The Top 5 US Bank Accounts For eCommerce Businesses in 2023
Choosing bank accounts for ecommerce businesses can be a complicated process. With so many options available, not all of them might be an ideal fit for your business or include the best benefits that you would actually use.
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For this reason, we have compiled a list of the best US bank accounts for ecommerce businesses in 2023. It goes without saying that all of the information provided was accurate at the time of writing, but certain rates or benefits may change over time.
It would be impossible for us to give each of the following banks an objective rating as every business has different needs and priorities. Instead, we have scored them out of what we believe will work for most businesses. Underneath the table, we highlight the various bank accounts for ecommerce businesses we have scored and highlight what made them make our list, and who they might be best suited for.
|Business Banks||Pricing||Card||Regulation||Key Features||Score||Find Out More|
|FREE||FDIC||- No hidden fees - No monthly fees or minimum balance requirements - Simple, easy-to-use mobile apps - Approval decision in under 10 minutes||9.8||Visit Site|
|FREE||FDIC||- No monthly fees - Free transfers, checks and wires - Easy to use mobile app||9.6||Visit Site|
|$10/month||FDIC||- No minimum deposit or balance - No charges for cash transfers - No charges for ACH payments - No charges for ATM withdrawals||9.2||Visit Site|
|FREE||FDIC||- No minimum balance - Integration with Square platform - Apply in as little as 2 minutes||9.1||Visit Site|
|$15 ($0/month if conditions met)||FDIC||- Chase Mobile Banking - Access to 16,000 ATM's & 4,700 Branches - Associate Debit and Employee Deposit cards available||8.7||Visit Site|
Novo is an online bank that was built purely for business owners, freelancers, and entrepreneurs. You can tell that Novo was built with businesses in mind due to the wide array of integrations they have with market-leading software services and products.
Current integrations include:
- and more
Obviously, Novo does not have any physical locations so that should be a consideration if having a physical banking location is important to you. But because of this their online and mobile apps are some of the best out there as they are built to cover everything bank accounts for ecommerce would need to succeed.
Other features of a Novo Bank Account include:
- Backed with FDIC insurance* (Through Middlesex Federal Savings)
- No hidden fees
- No monthly fees or minimum balance requirements
- Simple, easy-to-use mobile apps
- Apply in under 10 minutes
- Human-powered customer service
- Free transfers, mailed checks, and incoming wires
- Refunds all ATM fees
As far as bank accounts for ecommerce businesses go, Novo also has an impressive array of perks for business owners. Including partnerships with Stripe, Google Cloud, Booking.com, QuickBooks, HubSpot, and more. All together businesses have access to over $4,000 worth of savings.
For this reason, if you identify as a startup, small business, or freelance entrepreneur, then Novo should definitely be on your radar. You can learn more here.
Mercury is another online bank similar to Novo, but whereas Novo focused on the entrepreneur and freelance market, Mercury aligned itself more with startups and small ecommerce businesses making them a natural option when looking at bank accounts for ecommerce businesses.
Mercury has a dedicated ecommerce landing page and offers a whole host of integrations that would be desirable to ecommerce business owners.
Current integrations include:
When it comes to bank accounts for ecommerce, Mercury offers a standard free account to business owners.
For the standard free account, the features include:
- Backed with FDIC insurance* (Through Choice Financial Group & Evolve Bank & Trust)
- Free account
- No hidden fees
- No monthly fees
- No overdraft fees
- Free transfers, checks, and wires
- Easy-to-use mobile app
- Apply and get approved quickly
Similar to Novo, Mercury also offers an impressive range of perks for those with bank accounts, including deals from the likes of HubSpot, Xero, QuickBooks, AWS, Zendesk, and many more.
If you are looking for a bank account for ecommerce then Mercury should be on your shortlist.
When covering these different bank accounts for ecommerce businesses we have tried to cover as many bases as possible for your different needs. Whilst NorthOne may seem similar to some of the other entries on this list as a new online bank, there is one key difference.
The difference is that NorthOne charges $10 per month as a flat rate. The monthly fee covers all of the usual bank charges except for wire transfers. The other benefit of NorthOne is it includes an impressive list of integrations for both ecommerce and accounting.
NorthOne Features Include:
- Backed with FDIC Insurance* (Through The Bankcorp Bank)
- No minimum deposit or balance
- No commitment or contract
- No charges for cash transfers
- No charges for ACH payments
- No charges for ATM withdrawals
- Easy-to-use mobile app
- Dedicated phone & email support
NorthOne also utilizes an interesting concept they call envelopes, which allows you to set up rules to automatically allocate your finances to different things in what could be called faux accounts. This could be very useful for tax purposes or recurring outgoings you know you will have every month.
