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Setting Up a New Business Bank Account Online: A Simple Guide

Starting a new business can be an exciting yet daunting task. One of the essential steps in this journey is setting up a business bank account. Fortunately, the digital age has made this process easier than ever. With online banking solutions, entrepreneurs can establish their business accounts quickly and efficiently. In this blog, we’ll explore three examples of mobile-first bank accounts and how they can seamlessly link to Stripe payments for your business transactions. Additionally, we’ll touch on WIX's equivalent payment service.

Three Mobile-First Bank Accounts

1. Novo

Novo is a mobile banking solution designed specifically for small businesses and entrepreneurs. The account setup process is straightforward and can be completed in minutes via their app or website. Key features include:

• No monthly fees or minimum balance requirements

• Integration with popular business tools like QuickBooks and Xero

• Easy access to your account through a user-friendly mobile interface

Novo also allows you to link your account to Stripe, enabling you to accept payments from customers effortlessly.

2. Mercury

Mercury is another excellent option for startups and tech-savvy businesses. This online bank focuses on providing services to tech companies and startups. Its features include:

• No monthly fees and no minimum balance

• Virtual debit cards for easy online transactions

• Robust API for developers, making it easy to integrate with other services

Mercury’s seamless integration with Stripe allows businesses to manage their payments and finances in one place.

3. Chime

Chime is a popular mobile-first banking solution that offers a user-friendly experience for small businesses. It is known for its simplicity and transparency. Key benefits include:

• No hidden fees or minimum balance

• Automatic savings features to help you grow your funds

• Mobile app for easy account management

Chime can also be linked to Stripe, making it easy for businesses to handle payments directly through their accounts.

Linking to Stripe Payments

Once you have set up your business bank account with one of these online banks, linking to Stripe is a straightforward process. Stripe is a powerful payment processing platform that allows businesses to accept online payments easily. To link your bank account to Stripe, follow these general steps:

1. Sign up for a Stripe account if you haven’t already.

2. Navigate to the 'Settings' section of your Stripe dashboard.

3. Select 'Bank Accounts' and click on 'Add Bank Account.'

4. Enter your business bank account details and verify your account.

Once linked, you can start accepting payments from customers, making it a breeze to manage your business finances.

WIX Payment Service

In addition to the bank accounts mentioned above, WIX offers its own payment service, WIX Payments. This service allows users to accept payments directly through their WIX websites. WIX Payments simplifies the payment process for business owners by providing a seamless integration with their online stores. With WIX Payments, you can:

• Accept multiple payment methods, including credit cards and PayPal

• Manage transactions directly from your WIX dashboard

• Access detailed reports to track your sales and performance

This service is particularly beneficial for businesses that use WIX to build their online presence, allowing for a cohesive experience from website creation to payment processing.

Conclusion

Setting up a business bank account online has never been easier, thanks to mobile-first banking solutions. With options like Novo, Mercury, and Chime, entrepreneurs can quickly establish their accounts and link them to payment processors like Stripe. Additionally, WIX offers a convenient payment service for its users, further simplifying the process of managing business finances. Embracing these digital tools can help streamline your operations and set your business on the path to success.