Best Online Business Checking Accounts for March 2024
Best Online Business Checking Accounts
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Small business owners are typically very busy. The convenience of opening a business checking account online from the comfort of your own home or office is priceless.
We reviewed five best online business checking accounts that offer commons services that small business owners may need, for instance:
- Integrated free payment software
- Tools to manage your business finances
- Unlimited everyday transactions
- Cash deposits
- Low transaction volumes
- Rapid access to funds
- Faster payments
Best 5 Online Business Checking Accounts
Novo Business Checking
Pros
- $0 Minimum opening deposit.
- Integrates with top business tools, including QuickBooks, Xero, Stripe and Shopify.
- Unlimited fee-free transactions.
- Connections to thousands of business apps.
- Integrated payment services.
- No monthly fees or minimum balance requirements.
Cons
- Can’t deposit cash.
- Can’t send domestic or international wires.
Northone Business Checking
Pros
- Only $50 opening deposit.
- Integrate with business tools, including QuickBooks, Shopify, Stripe, Square and Expensify.
- Cash deposits at Green Dot locations for a fee up to $4.95.
- Digital banking tools including unlimited Envelopes, bill pay and expense management.
- Access customer support via in-app live chat, phone or email with extended hours.
- Get a $20 credit when you open and fund a new NorthOne Account.
Cons
- $10 monthly fee.
- Can’t send or international wires.
Axos Business Checking
Pros
- Only $50 opening deposit.
- New business owners get a $200 welcome bonus! (Use Code NEWBIZ200 on your application).
- Zero minimum monthly balance requirements.
- Unlimited domestic ATM fee reimbursements.
- No monthly fees or minimum balance requirements.
Cons
- No third-party app integrations.
- To qualify for the welcome bonus, a $2,500 average daily balance must be maintained for the first two months.
LiveOak Bank Business Checking
Pros
- $0 required to open account
- Designed with simplicity for newly-formed businesses, solopreneurs, gig-workers, freelancers, and side-hustlers.
- Open online in minutes.
- Deposit checks, pay bills, initiate wire transfers online – whenever, wherever.
- Over 55,000 free ATMs nationwide.
- No account opening or monthly maintenance fees.
Cons
- Can’t deposit cash.
- Can’t send domestic or international wires.
Found Business Checking
Pros
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business apps, including Stripe, Etsy and PayPal.
- Unlimited fee-free transactions; no overdraft fees.
- Helps you track tax write-offs and gives you real-time tax estimates.
- No monthly fees or minimum opening deposit..
Cons
- No check deposit feature at this time on app.
- No physical branches.
*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard® debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. Found’s core features are free. Found also offers a paid product, Found Plus.
How to open a business checking account online
Opening a business checking account online is a convenient and time-efficient way to manage your business finances. Here are the general steps you can take to open a business checking account online:
- Fill out the application by providing basic information about yourself and any additional business owners.
- Verify your identity with documentation such as a driver’s license, state-issued id card or Social Security number.
- You’ll need to provide some information about your business, such as the business name, business type, business address, tax identification number, and legal structure.
- Upload legal business documentation.
Establish connections at the bank
Establishing a trustworthy relationship with a banker is crucial for small-business owners. As your business grows, you may require financial assistance in the form of a loan or a business credit. Having an existing business bank account is beneficial as it provides the banker with easy access to your income and expense details. This can potentially expedite and streamline the approval process for your financial requests.
Boost your business profile
If you wish for potential clients to perceive you and your business as credible, it is important to demonstrate a level of professionalism. One way to achieve this is by using a business account debit card or checks for vendor purchases, as well as accepting payments through an online business checking account. These actions signal that you are an experienced and established professional.
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