8 Best Banks for Ecommerce Business in 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
The best banks for ecommerce businesses provide outstanding checking products and excellent software integrations and business services to support your company. Many of the providers on our list are financial technology (fintech) platforms designed to meet the specific needs of online businesses, including two companies specializing in ecommerce and bookkeeping. In addition to fintechs, many traditional banks have full-service banking products to support your e-business.
Here are the best eight banks for ecommerce businesses, with links directly to the provider websites:
- Novo*: Best overall digital-only bank for rapid access to funds and faster payments
- Bank of America: Best for ongoing rewards and other business support services
- Square*: Best for companies using Square that want banking with the same provider
- Chase: Best for full-service small business banking tools and premium checking
- Bluevine*: Best online bank for international ecommerce and interest-earning checking
- QuickBooks*: Best bank for companies that want one provider for banking and bookkeeping
- Mercury*: Best for tech companies, startups, and businesses needing additional Federal Deposit Insurance Corp. (FDIC) insurance
- Relay*: Best for businesses needing multiple accounts and debit cards
*Providers are fintech platforms backed by and FDIC-insured through a supporting bank partnership. (Partnerships: Middlesex Federal Savings for Novo, Sutton Bank for Square, Coastal Community Bank for Bluevine, Green Dot Bank for QuickBooks, Choice Financial Group and Evolve Bank & Trust for Mercury, and Evolve Bank & Trust for Relay). All other banks listed are FDIC-insured.
Best Banks for Ecommerce Business Checking Accounts at a Glance
Account Name | Monthly Fee | Free Monthly Transactions | Annual Percentage Yield (APY) | Free Cash Deposit Limit | |
|---|---|---|---|---|---|
 | Business Checking | None | No limit | N/A | No limit and fee; cash deposited via money orders |
 | Fundamentals Business Checking | $16; waivable | 200 | N/A | $7,500 per month |
 | Checking | None | None | N/A | Cash deposits not accepted |
 | Business Complete Banking | $15; waivable | 20 | N/A | $5,000 per month |
 | Business Checking | None | No limit | 2% on qualifying balances of $250,000 or less | $4.95 per deposit (Green Dot) |
 | Checking | None | None | 1.75% in reserve accounts | Cash deposits not accepted |
 | Business Checking | None | No limit | N/A | Cash deposits not accepted |
 | Relay Standard | None | None | N/A | No limit and fee; accepted at Allpoint ATMs |
Novo: Best Overall Digital-only Bank for Rapid Access to Funds & Faster Payments
What We Like
- Refunds all ATM fees at month’s end
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Noninterest drawing account
Software Integrations Include
- QuickBooks
- Slack
- Xero
- Stripe
- Square
- PayPal
- Wise
- Shopify
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Virtual debit card available immediately; one free physical debit card per user
- Live customer support from dedicated professionals
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Note: Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
When To Choose Novo Business Checking
Novo is the best bank for ecommerce businesses, thanks to two services that allow companies to send and receive payments faster than other providers. With Novo Boost, you can connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.
In addition, Novo’s Express ACH also enables you to send or accept same-day ACH payments. Express ACH combined with Novo Boost gives you access to your money faster than other digital-only providers, which is critical for ecommerce businesses.
Novo has no monthly fees and minimum opening deposit requirements. If you need access to cash, it refunds all ATM fees at the end of each month. You can deposit cash with Novo, but it must be done by purchasing a money order and depositing it through the app.
To help keep your business funds organized, it provides up to 10 reserve accounts. It also provides unlimited invoicing and great accounting and payment software integrations. Paper checks, while unavailable for order, can be sent from the app.
Novo also offers great deals with companies that ecommerce businesses may regularly use, including Constant Contact, Keeper, LegalZoom, Way, Stripe, and Gusto. One drawback is that it lacks lending products.
It now allows you to apply even if you don’t have an employee identification number (EIN) or are a limited liability company (LLC). It’s a great option for online businesses with products and services that can help your business grow.
