Best Banks for eCommerce Business: Top 9 Best Business Banks

Joshua Weatherwax
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    Once you've decided you're starting an eCommerce business and have your eCommerce business license, you need to start looking at what bank you'll use. This includes exploring the best banks for eCommerce businesses.

    First, it’s important to understand what is e Commerce business. Keep in mind, not all banks are capable of keeping up with the fast-paced world of eCommerce.

    You need to make sure that the bank you choose can help your eCommerce or restaurant business grow and provide the tools to succeed. It will also make eCommerce accounting much easier, since you'll know where your money is and how it's growing. We've put together a guide on the best bank accounts and banks for eCommerce businesses to help you make an informed choice.

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    Best Banks and Accounts for eCommerce Business

    There are many bank account options for eCommerce businesses, but a checking account is the most important. We've put together a list of the five best free checking accounts available

    There are many types of eCommerce businesses, so we ranked these accounts based on their overall value. This way you know what bank is best for business purposes, including the best digital bank for small business and startup companies.

    Here's how we ranked the best banks for eCommerce businesses:

    eCommerce Bank Ranking Criteria
    • Cost. If you're running an eCommerce startup, you know  money can be tight. You don't want an account that costs you money every month just to keep it open.
    • Limits. Transaction limits, minimum balance requirements, and the inability to access your account on the go can hamper your buying power. Small eCommerce business owners are better served by accounts that help their business, not hamper them.
    • Features. Mobile bank apps are one of the best features for a small eCommerce business bank account. There are a few other useful features to look for as well, including transaction alerts, mobile deposits, and contactless payments such as ACH transfer options for ACH payment.
    • Integration. Many accounts can actually be integrated into other services you use like Quickbooks, Stripe, and more. Though not necessary, this is a nice feature that can bring value to some eCommerce businesses.

    1. Novo

    Novo is a much newer business banking solution but it was built specifically around mobile banking for small business owners. This means you won't run into any tech issues and it can be integrated into most online storefronts.

    The best thing about Novo is that all of its features are entirely free. This includes a Mastercard for debit card purchases, unlimited transactions, transaction alerts, and ATM refunds. It’s considered one of the best banking for online business companies.

    Novo comes with Google Cloud credits and zero-cost processing from Stripe. If you come up with profitable eCommerce business ideas regularly, you definitely want an account that you can grow with. Whether you own your site or use an online marketplace, we think Novo is the best choice for you.

    2. NorthOne

    Like Novo, NorthOne is a modern banking solution for small businesses and freelancers. They offer an FDIC-insured business banking account with API connectivity to PayPal, Square, Quickbooks, and many other tools. Even better, it only takes three minutes to set up and for a flat fee of $10, you get unlimited transactions and no hidden fees.

    The best thing about NorthOne is the user-friendly mobile banking. For small businesses and entrepreneurs, this can make all the difference as you have access to your account and reports 24/7. You can even order extra debit cards for your team within the app! Be sure to understand the entrepreneur job description to see if you fit into this category.

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    3. Chase Business Complete Checking

    Unsurprisingly, one of the 10 largest banks in the world also has some of the best offerings for eCommerce businesses. Chase Business Complete (formerly Chase Total Business) is the perfect all-in-one account for a small- to mid-sized business.

    In addition to a slew of incentives they offer for opening an account, they've also got a pretty robust mobile app. It also comes with all the typical offerings like an extensive ATM network, debit cards, ACH transfers, and mobile depositing. That way you'll always be able to accept an eCommerce payment.

    The only real drawback to the Chase Business Complete Checking account is that it has a monthly fee. This fee of $12 is waived as long as there is $1,500 in the account regularly. For businesses, this should be simple with good cash management practices.

    Still, the benefits far outweigh this potential cost. If you come up with profitable eCommerce business ideas regularly, you definitely want an account that you can grow with.

    4. TIAA Small Business Checking

    The second of the larger banks on our list is TIAA Bank. Their Small Business Checking is a great option for small eCommerce businesses that want a long-term banking option. It has no monthly fees, ATM reimbursement, and convenient mobile check deposits.

    One drawback of this account is that it requires $1,500 to open, which may be tough for a startup. That being said, it also offers annual percentage yield (APY)  of 1.21% for the first year, which is higher than many other high yield savings accounts. If you have the capital and expect to grow quickly, a checking and savings account is a very good option.

    5. Axos Small Business Banking

    The oldest online bank in the U.S., Axos is built conveniently to serve eCommerce businesses. There are no physical locations, but your money can be accessed from any ATM in the U.S. and fees will be reimbursed. Accounts are also free to open and have no minimum balance requirements. A new business owner can even get $100 when opening an account.

    The negatives for Axos are that you are limited to 200 free transactions per month, after which you're charged $0.30 per transaction. They also don't offer credit cards and customer satisfaction support hours are not always convenient.

    Best eCommerce Bank

    Choosing a brick and mortar bank for your eCommerce business can be complicated, so we've broken it out into a few categories that you may fall under. Unlike our list of checking accounts, here we're looking at banks with a narrow lens.

