The Best Business Bank Accounts for E-Commerce
By Space Coast Daily // October 19, 2020
Opening a business bank account is an important step to take for new business.
Banks not only secure your money, but they also help facilitate the collection and payment of money, can be a partner for getting a business loan, offer credit cards or other lines of credit for your business.
You can view our list of the best business bank accounts if you would like an in-depth overview of your various options. When dealing with e-commerce, your business will typically not be operating with cash, and most transactions will be online. You will need to take these factors into account when deciding on a bank.
Advantages of opening a business bank account
A business bank account will simplify many of the financial aspects of running your business as well as make your business more professional. Separating your personal and business finances makes it easier to manage your finances and protect your personal assets in case of a lawsuit.
Opening a business account can help you separate business and personal expenses, allowing you to effectively track your business cash flow. Managing your budgets with a clear overview of your spending and expenses will also be a simpler process once you have a designated business bank account.
Tracking business purchases and deposits in a separate bank account can also help you manage budgets and financial transactions more easily when it comes time to file taxes. This is a much simpler process if your personal and business accounts are already separate.
Best online business bank account
BlueVine is a great choice if you have a business that doesn’t typically operate with cash. BlueVine offers an online business bank account that offers free business checking and no hidden fees.
The BlueVine Business Checking is best for small business owners, contract workers, and freelancers who want a free account with impressive perks. It has no monthly fees and rewards you with a 1% interest on balances of $1,000 or more.
BlueVine has also solved the problem of how to make cash deposits while remaining a strictly online bank. They have partnered up with GreenDot to let business customers make cash deposits at any GreenDot location.
There are over 60,000 retail locations nationwide. The cash deposits will however cost $4.95 for each deposit, so the account is definitely more geared towards online transactions.
To set up an account with BlueVine is a quick process and signing up takes less than a minute. Once you are registered you will be able to log in to view your account balance immediately.
The platform is also easy to navigate and the BlueVine mobile app allows users to operate all their banking from the convenience of their smartphones.
Best small business checking account
Chase offers some of the best business banking solutions on the market today. They have physical bank branches in addition to the online banking services. Chase Bank offers flexibility for businesses of all sizes at any stage. Setting up an account with Chase is very straightforward and hassle-free, which means you can have your account up and running almost immediately.
For new businesses that are just starting, they offer the Chase Total Business Checking account. This is a great account for brick and mortar businesses with fewer transactions and online businesses that take in electronic deposits.
Chase Total Business Checking doesn’t have a limit on the number of electronic deposit transactions a business can accept, but you are limited to $5,000 in cash deposits per statement cycle.
Best banks for small business
Some other great banking options are:
• The Huntington National Bank
• Wells Fargo
• America First
If you do not often handle cash in your business and would like to try a strong online banking option, BlueVine is a great choice, and Chase bank is not far behind. Picking the best business bank account for your business is a vital step to ensuring business success.