As a small business owner starting your business on the right track can be confusing.  So many different tasks that need to be accomplished before you start producing income such as getting a business license, getting an EIN, and getting a business bank account so you can keep your business and personal accounts separate.  This article will discuss how to set up a business bank account using the following steps.

Step 1 – Determining What Kind of Business Bank Account Needed

There are a few different types of bank accounts you can open for your business, and the best one for you will depend on your specific needs. The most common type of account is a business checking account, which allows you to write checks and make electronic payments. If you need to accept credit card payments, you’ll need to open a merchant account. And if you’re looking to save money for your business, you might want to open a business savings account.

To figure out what kind of account is right for your business, ask yourself the following questions:

• Do I need to write checks?
• Do I need to accept credit card payments?
• Do I need to save money for my business?

If you answered yes to any of these questions, then you should consider opening a business bank account. The type of account you choose will depend on your specific needs.  Below is some information on why you would need three types of bank accounts.

• Why Would a Business Need a Savings Account?

There are a few key reasons why having a business checking account is important, even if you’re a sole proprietor.

For one, it helps you keep your personal and business finances separate. This is important for both tax and legal purposes. It also makes it easier to track your expenses and income so you can make better decisions about your business finances.

Another key reason to have a business checking account is that it can help you build business credit. Many small businesses don’t have any credit history, which can make it difficult to get loans or lines of credit down the road. By using a business checking account and paying your bills on time, you can start to establish some business credit.

Finally, having a business checking account can give you some peace of mind. When you have all your business finances in one place, it’s easier to stay organized and on top of things. This can help you avoid costly mistakes and help you run your business more efficiently overall.

So, there are a few key reasons why having a business checking account is important. If you’re thinking about starting a small business, be sure to open a business checking account so you can enjoy all of these benefits!

• Why Your Business Needs a Merchant Account?

There are many reasons why a business would need a merchant account. For one, merchant accounts allow businesses to accept credit and debit cards as payment. This can be a huge advantage for businesses that want to increase their customer base and sales.

Additionally, merchant accounts typically come with lower transaction fees than traditional bank accounts. This can save businesses a significant amount of money over time. Finally, merchant accounts can provide businesses with valuable data about their customers’ spending habits. This information can be used to make strategic decisions about marketing, product development, and more. In short, there are many good reasons for businesses to consider getting a merchant account.

• Why Would a Business Need a Savings Account?

Having a checking bank account is self-explanatory because every business has to pay suppliers, rent, or mortgage on their building, utilities, employees, and other expenses.  These are typically done via a check but why would a company need a savings account.

There are a few key reasons why a business might choose to keep a savings account:

1. To have a place to stash away extra cash: Every business has slow times and busy times. During busy times, it’s important to save as much money as possible so that you have a cushion to fall back on during the slower times.
2. To earn interest: A savings account is a great way to grow your money without taking on any additional risk. The interest rates may not be amazing, but it’s better than leaving your cash in a checking account where it will just sit and do nothing.
3. To have an emergency fund: unexpected expenses always seem to pop up when you least expect them. Having a savings account designated for emergencies can help you avoid going into debt when these unexpected expenses arise.
4. To save for a specific goal: Whether you’re trying to save up for a new piece of equipment or setting aside money for taxes, a savings account can help you stay disciplined and reach your goals.

There are plenty of other reasons why a business might choose to keep a savings account, but these are some of the most common ones. If you’re not sure whether a savings account is right for your business, talk to your accountant or financial advisor. They’ll be able to help you figure out if a savings account makes sense for your situation.

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Step 2 – Finding Options for Business Bank Accounts Online

When it comes to business banking, there are a lot of options out there. And while it can be overwhelming to try and figure out which account is right for your business; the good news is that you can easily find what you’re looking for online.

Several websites allow you to compare different business bank accounts side-by-side. This can be a great way to get an overview of the different features and benefits each account offers.

Another option is to use a business bank account comparison tool. These tools will ask you a series of questions about your business banking needs and then provide you with a list of potential accounts that might be a good fit.

Once you’ve narrowed down your options, it’s time to start doing some research on the different accounts. Read reviews, compare fees, and find out what other business owners are saying about the account you’re considering.

When you’re ready to choose a business bank account, be sure to shop around and compare offers from multiple banks. This will help ensure that you get the best possible deal.  Once you have decided the last step is to fill out the information needed to set up any of the three bank accounts. Below we will discuss the best accounts for each of these bank account categories.

Step 3 – Complete the Banking Information Required to Open a Bank Account

Completing the information can be simple but first, you need to find the best online business checking, merchant, and savings bank accounts that not only meet the needs of each function but also allow you to earn the most money.

• The Best Interest-Earning Online Business Checking Account

If you’re a small business owner, you know that every penny counts. So why not put your money into an account that will help you earn more of it?

