How does PayPal Business Work? An Overview
Understand how Paypal Business works, a powerful tool for managing payments, invoicing, and financial transactions for your enterprise.
When starting a business, the right bank account is essential. The best banks for tech startups and other business startups will provide entrepreneurs with the tools and services they need to succeed.
From low fees and interest rates to convenient online banking options, here are some of the top banks, money services business providers, and financial institutions for startups. We'll also focus on Wise Business as a great account for startups to save on fees and operate their business efficiently.
Looking to operate your international business with less fees?
Get a Wise Business account >>
Trustpilot Rating: Great with 190,000+ reviews³⁷
Over 300,000 businesses use Wise every quarter
Table of contents |
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Wise Business offers an international business account for startups through Wise Business. Taking banking hassles out of the equation, Wise Business is low-cost with no minimum balance or monthly fees. Wise is perfect for businesses with a global reach or who want to expand, allowing customers to hold over 40+ currencies. They also help you get local account details abroad to receive in 9 currencies.
Feature | Cost/Rate |
---|---|
Account Registration | $31 |
Sending Money | 0.43%+ |
ATM Fees \ (over $100/month/account) | 2% + $1.50/withdrawal |
Account Funding Transactions | 2% |
Wise Debit Card | $5 |
Converting Money | 0.43%+ |
Looking to operate your business with less fees?
Get a Wise Business account >>
Trustpilot Rating: Great with 190,000+ reviews³⁷
Over 300,000 businesses use Wise every quarter
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Lili is a business banking platform designed for small businesses. They help businesses manage their finances in an easy-to-understand one-stop-shop. Through banking, accounting, invoicing, and tax preparation services, Lili handles it all. They want you to be able to focus on your business goals and help you get there.³
Lili offers four account plans, each with a different monthly fee:
Feature | Cost/Rate |
---|---|
ATM Transaction \ (domestic non-MoneyPass Network) | $2.50 + ATM Rate |
ATM Transaction (international) | $5 + ATM Rate |
Card Replacement | Free for First Card $5/Card After |
Deposited Check Returned Item | $25 |
Express Mail | $20 |
Funds Transfer \ (ACH express delivery) | 1.5% ($0.50-$20) |
Through Chase for Business, Chase Bank offers Chase Business Complete Banking. They recommend the Chase Business Complete Checking account. With this account, qualifying new business customers can earn $300. They also offer services like credit card acceptance to help small businesses grow.⁵
Feature | Cost/Rate |
---|---|
Monthly Fee | Up to $15 |
Monthly Transactions | Free for First 20 $0.40/Transaction After |
Incoming Wire Transfers (domestic & international) | $15/Item |
Domestic Outgoing Wire Transfers (via chase.com) | $25/transfer |
Domestic Outgoing Wire Transfers (via branch) | $35/transfer |
International USD Outgoing Wire Transfers (via chase.com) | $40/transfer |
International FX Outgoing Wire Transfers (via chase.com) | $0-$5/transfer |
International USD or FX Outgoing Wire Transfers (via branch) | $50/transfer |
Chase QuickAccept (swipe, dip & tap) | 2.6% + $0.10/transaction |
Chase QuickAccept (manual entry & payment link) | 3.5% + $0.10/transaction |
Found is a financial technology company providing banking services through Piermont Bank. They offer “all-in-one banking” through banking, bookkeeping, taxes, and invoices. Found has free sign-up with “no hidden fees, credit checks, or minimum balance”. They also offer a Found Mastercard debit card.⁷
Feature | Cost/Rate |
---|---|
Instant Withdrawals | 1.75% |
Found Plus (optional upgrade with advanced tools) | $19.99/Month $149.99/Year |
ATM Fees | ATM Rate |
International Transactions | Potential Conversion Fees |
Invoice Payment (via debit or credit card) | 2.9% + $0.30 |
Invoice Payment (via direct debit) | 1% |
Invoice Payment (via Cash App Pay) | 3.1% + $0.30 |
Bank of America offers business banking solutions with “powerful digital tools”. They cater to small businesses that earn up to $5 million annually. They also have business banking for mid-sized and global commercial businesses. Bank of America also offers “resources, insights, and a team of specialists”.⁹
Feature | Cost/Rate |
---|---|
Rush Replacement (ATM or debit card) | $15/Card |
Non-Bank of America Teller Withdrawal | $5 or 3% (whichever is greater) (Up to $10) |
International Transaction | 3% in USD |
Domestic Non-Bank of America ATM Fee | $2.50/Transaction |
International Non-Bank of America ATM Fee | $5/Transaction |
Certificate of Protest (for accounts in New York) | $25 |
Check Image Service | $3/Statement Cycle |
Check Copies, Deposit Slips, and Other Credit Items | Free for First 2 Copies $3/Copy After (Up to $75) |
Statement Copy | $5/Copy |
Redeposit | $14/Item |
Legal Process | $125/Occurrence |
Overdraft Item | $10/Item |
Stop Payment | $30/Request |
Domestic Outgoing Wire | $30 |
Domestic Incoming Wire | $15 |
International Outgoing Wire (in USD) | $45 |
International Incoming Wire | $15 |
Axos’ business solutions include small business and commercial banking. They also offer commercial lending. Axos highlights its Basic Business Checking Account, which helps businesses “grow and succeed” by removing restrictions. This account features minimal fees.¹²
