Online Banking Update: BlueVine vs. Chase
Choosing the best online banking service for your business will depend on the needs of your business.
A recent statistic shows the share of the population using digital banking services in the United States from 2018 to 2022, by generation. In 2018, nearly 75% of Millennials in the United States used digital banking services, which is expected to reach 77.6% by 2022.
Online banking had grown in importance even before the current pandemic, with its premium web services and mobile apps. However, more than ever, business owners are relying on technology to meet their banking needs from the comfort and security of their homes. If you are considering using online banking for your business, consider the pros and cons, as well as how these cutting-edge banking tools are transforming the way business owners interact with their money.
Businesses are using online banking services to replace in-person visits to a branch in today’s fast-paced world. It has a number of web features that allow you to conduct financial transactions online, including:
- Payment of invoices
- Tax payments
- Transfers of funds to traders and providers
- Pension fund contributions
- Loan applications for business loans, credit cards or lines of credit
Benefits of online banking
According to The Really Useful Information Company (TRUiC), there are other benefits to online banking, in addition to the ability to bank anytime, anywhere. You may also be able to:
Pay bills online
One of the most important benefits of online banking is that you don’t have to take the time to go to the bank. You can pay your bill immediately by logging into your account and paying it online. You can also set up automated bill payments for better efficiency, which will help you manage your cash flow when you have monthly payments to and from vendors.
To transfer money
You may need to send money to a customer or supplier quickly, or you may need to transfer money from one account to another. You can transfer money securely online instead of sending a registered check and waiting for it to clear.
Online Check Deposit
You may be able to deposit checks online in a matter of minutes rather than going to a bank branch and standing in line. You can also do banking on the go, as most financial institutions offer an app that duplicates their services from your phone. Additionally, some banks provide 24/7 customer support, so you can contact a representative at any time.
Reduce your overheads
Your banking fees can be reduced if your business is banking online, because online banks do not have to pay the cost and maintenance of branches, and these savings can be passed on to you. Plus, they might have more free solutions which will help you save even more money.
There are four factors to consider when choosing the ideal business bank account for your small business:
- What kind of business do you run?
- Your business requirements
- bank requirements
- Other advantages
We’ll take a look at three of the biggest national banks for small businesses and which bank accounts for businesses and see what makes them the best option for certain types of businesses:
BlueVine is an online financial institution. They are ideal for organizations that don’t do a lot of cash transactions but will eventually want a business loan. BlueVine started out as a small business loan before moving into business banking. They excel at both.
To open a business checking account with BlueVine, go to their website and complete an online application, along with submitting your business creation documents, tax ID / EIN, and other essential information. .
BlueVine Payments is a unique bill payment service offered by BlueVine. You can pay vendors or anyone with a credit card, and BlueVine will pay them on your behalf by writing them a check or issuing an ACH payment. This service has a cost of 2.9%.
Chase is the bank to check if you own a retail or restaurant business that generates large and frequent cash deposits. They are ideal for organizations that manage a lot of money and have many physical locations. Chase has approximately 4,700 physical locations across the United States. Chase also offers a variety of competitive account alternatives suitable for different sizes of businesses.
You will need to complete an application and provide your business creation documents, tax identification number / employer identification number (EIN), driver’s license or state issued ID card, along with other personal and business information essential to starting a business checking account with Chasser.
Additional Benefits: Chase offers a variety of business chequing account options. In addition, they offer a few business savings accounts. Each account they provide is designed to help various types of organizations in various situations.
A business bank account is required for various reasons. One of the most important reasons to open a corporate bank account is to keep your limited liability protections and avoid breaking the corporate veil. Additionally, you will need a business bank account to establish trade credit as well as a mechanism to collect and preserve your income.
Choosing the best online banking service for your business will depend on the needs of your business. BlueVine and Chase are both great options and offer a variety of services and benefits.