A high yield business checking account is a great way to boost your earnings without having to put in any extra work. And with so many online banks offering competitive rates, there’s no reason not to take advantage of this opportunity.

So, what are the best interest-earning online business checking accounts? Here are our top picks:

• Capital One Spark Business Checking: This account offers a competitive 0.75% APY on balances up to $50,000. There are no monthly fees, and you can get started with just a $25 deposit.
• HSBC Business Choice Checking: This account offers up to 0.5% APY on balances up to $100,000. There are no monthly fees, and you can get started with just a $25 deposit.
• BBVA Compass ClearChoice Free Business Checking: This account offers a competitive 0.65% APY on balances up to $50,000. There are no monthly fees, and you can get started with just a $25 deposit.
• Chase Total Business Checking: This account offers a competitive 0.50% APY on balances up to $50,000. There are no monthly fees, and you can get started with just a $25 deposit.
• CitiBusiness Business Checking: This account offers a competitive 0.40% APY on balances up to $50,000. There are no monthly fees, and you can get started with just a $25 deposit.
• The Best Online Business Merchant Account

When it comes to setting up an online business, one of the most important things you’ll need is a merchant account. This will allow you to accept credit and debit card payments from your customers.

There are a few different options when it comes to merchant accounts, but not all of them are created equal. In this article, we’re going to look at the best online business merchant account providers, so you can choose the right one for your needs.

• Stripe: Stripe is one of the most popular payment processors out there and for good reason. They offer a simple, easy-to-use platform that makes it easy to accept payments from your customers. They also offer some great features, like the ability to set up recurring payments, and they don’t charge any setup fees or monthly fees.
• PayPal: PayPal is another popular option for online businesses. They offer a wide range of features, including the ability to accept credit and debit card payments, as well as eCheck and bank transfer payments. They also have a very user-friendly platform, and they don’t charge any monthly fees.
• Net: Authorize.Net is another great choice for online businesses. They offer a robust platform with plenty of features, including the ability to set up recurring payments and accept a variety of payment types. They also don’t charge any monthly fees, making them a very affordable option.
• 2Checkout: 2Checkout is a great option for businesses that want to accept a variety of payment types. They offer support for credit and debit cards, as well as eCheck, bank transfers, and PayPal payments. They also don’t charge any monthly fees, so they’re a very affordable option.
• WorldPay: WorldPay is another excellent choice for online businesses. They offer a robust platform that supports a variety of payment types, including credit and debit cards, eCheck, bank transfers, and PayPal payments. They also don’t charge any monthly fees, making them a very affordable option.

No matter what type of online business you have, there’s a merchant account provider out there that’s right for you. Take the time to compare your options and choose the one that best meets your needs. You’ll be glad you did.

• The Best Online Business Savings Account

It can be tough to find a good online business savings account. But don’t worry, we’ve got you covered. Here are the best online business savings accounts for your needs.

• Capital One Spark Business Savings: If you’re looking for online business savings account with no fees and a great interest rate, look no further than the Capital One Spark Business Savings account. This account offers 1% interest on all balances, plus there are no monthly fees or minimum balance requirements. You’ll also get access to a suite of online banking tools and resources to help manage your finances.
• Chase Ink Business CashSM Savings: Chase Ink Business CashSM Savings is another great option for businesses that want to earn interest on their savings. This account offers 0.5% interest on all balances, plus there are no monthly fees or minimum balance requirements. You’ll also get access to a suite of online banking tools and resources to help manage your finances.
• CIT Bank Business Savings Builder: CIT Bank Business Savings Builder is a great option for businesses that want to earn a higher interest rate on their savings. This account offers 1.25% interest on all balances, plus there are no monthly fees or minimum balance requirements. You’ll also get access to a suite of online banking tools and resources to help manage your finances.
• BB&T Bright Banking for Businesses: BB&T Bright Banking for Businesses is a great option for businesses that want to earn interest on their savings. This account offers 0.5% interest on all balances, plus there are no monthly fees or minimum balance requirements. You’ll also get access to a suite of online banking tools and resources to help manage your finances.
• PNC Business Banking Savings: PNC Business Banking Savings is another great option for businesses that want to earn interest on their savings. This account offers 0.75% interest on all balances, plus there are no monthly fees or minimum balance requirements. You’ll also get access to a suite of online banking tools and resources to help manage your finances.

When it comes to choosing an online business savings account, be sure to consider your unique needs and preferences. Each business is different, so there’s no one-size-fits-all solution. But with the right account, you can make the most of your hard-earned cash and help your business grow.

Following the above steps can help you find all the business bank accounts that meets the needs of your business but can be a key factor in helping your business grow. Until these accounts begin to grow your cash flow you may need some assistance with funding.

If you are looking for some small business funding options Progressive Business Capital may be able to provide you with multiple options.  We are offer various loan options and our qualified staff are there to evaluate what may work best for your business financial situation.  Please contact us at (800) 508-4532 or via email at [email protected].