Feature | Cost/Rate |
---|---|
Monthly Processing Fee | Free for First 200 Items $0.30/Item After |
Minimum Deposit for Opening | $1,000 |
LendingClub has several business banking solutions, including Business Checking and High-Yield Savings accounts. They also offer lending and financing services for small businesses specifically. LendingClub’s online Autobooks service and deposit services help manage your finances. Not-for-profits have the option of specialty services.¹⁴
Feature | Cost/Rate |
---|---|
Minimum Opening Deposit | $100 |
Monthly Maintenance | Up to $10/Month |
Abandoned Property | $50/Account |
Out-of-Network ATM Use | ATM Rate |
Currency Conversion | .2% |
International Transaction | .9% |
Expedited ATM/Debit Card | $35 |
Domestic Outgoing Business Wire | $18 |
International Outgoing Wire | $40 |
Stop Payment | $25 |
QuickBooks offers small business banking through their QuickBooks Checking bank account. This account provides fast payment deposits and high-yield savings. QuickBooks banking is “online from start to finish” with automated money management. They also help you save and grow your business with special tools.¹⁶
Feature | Cost/Rate |
---|---|
In-Network ATM Withdrawal | Free for First 4/Statement Cycle $3/Transaction After |
Out of Network ATM Withdrawal | $3/Transaction |
Cash Deposit at Retailer | Up to $5.95 |
Instant Transfer | 1.5% |
Replacement Card (with expedited delivery) | $20 |
Foreign Transaction | 3% |
QuickBooks also has four pricing plans to use their services:
Wise offers a set of features that set it apart for businesses. Not to mention that Wise Business users can send and receive transfers internationally without the markups.
Some other features Wise Business users love |
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Make purchases or pay your international team at low rates (as low as 0.43%) |
Get paid without the fees in GBP, USD, EUR, AUD, CAD after a one-time fee |
Account Software Integration: QuickBooks, Xero, Sage, and Wave |
Batch payments offer the chance to send up to 1000 invoices in a single click |
The Most International Account: Hold 40+ currencies at once |
Transparency: Wise Business is trying to get rid of all your business account fees |
Most importantly, if you're sending international payouts, then Wise could help. We offer the mid-market exchange and transparent costs, which has attracted over 16 million users to hold, receive, and send money with Wise and save along the way |
Looking to operate your business with less fees?
Get a Wise Business account >>
Trustpilot Rating: Great with 190,000+ reviews³⁷
Over 300,000 businesses use Wise every quarter
PayPal created PayPal for Business for small businesses. They help businesses “get paid securely online and in person”. While they aren’t a bank, they offer financial services like cards and loans. PayPal can also help you with your business operations through helpful resources.¹⁹
Feature | Cost/Rate |
---|---|
Receiving Domestic Commercial Transactions | 2.29-3.49% + Fixed Fee |
Receiving International Commercial Transactions | 2.29-3.49% + Fixed Fee + 1.50% |
Campaign Fee (store cash transactions) | 8% |
Receiving Domestic APM Transactions | 2.59-2.99% + Fixed Fee |
Receiving International APM Transactions | 2.59-2.99% + Fixed Fee + 1.50% |
Receiving Domestic PayPal Online Card Payment Transactions | 2.59-3.09% + Fixed Fee |
Receiving International PayPal Online Card Payment Transactions | 2.59-3.09% + Fixed Fee + 1.50% |
Receiving Domestic Micropayments | 4.99% + Fixed Fee |
Receiving International Micropayments | 4.99% + Fixed Fee + 1.50% |
Currency Conversion | 3-4% |
Instant Withdraw/Transfer (to bank account or card) | 1.50% |
Mobile payment service Cash App created Cash for Business as an alternative to a bank for entrepreneurs and small businesses. Cash management and payment services make it easy to receive payments from Cash App users. They also make tax reporting transparent by using Form 1099-K with the IRS. Cash for Business’ goal is to make business management easy to do and understand.²¹
Feature | Cost/Rate |
---|---|
Processing Fee | 2.75% |
Grasshopper(see Grasshopper alternatives) is a digital banking platform offering a digital business checking account for small businesses. They are FDIC insured with “years of industry expertise”. Grasshopper keeps your data and money secure with security and fraud monitoring. They also have a dedicated support team of “real humans”.²³
Feature | Cost/Rate |
---|---|
Domestic Wire Out | $10/Wire |
International Wire Out | $25/Wire |
International Wire In | $5/Wire |
Deposited Item Return | $10/Item |
Physical Debit Card Replacement | Free for First Card $5/Card After |
Expedited Debit Card | $25/Card |
Dormant Account | $5/Month |
Foreign Item Collection | $30/Item |
Abandoned Property | $50/Account |
Levy | $50/Instance |
Account Research | $25/Hour |
Subpoena or Summons | $25/Instance |
SoFi is an online bank that offers a standard checking and savings account. They do not have business banking. They offer SoFi at Work and Small Business Financing, but these are only business solutions. Aside from that, they offer mortgage and personal loans, help with student loans, insurance, investing, and more.²⁵
There are currently no fees related to SoFi accounts, but this is subject to change.