Bank of America: Best for Ongoing Rewards & Other Business Support Services
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
Drawbacks
- Cash deposit fees are charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Software Integrations
- QuickBooks
- TurboTax
- Zelle
- ADP for credit card processing and payroll services
- Expensify for merchant services
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Physical checks’ cost varies depending on type ordered
- Customer service during business hours in branch and via phone, or via social media messages
- Other products include business savings, certificates of deposit (CDs), lending products, and financial analysis through Merrill Financial Advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Vary |
International Wire Transfer Fees | Vary |
ATM Fees | None at around 15,000 ATMs nationwide; $2.50 per transaction at out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
When To Choose Bank of America’s Business Advantage Fundamentals Checking
If you would rather choose a traditional bank for your ecommerce business, Bank of America is an outstanding choice. It has a solid list of software integrations. It has partnered with ADP to provide credit card processing and payroll services and Expensify for merchant services.
In addition, Bank of America integrates with QuickBooks, TurboTax, and Zelle to handle bookkeeping, tax preparation, and online payments. You also get Cash Flow Monitor, a cash management tool, that allows you to connect accounting, analytics, and payroll apps to help you make business decisions.
Bank of America’s Business Advantage Fundamentals Checking tops our list of the best small business checking accounts. It has a $16 monthly fee, but that can be waived with qualifying activities.
The bank also provides outstanding ongoing rewards. With its preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on Business Advantage savings accounts.
In addition, you can check your Dun & Bradstreet business credit score for free within the Bank of America app. Our guide on what the Dun & Bradstreet report is provides more details on the tool.
Bank of America also has a wide range of additional business products. These include savings, CDs, lending products, and financial analysis through Merrill financial advisor.
Square: Best for Companies Using Square That Want Banking With the Same Provider
What We Like
- No credit checks
- No minimum balance requirements
- No monthly maintenance fees
Drawbacks
- Only available for Square sellers
- No ATM network, cash deposits, and APY
- No physical branches
Software Integrations
- Square business tools
- Automatic transfers to Square business savings account
- Square Debit Card
- Digital banking with mobile check deposit
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | $1 per item (minimum) |
Monthly Fees | None |
Domestic Wire Transfer Fees | N/A |
International Wire Transfer Fees | N/A |
ATM Fees | Square charges no fees; third-party ATM fees may apply |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Note: Square is a business fintech platform backed by FDIC-insured Sutton Bank. | |
When To Choose Square Checking
For ecommerce businesses that use Square to accept mobile payments, using Square Checking for your business banking needs may make sense. The biggest perk to using Square Checking is that mobile payments received through Square immediately show up in your Square bank account.
Square’s mobile payment service has many software integrations, but its checking is exclusively for Square sellers. It charges no monthly fees and has no minimum deposit and minimum balance requirements. There is no surcharge for foreign transactions, which is a huge perk if your ecommerce business sells to customers abroad.
The provider allows you to sign up for banking in two minutes with no credit checks. In addition to its checking product, Square offers a savings account earning 1.75% APY and a loan program.
If your business needs to handle cash, Square might not be the best option. It doesn’t have its own ATM network, and while it doesn’t charge for ATM withdrawals, you’ll likely end up paying third-party fees. Also, cash deposits are not accepted, which may not be a deal breaker for ecommerce businesses.
For more on the provider, read our guide on what Square is and how it works.
Chase: Best for Full-service Small Business Banking Tools & Premium Checking
What We Like
- $300 bonus when you open an account
- Easy-to-waive monthly fee
- Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app
Drawbacks
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
Software Integrations
- QuickBooks, FreshBooks, and other leading accounting software
- Chase Payment Solutions
- Zelle
- Partnership with BigCommerce and other business solutions, such as Agree, Buildertrend, Eventzilla, Fiskl, Fusebill, Invoiced, Keap, mHelpDesk, PayRent and Regpack
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depending on type ordered
- Chase Merchant Services
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires; up to $15 for incoming wires |
International Wire Transfer Fees | Up to $50 for outgoing wires; up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
When To Choose Chase Business Complete Checking
Chase is another outstanding choice for ecommerce businesses looking for a traditional, brick-and-mortar bank account. While it has great software integrations with Zelle and QuickBooks, some of its partnerships may benefit ecommerce businesses even more.
Its two biggest partners are BigCommerce and FreshBooks. BigCommerce can help you build or redesign your ecommerce website, and you get three months free with Chase. Meanwhile, FreshBooks can help you manage invoices and collect payments, and you can get two months free of an exclusive FreshBooks plan for Chase customers.
