimum daily balance requirement and no monthly low balance or transaction fees. This account can be used as an Overdraft Protection Source for your SCCU Business Checking accounts.
- Want to earn more on your savings? Our Business Money Market Savings account is the answer. It gives you the ability to access your funds when you need them without sacrificing security and high returns. Start your SCCU Business Money Market Savings account with a $2,500 minimum opening deposit.
- If a guaranteed rate of return is important for your financial plan, choose an SCCU Business Certificate of Deposit (CD). Open your CD for as little as $500, then enjoy an annual percentage yield that's fixed for the term of your deposit. Choose from short- or long-term investments with six- to 60-month terms available.
A smart borrowing strategy can be an asset to your business, helping you grow the right way at the right time. SCCU offers several types of business loans to help our business members achieve your goals for growth, including:
- Commercial Real Estate and Construction Loans: Whether you're looking for financing for commercial construction, investor-owned properties36, or owner-occupied properties35, SCCU has the loan you need. There are never any application fees or pre-payment penalties with our Commercial Real Estate and Construction Loans. Get in touch with our Business Advisors when you're ready to find out more about your options.
- Commercial Vehicle and Business Equipment Loans: When keeping your team on the road is important to growing your business, a Commercial Vehicle37 or Equipment loan from SCCU can help. Financing is available for purchasing and refinancing your new or current vehicle loans, including for cars, vans, and other types of commercial vehicles. Speak with an SCCU Business Advisor for loan details and information on current rates and terms.
- Business Platinum Visa® Credit Card: A credit card is a must-have for nearly every type of business. Our Business Platinum Visa credit card offers attractive interest rates and gives you a special introductory rate for the first six months57. It also includes great features that every business owner can use, such as business rewards, Visa® Zero Liability Protection14, Card Controls, Digital Wallet, and more. There's also no balance transfer fee, annual fee, or cash advance fee.
Additional Services for Our Business Members
When you can't fit your banking to-dos into your business day, SCCU is ready when you are. Use your computer or mobile device to easily and securely manage your business finances, pay bills, and much more, any time of day.
Space Coast Credit Union Mobile Banking and Online Banking lets you:
- Pay your SCCU loan and transfer funds
- Deposit checks remotely with Mobile Deposit29
- Pay others with Free Bill Payer30
- Set up real-time alerts
- Use your digital wallet to make payments
- See your SCCU loan information on your mobile wallet
See all of our helpful Online & Mobile Banking videos here!
For extra convenience, the SCCU Mobile app lets you access the features you need most often, including:
- Mobile App Live Chat: Get immediate assistance via chat with a Member Services Representative to request a password reset, find out how to deposit a check with the app, how to transfer funds online, and more. If you prefer, you can send a secure message with your inquiry.
- Fast Balances: Once you are enrolled, one click on the login page gives you a quick view of your account balances without having to log in.
- Loan Payments: With Mobile Wallet Loan Payments, you can quickly view your loans and payment options, make payments, get reminders, and more!
- Fingerprint/Face ID: You can access your SCCU Mobile app with your fingerprint or face ID on both Apple® and Android devices. Simply enroll under Settings in the mobile app to set up your biometric login.
You can download the SCCU Mobile app in Google Play™ for Android devices or the App Store for Apple devices.
SCCU has partnered with FINSYNC to offer affordable payroll and accounting service. With FINSYNC, you can choose from a variety of packages: an all-in-one service, payments – invoicing and bill pay, payroll and tax services, or accounting and cash flow.
FINSYNC offers a plethora of financial management benefits, such as:
- Syncing your SCCU business and BancCard accounts
- Delivers easy-to-read reporting
- Allows you to get paid faster and bay bills easier
- Supports users with outstanding customer services
- Processes payroll and taxes easily online
…and so much more!
Consumers expect to be able to use all types of cards when they're doing business with you, and SCCU's Merchant Services make it possible. BancCard allows you to accept all card types, including American Express, MasterCard, Visa®, Fleet, PIN Debit and even foreign cards. You can use your mobile device as a credit card processing terminal, choose from wireless or web-based terminal options, get next-day availability of funds, and much more.
Space Coast Credit Union members enjoy special discounts on products and services. Visit our Member Discounts page frequently to view the latest information on discounts.
What to Know About Credit Union Business Accounts
Business Accounts vs. Personal Accounts
You have the option of paying bills with a personal bank account, but there are important things to consider when deciding whether you should maintain separate accounts just for your business. Reasons to having a SCCU business account include:
- Taxes: Whether you operate a brick-and-mortar store, run a business from your home, or run your business solely online, having a business account can help make tracking income and expenses much simpler and make filing your taxes easier.
- Legal concerns: While no business owner expects to have legal issues involving liability, keeping your business and personal financial activities separate can make a difference if you do experience problems and have an LLC or corporation.
- Convenience: You can also take advantage of our payroll and merchant services, online and mobile banking services, and free consultations with our Business Advisors.
Why Choose a Credit Union for your Business Accounts
Traditional banks and credit unions differ in two important ways:
- Credit unions are not-for-profit organizations. That means a credit union's main goal is to give its members ways to save money instead of focusing on increasing its profits.
- Credit unions are member owned, with each member having an equal vote in the cooperative. People pool their deposits together to promote savings and provide access to affordable low-rate loans.
Learn more about the differences between credit unions and traditional banks, including interest rates and how your money is protected by the National Credit Union Administration (NCUA).
Learn More About Our Business Accounts and Services
SCCU began in 1951 and now serves more than 570,000 members in 34 counties along Florida's east coast. We also have more than 60 branch locations, making it easy for you to access local decision-makers when your business needs them.