The best bank for ecommerce business activities is typically a combination of banking platforms. This includes both digital and traditional (brick-and-mortar) banks.
In this article, we’ll explain why while also sharing the specific factors you should consider when deciding where to bank.
This article is part of our free series on business banking, specifically for US LLCs, and how to open a business bank account for an LLC, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Best Bank for Ecommerce Business
- Factors to Consider Before Opening Accounts for Ecommerce Businesses
- What Are the Benefits of Opening an Ecommerce Business Bank Account?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Best Bank for Ecommerce Business
The best bank for ecommerce business banking offers a combination of traditional banking, payment processing, and financial management for a reasonably low fee.
In terms of payment processing, banks need to offer or integrate with providers that support ecommerce merchant services, ecommerce payment gateways, fraud protection for ecommerce businesses, and secure online transactions. In short, the best bank for ecommerce needs to offer (or integrate with) end-to-end payment processing for online businesses.
However, ecommerce banks also need to offer a wide range of small business banking services, solid online banking for ecommerce, and (if necessary) ecommerce business loans.
In most cases, a combination of both digital banking solutions and traditional banking offer the necessary tools for ecommerce financial management.
On the other hand, if the operations require business credit cards for online merchants or international ecommerce banking services, you may need to add additional banks to support these areas.
Lastly, the best bank accounts for ecommerce also have low ecommerce banking fees and charges.
Alternatively, individuals looking for a business-friendly state might consider reviewing the Delaware LLC benefits and how registering a US LLC in Delaware can be a suitable option, which you access by clicking the link above.
Another suitable jurisdiction for forming an LLC is Nevada because of the Nevada LLC benefits businesses can tap into, which you can access by clicking the link here.
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Factors to Consider Before Opening Accounts for Ecommerce Businesses
There are a number of important factors to consider before deciding where to open bank accounts for an ecommerce business. Not surprisingly, these factors include the fees charged by the bank, the services offered, and the ease of using their online platform.
However, there are additional factors to consider as well, including whether the bank will accept your client profile, whether the bank has restrictions on where your customers are located, and whether you can afford the bank’s deposit requirements.
In this section, we’ll take a look at a few of these factors so you can navigate your bank selection more effectively. Of course, if you want help choosing where to open accounts, you can get this (and much more) with GlobalBanks USA.
Client Acceptance
Not all banks accept all client profiles. This is true whether you’re looking to open personal bank accounts or business bank accounts.
In most cases, banks make decisions about the clients they want to onboard based on risk tolerance and profitability.
Unfortunately, ecommerce businesses tend to be at higher risk. And, new businesses tend to offer lower profitability for the bank.
So, when trying to decide where to open accounts, you should look for banks that have a track record of opening accounts for early-stage ecommerce businesses in your industry.
Business Banking Services
While most banks will offer the same basic checking, savings, and money market accounts, it is also possible to unlock additional services for business banking that can be helpful when starting out.
For example, certain banks offer direct integration and setup of payment processing accounts, which will enable you to receive customer payments as soon as the bank account is opened.
Additionally, other banks are more open to offering credit cards to new business customers, which can be helpful if you need to pay for online services, advertising, or other expenses that are paid by card.
Bank Account Fees
Lastly, banking fees can vary widely depending on where you bank. While it’s true that most of the major commercial banks offer low cost banking, these banks are typically not accessible to foreign non-resident business owners.
For example, if you are a foreigner with a non-resident US LLC, you will struggle to open US bank accounts with major commercial banks for your US ecommerce business. This is especially true if you are unwilling to show up in person and you don’t know which banks to contact.
That said, opening a US bank account for a non-resident US LLC is 100% possible. In fact, you can even open accounts remotely. Our dedicated US banking service walks you through the entire process step-by-step.
What Are the Benefits of Opening an Ecommerce Business Bank Account?
The benefits of opening an ecommerce business bank account include unlocking the specific services your business needs, allowing you to receive customer payments, and providing a place to maintain emergency funds for your operation.
Frequently Asked Questions
Below are five of the most common questions we receive from people looking into the best bank for ecommerce business. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Do I Need a Business Bank Account for Ecommerce?
Yes, if you are running an ecommerce business, it’s important to open a business bank account. Regardless of the type of business you operate, it’s important to have a separate bank account in order to effectively manage the business finances, streamline accounting, and ensure no issues arise with accounting and taxes.
What Features Are Important When Evaluating a Bank for an Ecommerce Website?
The most important features when evaluating a bank for an ecommerce website include the bank’s acceptance of your industry, ease of managing the account online, ease of sending and receiving transfers, and (if available) support for payment processing.
Which Bank Account Is Best for Ecommerce Business?
The best bank account for an ecommerce business is ultimately going to be the one you can open. Unfortunately, most ecommerce businesses struggle to open accounts. This is because many traditional banks view ecommerce as high-risk and struggle to navigate the account opening process. That said, if you know which banks to approach, the process can be much more streamlined. Contact us directly to learn more about your options.
What Banks Work With Shopify?
The banks that work with Shopify in the United States include US banks that are eligible to receive ACH payments directly into the account of the account holder. That said, in order for ACH payments to be sent from Shopify, the account holder must have a checking account with their bank.
What Kind of Bank Account Do I Need for Dropshipping?
The kind of bank account required for dropshipping will depend on the specific marketplace you plan to sell products. In certain instances, marketplaces will require you to have accounts at brick and mortar banks. On the other hand, there are marketplaces that allow sellers to connect digital bank accounts. Importantly, before setting up a store on a specific marketplace, you should confirm that you will be able to open the correct account. If you need assistance, you can use GlobalBanks USA to get started.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
