How to open a business account online?

Introduction

Opening a business account today is much easier than it was 20 or 30 years ago. Fast development of technologies, the mass expansion of the Internet and appearance of mobile technologies allowed the online banking sphere to grow rapidly. 

Online business account gives you the freedom to manage your transactions and can integrate with all the necessary business software solutions (accounting, bookkeeping, payroll and others). 

Also, it is very convenient that you can open a business account remotely. There is no need to go to the branch of the bank and to wait in a queue. All the essential documents can be uploaded online, and you can start working within one day. 

This article will cover all the key aspects of opening an online business account and help to understand what is needed for this. 

Choose the desired bank

When choosing a bank to open an online business account, it is necessary to pay attention to the following criteria:

  • Reliability

Carefully study the information about the bank where you are planning to open an account and read reviews about it. You must be sure that your funds are safe and you can rely on a certain financial institution.

  • Conditions

Often, banks open an account remotely and quickly, and there is no need to visit a bank branch. Find out how long it will take you to open an account and what are the requirements.

  • Customer service

Sometimes you will have to turn to bank specialists for help and you should be sure that the customer service will help when you need it.

  • Price

Familiarize yourself with the current plans, find out what is the commission for withdrawing and replenishing funds, and figure out if there are any other operational fees.

  • Services

Find out if the bank provides additional services that will make it easier running your business, such as online bookkeeping.

  • ATMs

Check how many ATMs does your bank work with and how many ATMs are available in your area and in your country.

Prepare the necessary documents

After you have chosen the business account provider, your next step will be preparing all the necessary documents. The list of documents varies depending on your business structure.

The general documents that you will be asked for include:

  • Social security number;
  • Employer identification number 

Then, depending on your business structure, you will be asked for additional documents. For sole proprietorships, it will be a business license and for partnerships it would be a partnership agreement and business name filing document. For corporations and LLCs, it willl be Articles of Incorporation and Articles of Organisations, respectively. 

Fill in all the necessary details about your company and yourself

If you have chosen a bank and prepared all the necessary documents, you can start the process of opening a business account. 

You just need to visit the website of the chosen bank, sign up in a couple of clicks and then upload all the necessary documents. After that, the bank will check if you are eligible to open a bank account and check your documents. When the security check is complete, the bank will inform you about it. Banks can refuse to open a business account if you are working in industries such as telemarketing, gambling, government, precious metals. These industries require in person bank attendance. 

Registration and verification of your online business account

When the bank confirms that you can open an account, you will need to activate it and finalize your banking details. They will send you the activation code on your email and you enter on the bank’s website. 

Then, you will get a login and password or you can create them (depending on the bank) and set up a security question and answer. The security question is used to verify your identity or to recover your login and password in case you forget them. 

The final details the bank will ask for will be your correct date of birth and business address. After entering these details, your account will be verified. 

Final words

Opening a business account online will save your time and nerves. The criteria we have mentioned when choosing a bank for a business account will allow you to do some research and find a bank that suits you best.

But the most important criteria is that you should be comfortable with your bank and it should help you to grow your business. 

Zeeshan

Writing has always been a big part of who I am. I love expressing my opinions in the form of written words and even though I may not be an expert in certain topics, I believe that I can form my words in ways that make the topic understandable to others. Conatct: zeeshant371@gmail.com

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