Having the right bank account can make running your business easier.
The best small business accounts offer tools to streamline invoicing and bookkeeping, automatic ATM fee refunds and cash back on debit card purchases – all for little to no monthly fee. Our picks also include perks like free online banking, bill pay and mobile check deposit.
Getting started with a small business accounts is usually fairly easy, as most require basic personal information and some legal documents. But you’ll want to read the fine print carefully to avoid paying for features that aren’t really necessary for your business.
Some banks charge $2 to $3 if you use an ATM outside of their network, while others will reimburse those fees, so make sure to shop around before you open an account. You’ll also need to decide if you prefer an online business bank account that lets you access your money anytime, anywhere or a brick-and-mortar business checking account with local branches.
Choosing the Right Small Business Account: A Guide to Finding the Best Fit for Your Needs
A merchant account is another must-have for some businesses that accept credit and debit cards. When a customer pays your company with one of these cards, the funds will go into this account first and then be automatically transferred to other business bank accounts.
Some business checking accounts also have a built-in business line of credit, which is a good choice for companies that may have a slow pay period or unexpected expenses. It will protect you from being overdrawn and allow you to take out more cash if needed.