Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.
Looking for an accounting definition? We cover all of the basics in our quick guide to accounting terms, so you can quickly understand important accounting terms and get back to running your business.
Credit bureaus arose to help lenders quickly gauge the reliability of a potential borrower. In the past, you could go to the good ol' general store and the owner would know you, your character, and whether or not putting your items on "charge" (or on credit) was a good idea. That method may have worked in the past, when communities were small and isolated, but there had to be a better way moving forward. Thus credit bureaus were born.
Learn what invoice financing is, whether it’s right for your business, and how to find a great financing company to work with in our complete guide.
Lenders like to know exactly how you plan on using the money they may potentially lend to you. If you've made successful investments in the past, like purchasing additional equipment that increased your sales revenue by 25%, and are planning on purchasing more equipment with the loan your applying for, be sure to tell your lender! It will demonstrate that you're experienced in business and that you're likely to increase your cash flow (which a lender hears as "we're getting our money back").
Banking as a service is a software solution that financial technology companies, or fintechs, use to provide banking services to customers. Backed by traditional banks, fintechs offer bank accounts, credit cards, and more through one platform. BaaS providers aim to integrate as many financial services as possible, streamlining small businesses’ financial practices and accounting.
Brex Cash delivers most of the features and functions you’d expect to find in a business bank account and then some. Brex’s no-fee structure and unlimited free transactions are reason enough to like Brex Cash; the high APY and rewards rates are even better.
Ramp and BILL both have a lot to offer to businesses seeking corporate cards. With few if any fees, ample features for expense management and spend control, numerous software integrations, and cashback rewards, either of these cards can be a good choice.
Mercury bank delivers for its target audience: startups looking for an easy entry into business banking services. Of course, it’s not the only business bank ready to serve new businesses, but some features make Mercury stand out in its field.
Oxygen banking is an online financial service that markets itself to small and mid-sized businesses, from freelancers to LLCs to corporations. Oxygen bank includes personal and business checking accounts with APYs that vary depending on the account type but are well above the national average.
The best type of bank account for a small business depends on what type of business it is. Banks that process many cash transactions will need a bank that accepts cash deposits, for instance. Look for a bank that offers integrations with software you already use, like your eCommerce platform and accounting software, too.
When it comes to deciding between Chase vs Capital One business banking, the competition is close. Both offer branch access, cash deposits, savings options, and access to credit. Which one will be a better fit for your small business?
Capital One and Wells Fargo offer similar business banking services, including FDIC insurance on checking and savings accounts, as well as physical locations for doing business. However, only one offers true nationwide reach, and if you’re looking for merchant services or unlimited transactions, you’ll see clear differences.
Two factors in particular influence our decision to recommend Brex over BILL in most cases: BILL’s foreign transaction fees and user reviews indicating that, for some, the BILL application process is difficult. Combined with a concerning lack of transparency about BILL’s eligibility terms, companies looking for a credit card might prefer the easy application process and clear eligibility requirements they’ll find with Brex.
NorthOne business banking reviews seem to agree that NorthOne is a noteworthy bank option for small businesses. NorthOne is an online-only bank, offering FDIC-insured checking accounts and Mastercard debit cards to business customers.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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