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    Here are the best banks:

    Best Overall Bank for Small eCommerce Businesses: Chase

    Not only did Chase top our list of checking accounts, but they're the best option for small businesses. With more than 5,000 locations and 16,000 ATMs across the globe, you'll always have physical and digital access to your accounts. They also have multiple tiers of business accounts so you can grow and stay with the same bank.

    One of the best aspects of Chase is that they offer small business loans ranging from $10,000-$50,000. This capital may be vital in taking your business to the next level. Their credit card offerings are also some of the best on the market.

    Best Credit Union for eCommerce Businesses: America First Credit Union

    America First Credit Union is a Utah-based credit union with a number of co-operative online banking in eCommerce agreements. These let its members access their accounts through more than 30,000 ATMs in the U.S. They also have a robust business loan program and offer a dedicated business credit card. It has multiple business checking account options and can assist with payroll, business

    Unfortunately, like many credit unions, America First only operates in a handful of states. Luckily, If your business is in one of them, then you could do much worse.

    Best for SBA Loans: Wells Fargo

    Another prominent bank, Wells Fargo has a very strong set of offerings for small businesses. In 2019, they lent more than $140 million to small businesses. Even better, their national average loan size is around $80,000.

    That means you don't have to be in need of an astronomical sum to get approved. They are a bit more traditional than some other banks on this list, but their customer service, number of locations, and financing options make up for it.

    Best Sign Up Perks: Bank of America

    Another big name in banking, Bank of America has some great incentives for small eCommerce businesses. They have multiple options for cashback when opening an account, getting a business card, and even spending. They also have locations all over the country so you can easily find a branch if you need to do some in-person banking.

    Unfortunately, unlike Chase, Bank of America doesn't offer unlimited free transactions. They also limit the number of free cash deposits. If you're looking to open a second business account or won't be depositing money too often, this may be a great option.

    Show Me the Money!

    A business without a bank account is like a house without walls. It might function, but it's not going to be enjoyable. You need to make sure your money is protected and working for you. Pick the bank and account options that best match your company's needs and growth goals.

    If you're a very thorough planner, try to include this information in your eCommerce business plan template. This will signal to investors that you have a good financial plan and keep you focused. Such information should be in your eCommerce business plan. This includes your restaurant business plan, drop shipping business plan, and winery business plan.  

    You should also make sure to pick up some eCommerce business insurance. You don't want to end up draining that new bank account on lawsuits.

    When exploring the best banks for your business, it’s important to keep in mind PCI compliance and eCommerce credit card processing options. These are especially important in the restaurant industry if you have an online ordering platform. Payment gateway providers make it simple to use all kinds of payment methods including eCheck. Read more about credit card payment gateway options.  

    We also recommend picking up some eCommerce books and reading an eCommerce blog or two so you can learn about the current eCommerce trends and continue to grow your business and fill up that new bank account. Additional trends that can grow your business include restaurant technology trends, DTC trends, and supply chain management trends.

    Frequently Asked Questions About Best Banks

    Though eCommerce banking has similarities to personal banking, there are key differences to be aware of. If you’re doing business banking for the first time, you’re likely asking a few common questions. Check out our answers to these frequently asked questions below: 

    Do I Need a Business Bank Account for eCommerce?

    Yes, you should set up a business bank account for your eCommerce venture. There are multiple benefits to keeping your business transactions separate from personal ones. 

    One, it simplifies accounting because you don’t need to separate personal purchases. Two, it’s much easier to assign expenses to specific accounts on a monthly basis. Three, your business taxes and fees are kept separate from personal income. This offers peace of mind for all of your financial accounts. 

    How Much Does It Cost To Open a Business Account?

    Every business’s policies vary, but most banks will let you open a business checking account for $25-100. This isn’t a fee you pay to begin banking with the company, but a minimum balance required to open your account. These competitive rates are how businesses attract new clients.

    Some businesses require a minimum daily balance of $1,000 or more, though this depends on what bank you use and their requirements. When opening a business account, review their terms carefully and make sure it’s a bank that works for your needs. If you have specific questions, contact one of their business representatives. This includes when opening a restaurant, opening a coffee shop, opening a food truck, opening a bakery, opening a grocery store, or a ghost kitchen.

    What Do I Need To Bring To Open a Business Bank Account?

    There are several documents to bring when opening a business bank account, including the following: 

    • Employer identification number (EIN) or federal tax ID (FTID)
    • Articles of organization or incorporation (depending on business type)
    • Personal identification, including driver’s license and social security card
    • eCommerce, retail, and/or manufacturer’s wholesale license
    • Your Doing Business As or certificate of your assumed name
    • Ownership agreements (who owns what and what amount in the business)
    • Current monthly business revenue
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    Your bank uses this information to keep accurate records and to simplify the sharing of information during tax season.

    All offers, low and high interest rates, and conditions are as of this writing and may have changed. Check with the respective bank for current details.

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