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4 Reasons Why Your Ecommerce Business Needs an Online Bank Account

No matter what type of online business you manage, your Ecommerce business deserves the very best when it comes to banking. You might first think of opening a business checking account with your local community bank, where you might already have a personal account opened. Let’s take some time together to stop and discuss why an online bank might be a better option for you. Your Ecommerce business probably has a lot of moving parts, so it is in your best interest to try and manage everything as easily as possible. An online checking account might be the answer you are looking for, read these 4 reasons to open an account for your business today.

1. Convenience

Gone are the days you have to plan to travel to your bank during business hours in order to receive updates on your account. With an online bank, you are able to access your account information 24/7 and from any mobile device. Whether it’s transferring funds or paying bills, everything can be done on your own schedule.

2. Simplifies your business

You should be busy running your Ecommerce business, you shouldn’t be busy trying to figure out how to set up payroll, send professional invoices or generate reports. Instead, let your online bank handle that. Once you log into your online business bank account, everything will be in one place. You can review your transaction history in real-time, pay bills, transfer funds and send wires.

3. Lowers costs

An Ecommerce business requires some money to be spent, that’s why it’s important to keep an eye out for some areas where you can save. Opting for an online business checking account might help you save money due to their lower fees. Online banks don’t have to pay for different branch locations, instead they are able to provide their clients with a better, more affordable experience.

4. More rewards

At Radius Bank, the tailored business checking account not only keeps your money organized, but it also comes with extra benefits. Your ecommerce business shouldn’t have to deal with unnecessary fees or monthly requirements, Radius offers no monthly maintenance fee for balances over $5,000 and no minimum balance requirement after $100 to open. With your Radius debit card, you will also receive up to 1.5% cash back on debit card purchases.1,2

Open an account online for your Ecommerce business today. The fast and flexible onboarding experience will set you up with an account that will be there for the rest of your business’s journey.

1 The Debit Card Rewards Program (Cash Back Rewards) will provide 1.00% cash-back on all Qualified Purchases made by eligible Tailored Checking account holders if the account holder meets the requirements and keeps an average balance of $5,000 or greater within the calendar month in their Tailored Checking Account. The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as Radius Bank does not provide tax advice. Qualified Purchases include signature-based purchases made with a Radius Bank Debit Card tied to a Tailored Checking account enrolled in the Debit Card Rewards program. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and how the transaction is transmitted to Radius Bank at the time of processing. We reserve the right to determine if a transaction was a Qualified Purchase, and to establish additional types of Qualified Purchases that could be made available in a variety of ways. Any goods or services purchased with the Radius Bank Debit Card that are returned or otherwise credited to your Account are not qualified purchases. Unlawful purchases and purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Cheques, gift cards, Cryptocurrency, Casino Chips, Peer to Peer Payments, prepaid debit cards, account openings, loan payments, or other cash equivalents) made with your Radius Bank Debit Card are not Qualified Purchases. We may require you to provide documentation to validate that certain purchases are Qualified Purchases. Radius Bank reserves the right to modify or discontinue this program at any time. Your enrolled account must remain open, active, and in good standing to participate in the program, meaning: No NSF (non-sufficient funds) items during the preceding twelve calendar months in your checking account (regardless of the type of checking account). An eFunds check must show no negative history in the preceding twelve months and all monthly servicing fees must have been paid in full for the 12 preceding months. Radius Bank reserves the right to modify the description of “good standing” at any time. If you or the Bank closes your account for any reason before the end of the statement cycle, you will forfeit all rewards accrued through your linked Debit Card during that statement cycle.

2 For a limited time, an additional 0.50% bonus on transactions made in certain merchant categories will apply. Transactions must be within the following dates to qualify for a bonus: April 1, 2020 to December 30, 2020. Only specified categories will receive a bonus. Categories receiving the bonus are: drug stores and pharmacies, medical services and health practitioners, misc. food stores, convenience stores, specialty markets, fast food restaurants, eating places and restaurants, grocery stores supermarkets, cable and other pay television (previously cable services), computer software stores, book stores, charitable and social service organizations. These categories are determined by the merchant, not by Radius bank. All additional requirements of the Debit Card Rewards program apply.  

About the author

Alain Glanzman

With years of experience in business, Alain is the Vice President of Small Business Banking at Radius Bank. Alain understands the connection between banking and business and focuses on small businesses growing their deposits.