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Running an e-commerce store can be incredibly rewarding. The opportunity to reach customers with fantastic products and generate a healthy profit is undeniably enticing.
However, as a business owner juggling a lengthy to-do list, selecting the right bank account could be more exciting, but it can significantly impact your business operations.
For Shopify store owners and other e-commerce professionals, the ideal business bank account should balance low fees with useful software integrations. This article will explore some of the top business bank account options available today.
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6 Best Business Bank Accounts For Shopify
- Bluevine – Best Business Bank Account for Shopify Overall
- Novo – Best for Faster Payments
- Lili – Best for One-Person Business
- Bank of America – Best for Business Support Activities
- Chase – Best for Small Business Banking Tools
- Axos – Best for Full-Service Online Bank
Bluevine – Best Business Bank Account for Shopify Overall
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Bluevine offers an appealing online checking account tailored for small business owners seeking an efficient banking platform. A key feature is the absence of monthly fees, which helps entrepreneurs manage their finances without unnecessary costs.
Bluevine also provides a competitive 2.00% APY on balances up to $250,000 for eligible customers. Its Business Checking account offers up to 4.25% APY. To qualify, you need to receive at least $2,500 in customer payments each month or spend a minimum of $500 monthly using the Bluevine Business Debit Mastercard, meaning your account needs to be fairly active. This interest can contribute to your business’s financial growth.
Additionally, Bluevine has no transaction limits and offers a line of credit to help e-commerce business owners manage cash flow effectively.
- Integration with QuickBooks for seamless financial management
- Offers an excellent line of credit product
- Interest-earning checking is available on balances up to $250,000
- Doesn’t offer savings, money market, or CD accounts
- No physical branch locations for in-person service
- Fees apply for depositing cash transactions
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Novo – Best for Faster Payments
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Novo is an online banking platform tailored for small business owners. It’s an excellent choice for Shopify users due to its direct integration with Shopify, which helps streamline business operations.
Novo enhances payment options by connecting accounts to Stripe, Square, or PayPal, allowing you to receive payments via Google Pay, Apple Pay, Venmo, or credit card. This flexibility is especially useful if you expand beyond Shopify in the future.
Novo stands out by not charging any monthly fees for its checking account, offering a cost-effective banking solution for LLCs.
It’s important to note that Novo is a FinTech company, not a bank. Its banking services are provided through a partnership with Middlesex Federal Savings.
- No maintenance fees
- Refunds ATM fees up to $7 each month
- Novo Boost and Express ACH provide faster access to your funds
- Unable to deposit cash directly
- Non-interest drawing account
- Lack of savings accounts and lending products
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Lili – Best for One-Person Business
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Lili Bank is an excellent choice for Shopify store owners. It offers a comprehensive suite of financial tools designed explicitly for small businesses and freelancers. Read the complete Lili Bank review.
Features such as automatic expense categorization, tax optimization tools, and seamless integration with popular accounting software simplify the complex world of financial management.
Lili Bank’s no-fee checking account and real-time expense tracking help Shopify merchants keep overhead costs low and effortlessly maintain accurate financial records.
The convenience of Lili Bank’s mobile app allows business owners to manage their finances from anywhere, making it easier to stay on top of accounts and transactions. The support for tax preparation reduces the stress of financial management, ensuring that Shopify store owners are always prepared for tax season.
- No monthly fees
- Real-time expense tracking
- Convenient mobile banking
- Seamless integration with accounting software
- Tax optimization tools
- Tailored financial tools
- No physical branches
- No lending products are available
- The cost associated with physical checks
>> Boost Shopify Business With Lili Bank >>
Bank of America – Best for Business Support Activities
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Bank of America offers a comprehensive suite of services tailored for small business owners. Their mobile app allows you to deposit checks easily, view account balances, make transfers, and pay bills on the go.
The Cash Flow Monitor tool integrates with accounting, analytics, and payroll apps, providing valuable insights to help you make informed business decisions. You can check your business credit score through its partnership with Dun & Bradstreet.
Bank of America offers a free debit card and various physical check options at different costs. It also ensures robust customer support, available during business hours in-branch, via phone, or through social media.
Beyond these services, Bank of America offers a range of other products, including business savings accounts, certificates of deposit (CDs), lending products, and financial analysis services through Merrill Financial Advisor, ensuring all your business financial needs are met.
