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  1. #1
    SitePoint Evangelist
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    I have heard that you have to have one of these to conduct business out of. Which is a good one? I assume it will be an internet bank that has the highest interest rate. With credit card transactions, can you set it up to only send funds into your bank account a few times a month? If so, a money market account would be perfect because you could sweep the funds from the credit card transactions into your money market account a few times a month, buy everything for your business on your business credit card, and make your payment to that card once a month. Then you would be within the money market transaction limitation. Anyway, which is a good business bank account, or where could I find out about them? Thank you!

  2. #2
    SitePoint Wizard
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    Which country are you in? Options vary greatly between countries...

  3. #3
    SitePoint Evangelist
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    I'm in the US. California if that matters. I'm currently looking at http://www.firstib.com. They have what looks like a good money market business account. I really need to know if a credit card service like Cardservice would allow me to only send the money from credit card transactions to my bank account once a week to remain within money market transaction limitations. Let me know if you know, or if you know of another good bank for business. Thanks!

  4. #4
    Don't get too close, I bite! Nicky's Avatar
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    Im' not sure about the US but in the Uk you don't HAVE to have a business acount, they just recommend one because it makes keeping your books a lot easier.

  5. #5
    SitePoint Member
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    Check out First Bank of Beverly Hills, whom I've done biz with for 1+ years now and have had good luck, both with funds sweep (into MY checking account) and on a much more frequent basis than is mentioned above.
    DON'T go with a merchant bank that hangs onto YOUR funds for more than 24-72 hours MAXIMUM, as they are working on YOUR money, earning interest on the "float". Your earnings, less the discount, should flow to your regular checking account via electronic deposit within a VERY short period.
    Hope this helps.
    WK Irish
    See ya' on the net at http://www.zerorust.com

  6. #6
    ********* Addict jaiem's Avatar
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    (not a layer, not a legal opinion)

    If you're business is a sole proprietorship you can usually get away with a personal account. People have to make out thier payments to you personally, not the name of your business. There may also be some restrictions or limits on some types of transactions.

    Most businesses even sole props want a business account so they have business checks and keep the money seperate from thier own.

    Personally I'd go with a local bank rather than an online bank. Depending on they type of business if you have questions or problems I feel better about being able to go into a branch to speak with the manager.
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