Best Business Account for Etsy Business

Etsy is a popular online marketplace for handmade and vintage goods. Many small business owners are now choosing to use it as their go-to platform for selling their products. To make the most of Etsy’s features, it’s important to have the right business account in place.

In this article, we will explore the options for Etsy business accounts so you can decide if it’s the best fit for your needs. We'll discuss how Wise Business offers great possibilities for Etsy businesses to grow their domestic and international sales.

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Best Business Account for Etsy Business

The best business accounts to use with your Etsy business should follow certain criteria to integrate well with your shop and current financial structure. In other words, you should think about:

You should also keep in mind the fact that Etsy has users all over the world, which means that you may have to field international sales. If you do sell your products internationally, you will have to find a service that will convert the currencies you receive to your own so they're usable for you.

In the same vein, you should also be wary of the exchange rates of currency conversion from these services. Some will only charge you the mid-market rate, while others will charge you extra for using their service. This extra cost can be very damaging to new businesses, especially small businesses who may have to pay costs associated with having a shop on Etsy to begin with.

With all that in mind, here are some of the best options for business accounts that work with Etsy businesses.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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Let's look at how this varies when looking at Etsy's fee.

Setting up your USD account details on Etsy (More details here):

1. Get USD account details
2. On the Etsy site or Sell on Etsy app, select Shop Manager
3. Click Finances and Payment settings
4. Then go to bank details, select Update
5. You may need to confirm your bank information if you haven’t done it before
6. Add your USD account details from your Wise account
7. Etsy might send 1 or 2 small deposits to your Wise USD account to verify that you own the account. This can take 3–7 days, and you’ll need to go to Etsy and confirm the amounts received by going to Finances > Payment account > Verify account.
8. You've finished! Now you can get paid in USD from Etsy.

Get Paid with Wise >>

Wise Trustpilot Score: Great ¹²
No minimum balance required and no monthly fees
A great choice for ecommerce businesses

PayPal Business Account

One of the most popular accounts on Etsy is a PayPal business account. This allows you to accept payments from customers using PayPal, as well as other payment methods such as credit cards and bank transfers. With this type of account, you can also set up recurring billing and access analytics to help you better manage your business finances.

Features:

• Payment processing for PayPal and popular cards
• Business loans & cards
• Tracking and analytics

Payoneer for Ecommerce Sellers

Payoneer is a popular payment processor for ecommerce sellers on Etsy and other platforms like Shopify. It offers an all-in-one package that includes a US bank account, debit card, and global payments platform.

With Payoneer, you can accept payments from customers in hundreds of countries and have your funds deposited into your local bank account or credit card quickly. It also provides access to currency exchanges so you can convert foreign currencies into the one of your choice, but these rates may not always be cheap.

Features:

• Manage details of transactions & your account
• Customize your account for your needs
• Generate a report every month

Chase for Business

Chase for Business is a great option for Etsy business owners. It offers low fees, no minimum balance requirements, and free access to the bank's online tools and services.

The account also comes with the ability to get Chase’s debit or credit card. These can be used to make purchases on Etsy or anywhere else. With Chase for Business, you can manage your finances in one place, but you do have to deal with the hassles that come with traditional banking, like ATMs, finding in-person locations, etc.

Features:

• Business checking account
• Payment solutions for accepting credit cards
• Business credit card options

See the Best Banks for Small Businesses >>

Bank of America Business Advantage Savings Account

Bank of America’s Business Advantage Savings account is ideal for Etsy business owners. It offers a competitive interest rate and no monthly service fee if you hit certain criteria, making it an affordable option.⁷

The account also includes online banking with mobile app access, so you can manage your finances on the go. Additionally, Bank of America offers direct deposit services to make payments faster and easier.

Features:

• Digital tools, like mobile banking, linked accounts, and more
• Enroll in Balance Connect for overdraft protection
• Earn interest

Plaid

Plaid is a service designed to connect banks with spending and earning-based apps, like Etsy, through the securest of means.⁹ ¹⁰ ¹¹

They make sure that when you send and receive money through apps only the necessary information is shared with the app. You can also take a role in your security by permitting what these apps have access to and what they aren’t allowed to see. ¹⁰

It’s important to note that Plaid isn’t a money storage or bank account like the other options on this list. It is simply a liaison between apps and services like those and apps like Etsy.

Features:

• Fraud prevention through identity verification and fraud detection
• Low-risk, fast payments
• Income and employment verification