With both BigCommerce and FreshBooks, you can sign up and start taking payments the same day and get same-day deposits. The cost is 2.9% plus 25 cents per transaction for payments with each.
Learn more about the two platforms through our review of BigCommerce and review of FreshBooks.
Chase also offers partnerships with many other businesses that ecommerce companies might use. You can visit Chase to see the complete list.
In addition to all of these benefits, Chase’s Business Complete Banking account allows you up to 20 free transactions per month. If your business needs more transactions, Chase has two higher-tier accounts with waivable monthly fees, and you can view their details in our Chase business checking review.
Chase has a $15 monthly fee, but it can be waived with qualifying activities. It also offers business savings accounts, credit cards, lines of credit, and point-of-sale (POS) and software solutions. Overall, Chase is a bank that can scale with your e-business.
Bluevine: Best Online Bank for International Ecommerce and Interest-earning Checking
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Fee for depositing cash
Software Integrations
- QuickBooks
- Xero
- Stripe
- PayPal
- Expensify
- Wave
- Cash App
- Venmo
- Wise
- Square
- Gusto
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Live customer support from dedicated professionals
- Line of credit available
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing; $0 for incoming |
International Wire Transfer Fees | $15 for outgoing; $0 for incoming |
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATMs |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 2% on balances of up to $250,000, once qualifications are met |
Note: Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When To Choose Bluevine Business Checking
Bluevine is an excellent choice for ecommerce companies, especially those doing business with companies overseas. You can send payments to 26 countries in eight currencies directly from your Bluevine dashboard.
Payments are sent out between 8 a.m. and 5 p.m., Eastern time, and can be received in as fast as 24 hours. Payments sent in United States dollars (USD) cost $25 per payment, whereas payments sent in other currencies cost $25 plus 1.5% of the payment amount. See Bluevine’s full list of countries available for international payments.
In addition, Bluevine doesn’t charge ACH fees. What’s more, all incoming wire transfers are free, including international wires.
The provider is also a great option for businesses looking to earn interest on checking balances. You can earn 2.0% APY on balances of $250,000 with qualifying actions.
It even provides outstanding integrations with a wide variety of companies. The biggest integration for ecommerce companies is Square—this allows you to accept payments in person and online.
Bluevine also partners with accounting software companies such as QuickBooks, Wave, Expensify, and Xero. Payment processing companies Cash App, Venmo, and Wise and payroll provider Gusto also integrate with Bluevine accounts.
The fintech platform’s checking is largely fee-free, with no monthly or transaction fees. It also does not have a minimum opening deposit and minimum balance requirement. However, there are fees if you have to deposit cash. Deposits must be completed at a Green Dot retail location for $4.95 per deposit, and Bluevine charges $2.50 for out-of-network ATM withdrawals in addition to third-party fees.
QuickBooks: Best Bank for Companies That Want One Provider for Banking and Bookkeeping
What We Like
- Many cash management tools, including cash flow forecasting, savings envelopes, and QuickBooks integration
- No monthly fees and minimum balance requirements
- Earns competitive interest rates
Drawbacks
- Only four fee-free ATM withdrawals per month
- No support for wire transfers
- No savings accounts
Software Integrations
- QuickBooks products
- QuickBooks debit card
- QuickBooks Envelopes for savings buckets
- 1.75% APY on reserve accounts
- Limited fee-free withdrawals at over 19,000 Allpoint ATMs
- Cashflow forecasting
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | N/A |
International Wire Transfer Fees | N/A |
ATM Fees | Four free ATM withdrawals monthly at Allpoint ATMs, then $3 per withdrawal; $3 for out-of-network withdrawals |
Cash Deposited | Cash deposits not accepted |
APY | 1.75% in envelopes (reserve accounts) |
Note: QuickBooks is a business fintech platform backed by FDIC-insured Green Dot Bank | |
When To Choose QuickBooks Checking
QuickBooks, the industry-leading accounting software, provides a business checking product for businesses wanting one provider for bookkeeping and banking. While using QuickBooks Checking only makes sense if your e-business is already using QuickBooks for bookkeeping, nearly every bank account integrates with QuickBooks’ accounting software.
In addition to keeping your bookkeeping and checking with the same provider, other perks include earning 1.75% APY on balances. You earn interest by taking funds from your checking and placing them in a reserve account called an envelope. To deposit funds into your account, you can either get paid through QuickBooks, add a funding account from an existing external bank account, or deposit a check in the mobile app.
