Business services are activities that help businesses but do not deliver a tangible commodity. Examples include banking, insurance, warehousing, transportation and communication services.
Companies need many types of business services to operate efficiently. These include a variety of professional services such as marketing, legal and accounting. In addition, companies also need utility service providers to supply essentials such as electricity and water. Technology and digitalization have transformed the industry, allowing for new business services to be delivered through web platforms and systems. These allow companies to outsource their business services needs instead of relying on in-house resources.
Financial services are an important part of any economy. They provide a wide range of products, including loans, lines of credit and merchant cash advances. These services are used by businesses to fund growth, purchase new equipment or cover everyday expenses.
Another type of business service is a courier company, which delivers mail, documents or packages to clients on behalf of a business. These services can help businesses save time and money by delivering items quickly and securely.
Other types of business services include a credit card processor that allows businesses to accept customer payments and point of sale (POS) software that integrates with accounting and CRM systems to process sales. In addition, a virtual private network (VPN) service helps employees connect to the internet over a secure, private connection. These services help businesses save time and money while improving employee productivity.