- Offers ongoing rewards
- Includes 200 free transactions per month
- Provides free digital tools for tracking business performance
- Charges cash deposit fees per $100 over the monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
>> Boost Shopify Business With Bank of America >>
Chase – Best for Small Business Banking Tools
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The Chase Business Complete Banking account is another excellent option. It comes with a $15 monthly fee, but there are several ways to have the fee waived.
You can avoid the fee by maintaining a minimum daily balance of $2,000, receiving deposits totaling $2,000 or more through Quick Accept transactions within a month, making at least $2,000 in purchases with your Chase Ink Business credit card, or presenting proof of your military status.
A notable benefit of the Chase Business Complete Banking account is that it’s not an online-only bank. You can offer in-person service at any of Chase’s extensive network of branches.
Chase offers robust online banking tools, giving business owners the flexibility to manage their finances both in person and online.
- Earn a $300 bonus upon opening an account
- The monthly fee is easy to waive
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile app
- A limited number of free transactions
- ATM fees aren’t reimbursed
- Fee for cash deposits exceeding $5,000 per statement period
>> Boost Shopify Business With Chase >>
Axos – Best for Full-Service Online Bank
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Axos is an online bank that emphasizes straightforward and hassle-free business banking with no monthly fees or minimum balance requirements.
The free tier of Axos offers numerous benefits, including unlimited monthly transactions for deposits, transfers, ACH transactions, and more. You get two free domestic wire transfers each month. New customers can use up to $400 in welcome bonuses by opening an account with the promo code NEW400 and completing the required qualifying activities. Check out our complete Axos review.
- High-interest savings accounts are available
- No monthly maintenance fees
- Unlimited ATM fee reimbursements
- Wide range of financial products offered
- Convenient online and mobile banking services
- Access to 24/7 customer service
- Limited options for cash deposits
- Complex fee structures
- No physical branches for in-person transactions
- High minimum balance requirements
>> Boost Shopify Business With Axos >>
How We Evaluated the Best Business Bank Account for Shopify
I reviewed over 100 banks to compile this list. When evaluating the best banks for e-commerce business checking accounts, I considered the following factors:
- Software integrations and e-commerce-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
Best Business Bank Account for Shopify – Buyer’s Guide
How to Choose the Best Business Bank Account for Your E-commerce/Shopify Business
As you can see, there are numerous banking options for e-commerce business owners, but choosing the right one requires careful consideration. Here are some tips to help you decide:
- Understand What You Need: Before opening a bank account, clarify your requirements. Ensure the bank offers the specific accounts and features essential for your business operations.
- Fees: Cost-saving is crucial for business owners. Evaluate and compare the fees associated with different bank accounts to minimize costs.
- ACH Transfers: For seamless Shopify payouts, select a bank account that supports ACH transfers. Look for accounts that offer unlimited transactions without additional fees.
- Integration: Consider banks like Novo that offer Shopify integration. This feature can significantly streamline your business finances and operations.
Helpful Guides to Grow Your Ecommerce Business
In addition to some useful products, here are some helpful guides covering other important e-commerce business topics:
- E-commerce Sales Tax: Explore our ultimate guide to e-commerce sales tax for comprehensive insights into online businesses’ tax obligations.
- Common E-commerce Terms: Whether you’re starting or expanding your e-commerce business, our comprehensive list will help you learn essential e-commerce terms.
- Marketing: Discover effective e-commerce marketing strategies essential for the growth of your online business.
- Payment Security: Ensure your online transactions are secure with our guide on best practices for e-commerce payment security.
- Latest Trends: Stay informed about the latest trends in the e-commerce industry to keep your business competitive and successful.
What You Need to Open a Business Bank Account
While each provider may have varying requirements for documents needed to open a business bank account, here’s a general list of what you’ll typically 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
>> Transform Your Shopify Business With a Bluevine Account! >>
Best Business Bank Account for Shopify – FAQs
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Conclusion
Choosing the right business bank account for your Shopify store is crucial for effectively managing your finances and ensuring smooth business operations. While the best account for your e-commerce business will vary based on your specific needs, many excellent options are available.
Whether you prioritize low fees, seamless integration with accounting software, robust mobile banking features, or dedicated tools for tax preparation and expense tracking, a bank can meet your needs. By carefully evaluating the features and benefits of each bank, you can find the perfect financial partner to help your Shopify store thrive and grow.
