Launching your tech startup is a lot of fun and very exciting, and naturally, you will have to go through the process of getting a business checking account. But the question is how you can do that properly and what you should look for. There are so many options out there, and you want to make sure that you choose the right one that comes with all the things you need. Let’s take a look at the main features and things to look for in a tech startup business checking accounts:
As a tech company, you're going to have a lot of online transactions and mobile payments. And your bank has high ATM and transaction charges. Those fees will really add up. To avoid these heavy fees, you will want to opt for a business checking account that has no monthly maintenance fees, or at least the fee is waived by a balance or activity requirement, like the Bluevine business checking account.
Say you are having a really busy day, and cash is flowing in, but suddenly you hit your daily limit. Now, that is not ideal or sustainable long term. So make sure the bank you choose for your business checking account has no limits. For cash flow needs, you will also want to look out for mobile check deposits, integration with accounting software, and a good way to manage expenses.
It's all about convenience, so get a bank that gives you that. You will want a business checking account that manages all your needs through online and mobile platforms. Make sure you can easily view transactions, transfer money, and manage your account from anywhere in the world and at any time. Make sure you get notified of your transactions in advance and have a bill pay option and mobile deposit option.
While business checking accounts don’t often offer high interest rates, some modern options provide healthy rates, so you can earn interest on your deposited money. If you tend to keep a large balance for your tech company, you may want to look into one of these interest-bearing account options. Although seemingly small, it can help leverage your financial position and manage your company’s cash flow.
Often, good, responsive customer service can make all the difference, and for a tech company, you may have some more specific issues that you need help with that other companies do not. Whether you need help solving an issue, setting up your account, exploring features, or anything else, having a bank that is quick to respond is crucial. Choose a bank with customer support 24/7 and is reachable via phone, chat, and email.
Tech companies often use a variety of payment platforms and invoicing tools. Be sure that your chosen business checking account works with the tools you use. Having fully compatible tools like PayPal, Stripe, or a bank transfer can make money management easier and keep everything much more organized.
When you start a tech company, you really want to make sure you set yourself up for success. Knowing you need a business account is a great place to start. Also, figuring out how to get one that benefits you and does more than store your money is just a brilliant business move. With this guide and maybe going for a bank like Bluevine, you can set up a business account you can rely on!
