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Business accounts online opening – everything you need to cover

DNBC Team DNBC Team

Feb 27, 2023

Table of Content

Business accounts online opening is a must when you’re prepared to start
spending and accepting money in your business activities. A business bank
account will help you get protected and compliant fully.

You should open a business bank account as soon as you get started with
your business.

If you’re wondering “What do you need to open up a business
account?” This
article will enlighten you.

2 considerations when opening a business bank account

Here are a few things to consider when opening a business banking
account.

Compare the banks/financial institutions to pick one

It can always be attractive to open a business account with a
bank//financial institution where you opened your personal bank
account
before, because you can manage your finances in the same place. This
must
not always be the optimal option for a business owner.

You should spend time comparing bank accounts and fees with
several banks
and alternative financial institutions to pick the business
account to the
best.

Also, you need to consider which account features are a
must.

For example: Do you need a business bank account with
detailed information?
Do you need a mobile app installed to help you deposit
checks online? Is it
helpful to get notified when your account balance is
reaching the minimum
limit?

Business accounts online opening - everything
 you need to cover


Business accounts online opening – everything
you need to cover

Room for expansion possibilities

Some business bank accounts set a transaction limit
and charge some extra
fees for exceeding. This can be costly if you
constantly surpass this limit
of transactions.

So, you should take the time to review your
business funds and predict how
your company’s development and volume in the
future is affected by monthly
fees.

If you think your business bank account can be
restrictive to some extent,
try to check if the bank has alternative
accounts with the added free
transactions or any other services offered as
your requirement.

Types of business bank accounts

There are several types of business accounts. It
depends on your needs, so
there is a possibility to open more than a
business account if you want.

Here are some popular types of business bank
accounts you need to know:

Business checking account

A business checking account is quite similar
to a personal checking
account. It’s used to get payments and spend
the funds if necessary.

It’s a suitable choice to manage
expenses, payroll and other costs to
ensure your business keeps running.
Also, it’s possible to earn interest on
those funds.

Business savings account

Business savings accounts help you store
money in case your company doesn’t
plan to spend for a short term.
Basically, business savings accounts
funds
gain the interest but have more limits
on how to access them.

Traditional small business checking
account

Traditional small business checking
accounts seem similar to a personal
checking one. It helps you to withdraw,
make deposits, write checks or make wire
transfer
,
purchase, and more.

In general, this account consists of
ATM fees, maintenance fees, deposit
fees and transaction fees.

Merchant services account

When operating an eCommerce company,
you need to use debit and credit
cards. Basically, it’s required to
get a merchant account to transact.

This account is a very reliable
place for accepting card
payments. It helps
to speed up the money status
before going through a whole
payment process.
It helps to protect the
customers and owners from frauds
and losses.

Credit card account

This account allows you to use a
business credit card for
miscellaneous
items or emergencies in your
company. This helps to build or
improve your
business credit score for
business owners of a small
business.

What do you need to open up a
business account

It’s easy to open a business
bank account once you choose the
right
bank/financial institution. You
can open it online or visit a
local branch
nearby to get started.

Here are some of the
required documents when you
open a business bank
account. Some banks can ask
for more.

Depending on each
financial institution,
the legal documents for
submitting
to open up a business
bank account will be
different. Here are some
of
them:

Employer Identification
Number (EIN)/Social
Security Number (SSN)

Most banks/financial
institutions require
business owners to
supply their
EIN. That helps to check
if you’re eligible to
open a business checking
account/savings account.

Some banks/financial
institutions can
allow sole
proprietors to open
a
small business
account with their
SSN only.

If there is a
need to obtain
an EIN, you can
ask for one for
free by
filling in the
application on
the Internal
Revenue
Service’s
website.

Personal
identification

This consists of
a
government-issued
photo ID, a
passport/driver’s
license.
If your business
has many owners,
it can involve
their personal
details and
ID for every
owner with 25%
or more
ownership.

Business’s
formation
documents

The
banks/financial
institutions
will also ask
you for the
legal documents
of company
formation.

What you
need to give
them depends
on your
entity type
and the
state where
your company
was set up.

Commonly,
here are
some
documents
that
need to
be
shared
with
them.

Corporations:
articles,
business
licenses,
corporate
bylaws.

Partnerships:
state
certificate
of
partnership,
partnership
agreement,
business
license,
business
name
registration
certificate.

Limited
Liability
Company:

articles,
business
license,
LLC
operating
agreement.

Sole
proprietorships:

employer
identification
number,
business
license,
company
name
registration
certificate.

Startups:
organizational
documentation,
business
licenses,
personal/business
identification.

They
can
request
different
verification
documents,
so
you
need
to
check
every
instruction
carefully
before
submitting
your
business
documents.

More
about
DNBC
Financial
Group

In
the
Fintech
industry,
DNBC
Financial
Group
is
emerging
as
a
trusted
financial
institution,
supplying
money
payment
solutions
all
around
the
world,
especially
for

opening
business
accounts
online


.

DNBC
Financial
Group
has
become
an
optimal
payment
provider
in
the
world
since
2017
with
payment
solutions
at
reasonable
fee

and

favorable
exchange
rate

.

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Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.