There are no monthly fees or account minimums with QuickBooks Checking. There is no charge for ACH fees, and you get four free ATM withdrawals from one of 19,000 Allpoint ATMs each month.
One final perk is custom cash flow forecasting, as QuickBooks will forecast cash flow 30 days and 90 days out to help in your financial planning.
However, just like Square, you can only get QuickBooks Checking if you already use QuickBooks Online. Also, you can’t deposit cash with QuickBooks Checking, and QuickBooks lacks some of the full-service banking products and services other providers offer.
If you want to learn more, read our in-depth guide on what QuickBooks is and does. We provide details on the provider’s suite of products and list ways that small businesses use QuickBooks.
Mercury: Best for Tech Companies, Startups & Businesses That Need Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $250,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Software Integrations Include
- QuickBooks
- Xero
- Shopify
- Stripe
- Zapier
- Amazon
- PayPal
- Earn interest with Mercury Treasury product if you have more than $250,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital and venture debt, and corporate credit card
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None, as long as it is sent through Mercury’s structure |
ATM Fees | None for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Note: Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When To Choose Mercury Business Checking
With zero monthly fees, instant virtual debit and credit cards, free international and domestic wires, and other outstanding software integrations, Mercury is a great choice for your startup or tech ecommerce business. In addition, it has added a new product called Vault that uses sweep networks and partner banks to extend your FDIC insurance to $5 million.
You can apply for a Mercury account in just 10 minutes on the company’s website. There are no monthly fees and no minimum deposit or balance requirements.
Mercury provides a drag-and-drop Bill Pay tool that allows you to pay invoices with connections to platforms such as QuickBooks and Shopify. Also, it has additional great software integrations with Xero, Stripe, Zapier, Amazon, and PayPal and a great perks page that allows you to advertise deals for your business through the Mercury homepage.
Both physical and virtual debit cards are available with your Mercury account. You can set custom user permissions for your team members and create auto-transfer rules for your accounts. You can also withdraw money from one of the 55,000 Allpoint network ATMs for free. Mercury doesn’t charge for out-of-network ATM withdrawals, but you will have to pay third-party operator fees.
You can also get a $300 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury recently added a card that offers 1.5% cash back and unlimited virtual cards—and you can learn about it through our review of Mercury IO Mastercard.
You cannot deposit cash with Mercury. Also, outside of its credit card and venture capital loan program, there are no other lending products available.
Relay: Best for Businesses That Need Multiple Accounts & Debit Cards
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out-of-network
Drawbacks
- No physical locations
- No interest-bearing checking
- No lending products
Software Integrations Include
- PayPal
- Stripe
- Square
- QuickBooks
- Xero
- Plaid
- Gusto
- Yodlee
- Venmo
- Online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Mastercard debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via the app, email, mail, and web contact form
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- No lending product
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None for incoming; $5 for outgoing |
International Wire Transfer Fees | None for incoming, $10 for outgoing |
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | Accepted at Allpoint ATMs |
APY | N/A |
Note: Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust. | |
When To Choose Relay Standard Checking
If your ecommerce business has a large team of employees and complex finances, Relay is a great option for business checking. It provides business owners with up to 20 checking accounts, allowing them to separate reserves for different types of expenses. It also offers up to 50 employee Visa debit cards for purchases or withdrawals.
Like other fintechs on this list, Relay has a wide range of software integrations. It provides connections with accounting software providers QuickBooks and Xero and back-office platforms Gusto, Plaid, and Yodlee. There are also other integrations with Expensify, Venmo, PayPal, Stripe, and Square, among others.
Depositing cash with Relay is fee-free and can be done at any of the 55,000 Allpoint ATMs nationwide. You are limited to $1,000 per transaction, but the fee-free option gives Relay a considerable advantage over other fintechs in this guide.
What’s more, it is a great option if you send wire transfers regularly. With its basic business checking level, Relay Standard, the most you will pay for wire transfers is $10. If you upgrade to Relay Pro, they are entirely free. Neither checking product has transaction limits or minimum balance requirements.