Relay is a financial technology company that provides banking services. They offer banking for ecommerce, agencies, real estate investors, and small businesses. Relay recommends that small businesses use their Business Checking account. It comes with FDIC insurance and Visa Zero Liability protection.²⁷
Relay offers two accounts: a standard, free account and a Pro account that is $30/month. Below, you’ll see how fees look for the standard Relay account.
Feature | Cost/Rate |
---|---|
Domestic Outgoing Wires | $5 |
Outgoing International Wires | $10 |
Payoneer is a cross-border business payment platform that offers a business payment account designed with freelancers in mind. Their services are tailored to accounts who want to expand their reach to global markets. They keep payments from different currencies and countries all in one place. Payoneer also makes it easier for global teams to pay their remote workers, contractors, and suppliers.²⁹
Feature | Cost/Rate |
---|---|
Getting Paid Directly By Clients (via credit card) | 3% |
Getting Paid Directly By Clients (via ACH bank debits) | 1% |
Pay & Use Funds Direct from Payoneer (to non-Payoneer using recipient) | Up to 3% |
Fixed Fee (to make certain non-currency exchange payments) | 1.50 USD/GBP/EUR |
Withdraw to Bank Account (with currency exchange) | Up to 3% |
Withdraw to Bank Account (without currency exchange) | 1.50 USD/GBP/EUR |
Annual Account Fee | $29.95 |
Revolut’s business account is made for businesses of all sizes. They are also committed to globalizing businesses by supporting a wide range of businesses, currencies, and countries. Revolut uses APIs and integrations to support your account. They also use analytics and expense tracking to keep you in the know.
Revolut offers four account plans for companies, each with a different monthly fee:
Feature | Cost/Rate |
---|---|
International Transfers | Free for First 0-25 $5 After |
Local Transfers | Free for First 5-1,000 $0.20 After |
Currency Exchange at the Interbank Rate | Free for First $1,000-$50,000 0.6% After (1% for After Hours Exchanges) |
Metal Cards | Free for First 0-2 $49/Card After |
Shopify is known for its ecommerce storefronts. But they also offer a business financial account through Shopify Balance.³³
This account comes free with your standard Shopify account, which is available with a free trial for three days. However, this account is only available to existing Shopify customers, who will need to pay for a subscription after the trial period.³⁴
You can open a Shopify account with a free trial for 3 days and at $1/month for the following first 3 months. Afterward, Shopify offers three account plans, each with a different monthly fee (the lower fee listed for each account is for annual plans):
Square offers business banking through Square Financial Services and Sutton Bank. They are a financial services company and not a bank. Square has checking, savings, and loans for their customers. They specialize in solutions for food & beverage, retail, beauty, and service businesses.³⁵
While Square Banking is free with no fees, it requires one of three Square account plans, each with a different monthly fee:
Feature | Cost/Rate |
---|---|
Payroll | $35/Month + $6+/Person/Month |
Email Marketing | $15+/Month |
Text Message Marketing | $10+/Month + SMS Rates |
Loyalty | $45+/Month |
Team Plus | $35+/Month/Location |
Afterpay | 6% + $0.30/Transaction |
Banking with a credit union or a traditional bank is a great option for small businesses. But they also have plenty of drawbacks, like high fees, limited services, and restricted membership. Luckily, Wise offers comprehensive and innovative business solutions.
Wise serves 300k business every quarter in markets all over the world. A Wise Business account offers the chance to send and receive international payments in multiple currencies.
Whether an instance one-time payment or batch payment, Wise offers competitive rates to customers with the mid-market exchange rate.
See how much you'll save while sending cross-currency transfers here:
Trustpilot Rating: Great ³⁷
Over 300,000 businesses use Wise every quarter
Sources:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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