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Business Bank Account: A Guide to Getting It Right on The First Round

  • Universum Solution
  • 2 days ago
  • 3 min read

Every formal business requires a commercial bank account that separates its finances from those of the owner. This is the best tool to manage income and comply with tax requirements, as the operational matters will be organized, and credibility will be established with customers and other entities.


But what are the requirements to open a bank account in the United States?


The steps may seem tedious, but they are simple and necessary. The following are the most common commercial accounts


  • Business checking account: With this type of account, the business can perform the following operations: Receive and make payments, make card transactions, issue checks, and transfer money.


  • Business Savings Account: Often used for businesses to save and earn interest on those savings. They are perfect for money that will not be moved on a daily basis and are often a cushion for emergencies, specific payments or different investments.


  • Payment processing account: With this account, the business can accept credit and/or debit card payments. It works as an ally between the point of sale and the bank: Payments are received and then transferred to the checking account.


  • Merchant Services Account: This is a much more comprehensive account that provides integrated solutions, including a processing account, POS system and technical support.



Pro tip: The first step is to choose the bank, which depends on the business's needs. You must compare the benefits offered and the commissions.




Commercial bank accounts offer some extra benefits compared to personal accounts. Don't know what they are? We tell you:


  • Formality: The business will have the necessary credibility to provide an experience in customer service, which will enable customers to freely make transactions and payments to the merchant.


  • Your business is always protected. A commercial bank account protects business funds, as well as protects customer purchases and data security.


  • Credit history growth: Your business will be strengthened and will be able to acquire credit history benefits.


What documents do you need?


Each bank has its requirements; here is a list of the most requested ones. Don't forget to thoroughly read your bank's requirements.


  • Employee identification number (or social security number if you are the sole proprietor).

  • Business Articles of Incorporation.

  • Ownership agreements.

  • Business license, if required.


Keep in mind these recommendations for your business:


  • Manage the EIN (Employer Identification Number or Tax ID): It is the primary document to open bank accounts. It is super easy to file with the Internal Revenue Service, IRS.



  • Don't use a personal account for business: It can cause legal problems and confuse your finances. It is better to separate income.


  • Choose the right bank: Read the fees and conditions, know what the charges are, and why. Avoid undue charges.


  • Integrate your bank account with a POS: By doing so, your accounting will be more accurate, and you will be able to avoid mistakes.




The biggest benefit of having a business bank account is that your finances will be organized. At Universum, our Point of Sale System integrates easily with your business account and helps you manage sales, inventory, and finances.


If you want to keep receiving more tips on how to strengthen your business, feel free to subscribe to our blog - Universum brings you quality content to improve your finances!


Remember, this information is for educational purposes only and does not constitute professional legal advice. If you need specific advice, we recommend that you consult a professional in the area.


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