Relay Standard is free, whereas Relay Pro costs $30 per month. One drawback to Relay Pro is that the monthly fee is not waivable. However, the premium tier comes with a wide variety of business tools that ecommerce businesses may want, including
- Accounts payable support (including auto-imports from QuickBooks Online and Xero)
- Multistep approval rules for bill payments
- Batch payments for bills
- One-click reconciliation of bills
- Same-day ACH delivery
- Free wire transfers
How We Evaluated the Best Business Bank Account for Ecommerce
When we evaluated the best banks for ecommerce business checking accounts, we considered
- Software integrations and ecommerce-friendly products and features
- Ease of online transactions
- ACH and wire transfer fees and availability
- Ability to send and receive international payments
- Which accounts had no monthly fees or easily waivable monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- Interest yield, if applicable
- Other checking account perks
- Other business services provided
- Lending products provided
- ATM fees and availability
- Cash deposit fees and availability
- Customer service
- Customer reviews
Other Products to Consider for Your Ecommerce Business
While you need a business checking account, there are other providers you should consider as you build or grow your ecommerce business. Here is a list of our buyer’s guides for products and services that can help your e-business:
- Ecommerce platforms: For a powerful website for your ecommerce business, check out our top-recommended ecommerce platforms.
- Free ecommerce website builders: If you need help building your ecommerce website and are looking for free resources, see our roundup of the best free ecommerce website builders.
- Ecommerce insurance: For insurance providers to protect your operations, read our guide on the leading ecommerce insurance companies.
- Ecommerce accounting software: To find a provider that integrates with your ecommerce platform, check out our list of the top ecommerce accounting software.
- Ecommerce customer relationship management (CRM) tools: For the best singular system to manage your website, inventory, and transactions, see our list of the best ecommerce CRM tools.
Helpful Guides to Grow Your Ecommerce Business
In addition to some useful products, here are some helpful guides covering other important ecommerce business topics:
- Ecommerce sales tax: See our ultimate guide to ecommerce sales tax for everything you need to know.
- Common ecommerce terms: Whether you’re just starting an ecommerce business or expanding into new products and services, we’ve compiled a list of ecommerce terms retailers need to know.
- Marketing: If you want to have a successful ecommerce business, marketing is a crucial part of your future growth. Check out our ecommerce marketing strategies for retailers.
- Payment security: Online payment security is another major concern of e-business owners. See our guide on the best practices for ecommerce payment security.
- Latest trends: Ecommerce businesses must keep up to date on the latest market trends to succeed. Here are ecommerce statistics to help you stay ahead of the curve.
What You Need to Open a Business Bank Account
Though each provider above may require different documents to open a business bank account, here is a general list of what you will need:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
You may be interested in our guide on how to open a business bank account. It includes a downloadable checklist of documents banks typically require.
Frequently Asked Questions (FAQs)
If you have an ecommerce business, you need a business bank account. Even if you run a very small online business, it is critical that you separate business and personal finances. It helps you build business credit, lends credibility to your business, and helps you avoid potential tax issues.
There are five things you should consider when you are trying to find the best bank for ecommerce businesses:
- Fees: Does the account charge fees, and if so, are there ways to avoid or waive those fees? Even fee-free accounts might have some fees for specific transactions. Be sure to understand if those fees will apply to your ecommerce business.
- Integrations with payment and bookkeeping software: If you’re running an online business, you need your business bank to work with other critical software and solutions you use regularly.
- Perks: Some banks offer a cashback bonus for a new account, while others offer discounts on products and services with partner websites.
- Customer service quality and availability: It’s not enough that a provider has good customer service. Can you reach the support team by phone, email, or online message? Do they have limited hours or 24/7 customer support?
- Services for small operations: Does the bank work well with small businesses? Some banks, especially fintechs, specialize in working with small startups. You want a provider that treats your business with the same respect as a large corporation.
In many cases, you can open a business bank account without an opening deposit. Most banks that require an opening deposit usually limit it to $100. This is important if you are switching banks because you may need to let certain transactions clear your old bank before transferring funds to your new bank.
Bottom Line
Choosing the best bank for your ecommerce business is an essential step in the potential growth of your operations. You need a bank that provides excellent integrations with software and websites commonly used by e-businesses. It also helps to find a bank that has limited fees. Each of these providers is an excellent option for your ecommerce business. Compare the features of each and choose the one that best meets your banking needs.
