Running an e-commerce store can be a lot of fun. The ability to deliver great products to your customers while also generating a decent profit is definitely appealing.
For business owners who already have a long to-do list to manage, choosing a bank account may not be the most appealing option, but it can make a big difference to how your business operates.
The right business bank account for Shopify store owners and other ecommerce professionals should balance low fees with convenient software integrations, and in this article we'll look at some of the top business bank account options available today.
Understanding Business Bank Accounts for E-Commerce
Before we get into our choices for the best business checking accounts, here are some important features to look for when choosing a business bank account.
- Fee: Fees can eat into your bottom line, and as a business owner, finding an affordable bank account that meets your needs is a priority.
- customer service: If you have any questions about your banking transactions, our fast and helpful customer service team makes all the difference.
- Software Integration: If you own an e-commerce store, having software integrations tied to your business bank accounts is important. The right integrations can make your life a lot easier.
- Account type: Some business owners will want to have different types of bank accounts, such as a checking account, a savings account, a business credit card, etc. Knowing up front what types of accounts you need will give you an advantage in the long run.
- Transaction Limit: You will probably need a bank account with a high transaction limit.
Best Business Bank Accounts for E-commerce: Recommendations
The following accounts include many, if not all, of the features listed above and make up our list of the top business bank accounts for ecommerce:
Blue Vine
Bluevine has an attractive online checking account designed for small business owners looking for an efficient online banking platform. One of its standout features is that it has no monthly fees, which is convenient for entrepreneurs looking to streamline their business finances without unnecessary costs.
Additionally, Bluevine offers qualifying customers a competitive 2.00% APY on balances up to $250,000. To take advantage of this offer, you must meet certain criteria, such as receiving a minimum of $2,500 in customer payments each month or spending at least $500 each month with your BlueVine Business Debit Mastercard. In other words, your account must be fairly active. The interest you earn can help fuel the financial growth of your business.
Bluevine has no transaction limits and also offers lines of credit, allowing e-commerce business owners to manage their cash flow.
For more information on Bluevine, check out our full review.
⚠︎ This is not a bank but a banking service provider.
Bluevine is a financial technology company, not a bank. We use affiliated banks to provide banking services, but FDIC insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Locust
Grasshopper offers a super-fast application process for their business checking account, taking just five minutes. This quick sign-up experience is just the tip of the iceberg, as the account comes with several other handy features:
One of the standout features is the offer of an instantly issued virtual card, which provides account holders with a secure and convenient spending option. Additionally, the account boasts a competitive APY of 2.25% on balances between $25,000 and $250,000. Even if your balance is less than $25,000, you can earn a competitive 1.51% APY, giving you the opportunity to grow your savings. Another feature of Grasshopper is its unlimited 1% cash back offer.
Unlimited transactions and no monthly fees or minimum deposit requirements make Grasshopper a great choice for businesses.
For more information on Grasshopper, check out our full review.
Chase Business Complete Banking
The Chase Business Complete Banking account is another recommendation. It charges a $15 monthly fee, but there are a few ways to waive the fee: You can avoid the fee by maintaining a minimum daily balance of $2,000, receiving deposits totaling more than $2,000 in Quick Accept transactions within a month, making at least $2,000 in purchases using your Chase Ink Business credit card, or showing proof of military status.
One great perk of the Chase Business Complete Banking account is that it's not an online-only bank: you can always get in-person service through Chase's extensive branch network.
That said, Chase has robust online banking tools that allow business owners to choose between managing their finances in-person or online.
For more information on Chase, check out our full review.
The special case of Shopify: what to look out for
If you have a Shopify store, you'll need to find a compatible bank account. Shopify has specific requirements for bank accounts, which include:
- The account must be a checking or savings account that can receive transfers.
- Your account must be eligible to receive payouts in a currency supported by Shopify in your country.
- Your account must support ACH transfers.
Best Business Bank Accounts for Shopify: Recommendations
Let's take a look at some of the top options for business bank accounts through Shopify.
Novo
Novo is an online banking platform designed with the small business owner in mind. Novo stands out as a great choice for Shopify users because it offers accounts with direct software integration with Shopify, helping you streamline your business operations.
Novo will beef up its payment options by allowing users to connect their accounts with Stripe, Square, or PayPal, meaning they can accept payments with Google Pay, Apple Pay, Venmo, or credit cards, giving them more control over direct payments from customers if they fork out from Shopify in the future.
Novo differentiates itself by not charging monthly fees on checking accounts, providing a cost-effective banking solution for small businesses and LLCs.
It's important to note that Novo is a fintech company, not a bank, and the company's banking services are provided through a partnership with Middlesex Federal Savings.
For more information on Novo, check out our full review.
⚠︎ This is not a bank but a banking service provider.
Novo is a financial technology company, not a bank. We use banking partners to provide banking services. FDIC insurance protection may be limited. Read this article from the FDIC to understand the risks of using non-bank companies.
AXOS Basic Business Check
AXOS is an online bank that prioritizes easy, hassle-free online business banking with no monthly fees or minimum monthly balance requirements.
AXOS' free plan comes with a variety of perks, including unlimited monthly transactions such as deposits, transfers, and ACH transactions. You also get two free domestic wire transfers each month.
New Axos customers can receive a welcome bonus of up to $400 when they open an account using promo code NEW400 and meet the necessary eligibility requirements.
For more information on the Axos, check out our full review.
relay
Relay offers a fee-free online business checking account for small business owners. Key features include the ability to open multiple accounts, facilitate ACH transfers, and set up automatic recurring payments. What's especially useful is the ability to use up to 20 sub-accounts to separate funds for taxes, payroll, and more.
For businesses looking for more advanced accounts payable management capabilities, Relay also offers a Relay Pro tier that accommodates businesses with additional requirements. Whether you choose the free tier or want the enhanced capabilities of Relay Pro, the platform can help optimize your business' finances.
For more information on the Relay, check out our full review.
⚠︎ This is not a bank but a banking service provider.
Relay is a financial technology company, not a bank. We use banking partners to provide banking services. FDIC insurance protection may be limited. Read this article from the FDIC to understand the risks of using non-bank companies.
How to Choose the Best Business Bank Account for Your Ecommerce/Shopify Business
As you can see, there are many banking options for e-commerce businesses. But you can only choose one. The following tips may help you decide.
- Understand what you need: Before you open a bank account, it helps to be clear about what you want from a bank. Make sure the bank you choose offers the account you want and the features you desire.
- Fee: Business owners often have to prioritize cost savings, so when considering a bank account, be sure to pay attention to the associated fees.
- ACH Transfer: Seamless Shopify Payments only works if you have a bank account that accepts ACH transfers. If possible, find an account that offers unlimited transactions with no fees.
- Integration: Some bank accounts, like Novo, offer integration with Shopify, which can help you streamline your business' finances.
Final thoughts
The right business bank account for your e-commerce business will depend on your needs. But the good news is, there are plenty of business bank accounts to meet your needs. For a full list of business banking options, check out our other top business checking accounts.
