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11 Reasons to Open a Business Checking Account Online


To open a business checking account online is to equip yourself with one of the foundational financial tools for any business. Not only that, the online business checking experience has many benefits over traditional banking. It’s no wonder that approximately 70% of business owners said they would rather open a deposit account online, according to one survey.

Whether you’re looking for a freelancer bank account or one to support an established entity, consider the advantages of online banking, from application to everyday use.

1. Separate Your Personal and Business Finances

The decisions you make at the beginning of your entrepreneurial journey could impact the trajectory of your business for years to come. One of the most common bits of advice echoed by many a financial expert is to create a separate checking account for a business so that personal and business expenses don’t begin to look like one and the same. The sooner you can establish the divide, the cleaner your recordkeeping will be. If you hold off on opening a business checking account, it can be difficult to break the habit of commingling funds.

2. Skip the Trip to the Bank

Maybe you intend to open a business checking account but haven’t found the time. That’s when you might want to open a business checking account online rather than in a bank branch. 

Applying for an online business checking account has convenience going for it. Now, during the ongoing coronavirus pandemic, it is also a legitimate safety measure in place of an in-person account opening consultation. In a Lightico survey, 78% of Americans expressed concern over going to their local bank during the pandemic. Additionally, 55% said they would visit bank branches less often and another 26% said they would avoid face-to-face banking altogether.

3. Avoid the Upsell

It might not be quite as cringeworthy as the thought of stepping into an auto dealership to speak with a car salesperson, but sitting down with a bank representative can undoubtedly invoke a similar feeling of being sold to if he or she begins to offer products and services you don’t feel you need. The advice is to simply say, “No,” but we all know it’s not always that easy. With an online application, you can speak to someone if you have questions or click through the process solo if you don’t. “Just the checking account—please and thanks.”

4. Your Time is Money

Even the humblest and most down-to-earth entrepreneurs can develop a “time is money” mindset, particularly when it comes to managing their own schedule. Opening a business checking account should not be a difficult to-do, but visiting a bank branch, meeting with a rep, listening to any additional sales pitch, and finally opening the account can make it time-consuming. 

As a business owner, you need to use your time wisely and guard it closely. Along with digitizing the application process, opening a business checking account online lets you tackle the task at a time that is convenient for you—even if you have to divert your attention elsewhere in the middle of your application and come back to complete it later.

5. Open an Account Fast

The digital age is driven by the need for speed. We all want to be able to do things faster and with less friction. Online, you can fill out a business checking application in just a few minutes.

6. Fee-Free Online Business Checking 

When you’re comparing business checking accounts, keep an eye on fees. While personal checking accounts are usually free, business checking accounts will often include monthly maintenance fees as well as transaction, cash handling, and ATM fees. According to a 2020 WalletHub study, business checking accounts are 70% more expensive than branch-based personal checking accounts and 47% more expensive than online-only personal checking accounts.

While large institutions are known for having business banking fees, online-only banks typically have fewer to no fees.

7. Tap into Helpful Tools

Digital banking can and should include much more than the ability to make basic deposits and withdrawals. With the right business checking account, you can integrate many of your business functions—such as invoicing clients, accepting payments, tracking expenses, paying others and more—all within your business banking platform. In a world of apps, taps, and clicks, your bank should be right there at your fingertips, too.

8. Enable Remote Operations

Remote work was trending long before the pandemic forced everyone to stay home. Many companies that may not have been inclined to allow telecommuting previously are now realizing that it can—and, at least for the time being, must—work. 

Whether you decide to open an office or go 100% remote is completely up to you. Each brings its benefits and drawbacks. It is, however, recommended to at least enable your business to operate remotely if or when needed, given the current conditions. An online business checking account can be the first pillar in your virtual workplace strategy, allowing you to connect your banking activity with other online tools, such as QuickBooks for accounting, Stripe for online payments, or Kabbage for small business funding.

9. Make Mobile Deposits

Running a business requires you to stay ahead of cash flow. In volatile economic times and/or for businesses where 30- or 45-day payment terms are the norm, every efficiency helps when it comes to getting the money you make into your bank account quickly. Instead of holding on to checks until you can visit an ATM or bank branch, consider switching to online banking if for no other feature than mobile check deposits. Yes, you can deposit checks from your desk using your mobile device! Here’s how it works with Azlo (which may be similar at other online banks):

  1. On the back of your check, sign your name and write, “For mobile deposit only to Azlo,” under your signature.
  2. Log into the Azlo mobile app.
  3. Tap the “Deposit check” button.
  4. Enter the amount of the check.
  5. Take pictures of the front and back of the check.
  6. Tap “Submit.”

The funds from mobile check deposits typically become available within one to six business days. It could easily take that long just for you to get to the bank, only to have to wait for an additional time period before the check is cleared.

10. Find ATMs with Ease

Something else you might not know about online-only banks: ATMs can actually be easier to find than trying to locate a bank-specific machine. Having a wider ATM network helps with avoiding unnecessary fees that can quietly chip away at your checking account. That said, if you’re withdrawing cash from your business for personal use, be sure to read this article first.

11. Get the Best Online Banking Experience

Opening a business checking account online comes down to choosing the right online banking solution for your business.


Hi there! This post exists to offer you (hopefully) useful information but it cannot take the place of personalized professional advice. Please consult a qualified expert if you have questions about your business. Also, Azlo doesn’t endorse any third-party sites that are linked here.

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