A Zelle business account offers free contactless payments to businesses in the United States, making it an attractive solution for certain small businesses.
In this article, we’re going to take a closer look at Zelle business, answer common questions we receive, and discuss some of the benefits you can access when using Zelle for your business.
This article is part of our free series on forming an LLC in the United States, including the steps for opening a business bank account for an LLC, which you can access here.
Alternatively, if you already have an LLC structure and are looking to create a series for your LLC, you can access our free guide linked here to get started.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Zelle Business Account
- Who Can Open Zelle Business Accounts?
- What Are the Benefits of Using Zelle for Your Business?
- What Is the Difference Between Zelle Business and Zelle Personal?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Zelle Business Account
A Zelle business account provides access to a money transfer service primarily targeting small businesses looking for a cost-effective way to send secure transactions. Similar to a Zelle personal account, the business account allows P2P payments (Peer-to-Peer Payments) to be sent quickly.
While Zelle is not a complete replacement for banking services and payment processing that most businesses require, it does offer a free alternative that certain businesses can benefit from. This is especially true for smaller businesses looking to take advantage of mobile payments.
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Who Can Open Zelle Business Accounts?
Anyone with a business bank account at a participating financial institution that offers business clients access to Zelle can have a Zelle business account. That said, only 11 US financial institutions currently offer Zelle for business. This list includes most of the major US banks that most small businesses will hold accounts with.
What Are the Benefits of Using Zelle for Your Business?
The main benefits of using Zelle for your business include the speed at which transfers are sent, the fact that your business can immediately accept contactless payments, and that Zelle does not charge fees for sending or receiving money.
Benefits of Using Zelle for Your Business
- Fast transfers
- Access to contactless payments
- Zero fees for sending and receiving money
What Is the Difference Between Zelle Business and Zelle Personal?
The main difference between Zelle business and Zelle personal is that Zelle business is intended to support business transactions while Zelle personal supports consumer transactions.
Additionally, while Zelle business requires a connected financial institution that offers Zelle to business customers, a Zelle personal account can be opened with a US Visa or Mastercard.
Also, while certain banks may charge fees to access Zelle business, Zelle personal accounts are always free to use and send money to friends and family.
Frequently Asked Questions
Below are four of the most common questions we receive from people looking into how to set up a Zelle business account. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Is Zelle Free for Business Accounts?
Yes, Zelle is free for business as it does not involve any fees for sending or receiving funds to either the business or the customer. That said, your bank may levy a small fee for using Zelle. So, if you are looking for completely free transactions, you should confirm with your bank or credit union before using.
Does Zelle Do Business Transfers?
Yes, Zelle does do business transfers. Zelle operates like many other peer-to-peer payment platforms through contactless payments, which do not require a physical card, cash, or a business point-of-sale terminal.
What is the Limit on Zelle Business Account?
The limit on Zelle business accounts are directly determined by each of the banks, not Zelle itself. That said, most banks do not place any limits on the amount of money that you can receive with Zelle. Instead, most banks place limits on the amount of money that a business can receive within specific time frames, such as daily, week;y, and monthly. With this in mind, you can check with your bank to confirm the account limits that may impact your account.
Why Would I Need a Zelle Business Account?
A few of the main reasons why business owners claim to like Zelle Business is that it includes immediate contactless payment, zero fees, and offers very fast transactions between US bank accounts.
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