![]() They open a checking and savings account at a bank that gives them a favorable introductory offer and has low fees. They bring along their business documents, including their business license and Employer Identification Number (EIN). Rates and fees vary from bank to bank, so John and Kelly visit multiple banks in the area. John and Kelly want to open a business bank account to keep the funds from their auto repair shop separate from their personal funds. Credit card accounts can help your business make large startup purchases and help establish a credit history for your business. This can be used in the event of an emergency, or if your business needs new equipment. Business banking usually comes with the option for a line of credit for the company. Plus, you'll be able to authorize employees to handle day-to-day banking tasks on behalf of the business. ![]() Customers will be able to pay you with credit cards and make checks out to your business instead of directly to you. Merchant services also offer purchase protection for your customers and ensures that their personal information is secure. Business banking offers limited personal liability protection by keeping your business funds separate from your personal funds. Most business bank accounts offer perks that don't come with a standard personal bank account. You can open a business bank account once you've gotten your federal EIN. Common business accounts include a checking account, savings account, credit card account, and a merchant services account. Merchant services accounts allow you to accept credit and debit card transactions from your customers. Market research and competitive analysisĪs soon as you start accepting or spending money as your business, you should open a business bank account.
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