As mentioned earlier when it comes to bank accounts for ecommerce, it is very beneficial for the accounts to have integrations with a variety of providers. NorthOne has integrations with Amazon, Shopify, PayPal, Stripe, Square, Etsy, Venmo, Quickbooks, and a whole host of others.
To find out more, you can get started here.
#4 Square Banking
When covering these different bank accounts for ecommerce businesses, we have tried to cover as many bases as possible for your different needs. This next one is potentially divisive, as some ecommerce sellers have not had a great experience with Square.
With that being said, it is hard to ignore the presence that Square has when it comes to ecommerce including bank accounts for ecommerce businesses. Like many of the others on the list, Square Banking is a free service and offers a range of benefits, and would most likely be a no-brainer if your business relied on other Square offerings.
Square Banking Features Include:
- Backed with FDIC Insurance* (Through Sutton Bank)
- No account minimums
- Instant account setup
- $0 minimum deposit
- No credit checks
- Funds from Square sales are instantly available
- Automated transfers to high-yield savings
- 24/7 access to funds
- eWallet options including Apple Pay and Google Pay
- View sales and savings in POS and Dashboard
- Free instant transfers to internal or external accounts
- Eligibility for Square Loans (up to $250,000)
The cons with Square are that they do not have any traditional infrastructure that you would find with a traditional bank. You will also get charged for ATM withdrawals and there is no facility for cash deposits.
As mentioned earlier, the biggest drawback is sadly the experience some ecommerce sellers have experienced with Square involving being locked out of accounts and not being able to access their money. It is worth clarifying that the complaints have been based on their credit card services, and not the banking arm of their business.
Therefore if you have an existing account with Square in good standing and feel like you have a good relationship then there are plenty of benefits that would result in you using Square banking. If however, you are new to selling it might be safer to go with someone else until you build up more of a reputation to avoid any account issues.
Square has a big reputation in the industry and when it comes to bank accounts for ecommerce businesses, they should be a consideration. To find out more, you can get started here.
#5 Chase Business Complete Banking
When talking about bank accounts for ecommerce it’s only fair that we cover one of the more familiar mainstream options and when comparing the national banking chains, it is hard to beat the business complete banking option from Chase bank.
This could be a great option for you if you prefer the security provided by a well-established and renowned national bank with the added bonus of physical locations nationwide.
Chase Business Complete Banking Features:
- Multiple options to waive the Monthly Service fee
- Built-in card acceptance
- Same-day deposits
- Alerts of your account activity.
- Chase Business online and the Chase Mobile® app.
- Unlimited electronic deposits, ACH, and Chase Quick Deposit.
- Convenient access to 16,000 ATMs and more than 4,700 branches.
Unlike the other newer online and disruptive businesses, Chase bank has the traditional fees, you have come to expect from business bank accounts. However, Chase does offer you multiple ways in which you can qualify to have the monthly service fees waived through normal business banking activities.
The other benefit of using an account with Chase is that everything is set up to work well with Chase’s other products, such as credit cards, lending solutions, and other merchant services. Because of these features the Chase Business Complete Banking account is very scalable and a good traditional option when looking at bank accounts for ecommerce.
At the time of writing, they currently offer a $300 incentive for opening accounts and meeting qualifying criteria, however, these come and go throughout the year. To find out more, just click here.
The Bank Account For Ecommerce Business Conclusion
As you can see there are a number of really impressive and appealing bank accounts for ecommerce. It would be impossible for one size to fit every business which is why we have tried to give you what we think are the best options for different needs.
As always, we urge you to do what makes sense for your business, whether that be a need for a physical location bank or free global transfers. The list of bank accounts for ecommerce businesses above gives you plenty of options to find the right fit for you and your business.
*Note* We use the term ‘bank account’ to also include financial technology companies that offer banking services along with other financial services. In the examples above some of these companies partner with an FDIC-insured bank (which is listed in the features section) to provide the same account protections, a direct banking customer would be given.
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Dave is a Co-Founder of eSeller365. For over 10 years he has been involved with eCommerce with a particular interest in the marketplaces and the huge opportunities available for sellers when utilizing a multi-channel strategy. After a year of being the UK’s youngest eCommerce consultant, he built an education platform called UnderstandingE that showed the world how to utilize Magento as the “Third Generation of Multi-Channel software”.
Dave has also created a YouTube channel dedicated to entrepreneurship and eCommerce as well as a podcast dedicated to mental health awareness. When Dave isn’t working his main interests include learning and playing Chess, researching the Crypto and NFT space, and trying to find the nearest beach.