How to Set Up Venmo for Business: A Complete Walkthrough
Set up Venmo for your business in just a few steps. Our complete guide explains the process and benefits of accepting payments via Venmo.
Best Bank for Startups 2024: Fees and Features
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 |
|---|
Best Banks for Startups (Includes Money Services Business Providers and Financial Institutions)
Wise Business
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.
Features¹
- Batch Payments (up to 1,000 recipients)
- International Payments (save up to 2x comparatively)
- Team Permission Levels
- Move Money at the Mid-Market Exchange Rate
- 40+ Currencies in One Account
Pricing and Fees²
| 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 Business
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
Features³
- Visa Business Debit Card
- Online Banking (on desktop and mobile devices)
- Multi-User Access
- BalanceUp (overdraft protection with no fees)
- No Hidden Fees
Pricing and Fees⁴
Lili offers four account plans, each with a different monthly fee:
- Basic - $0/month
- Pro - $9/month
- Smart - $20/month
- Premium - $35/month
| 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) |
Chase
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
Features⁵
- Waivable Monthly Service Fee
- $300 Bonus (for qualifying new business checking customers)
- Chase QuickAccept (credit card acceptance with no hidden fees)
- Fraud Protection Services
- Unlimited Chase ATM and Debit Card Transactions/Purchases
Pricing and Fees (for Chase Business Complete Checking)⁶
| 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
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
Features⁷
- Online Business Banking
- Automated Accounting
- Reporting & Insights
- Pockets (budgeting and savings tool)
- Fast Transfer & Deposits
Pricing and Fees⁸
| 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
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
Features¹⁰
- Business Advantage credit card (no annual fee)
- Preferred Rewards for Business
- Access to Zelle (free in the Bank of America app)
- All-in-One Business Checking Solution
- $300 Statement Credit or 30,000 Bonus Points (online offer on select cards)
Pricing and Fees¹¹
| 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 Bank
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
Features¹²
- $400 Welcome Bonus (restrictions apply)
- No Monthly Maintenance Fees
- Unlimited Transactions (with no fees)
- Unlimited Domestic ATM Fee Reimbursements
- No Minimum Balance
Pricing and Fees (for Basic Business Checking)¹³
| Feature | Cost/Rate |
|---|---|
| Monthly Processing Fee | Free for First 200 Items $0.30/Item After |
| Minimum Deposit for Opening | $1,000 |
LendingClub
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
Features¹⁴
- Tailored Checking Account (with automatic ATM fee rebates and more)
- High-Level Security (256-bit encryption)
- FDIC Insurance (up to $250,000)
- Customer Support (via online chat, phone, or email)
- Digital Banking
Pricing and Fees (for Business Tailored Checking)¹⁵
| 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
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
Features¹⁶
- QuickBooks Online (free instant deposit, bookkeeping, etc.)
- Deposit Straight to the Bank
- 1.75% APY (with high-yield savings envelopes)
- Free to Open a Checking Account (no minimum balance)
- No Monthly or Overdraft Fees
Pricing and Fees (for Checking Deposit Account)¹⁷
| 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:
- Money - $0/month
- Simple Start - $30/month
- Essentials - $60/month
- Plus - $90/month
The Wise Business Account: Features
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 |
|---|
| 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
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
Features¹⁹
- Business & Working Capital Loans
- Business Debit & Credit Cards
- POS System
- Risk Management & Reporting Tools
- Mass & Installment Payments
Pricing and Fees²⁰
| 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% |
Cash App for Business
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
Features²¹
- Connect with Cash App Customers (via QR code, $Cashtag, email, or phone number)
- Automatic 2.75% Processing Fee
- Free Instant Deposits
- Generated Tax Forms
- Switch Your Current Cash App Account to a Cash for Business Account
Pricing and Fees²²
| Feature | Cost/Rate |
|---|---|
| Processing Fee | 2.75% |
Grasshopper
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
Features²³
- Online Account Application
- 1.51-2.25% APY
- Unlimited Free Transfers
- Digital Banking (online and mobile)
- Free Rewards Debit Card
Pricing and Fees (for Innovator Business Checking)²⁴
| 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
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
Features²⁵
- 55,000+ Fee-free ATMs (through the Allpoint Network)
- Up to 4.60% APY
- Overdraft Coverage (with no fees)
- Up to 15% Cash Back (at local businesses
- Additional FDIC Insurance
Pricing and Fees²⁶
There are currently no fees related to SoFi accounts, but this is subject to change.
Relay
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
Features²⁷
- Make Deposits from Money Processing Services (PayPal, Stripe, Square, etc.)
- Automate Transfers and Recurring Payments
- Auto-categorized Card Purchases
- Comprehensive Payment Data
- Track Team Member Spending
Pricing and Fees²⁸
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
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
Features²⁹
- Request Payments Overseas
- Marketplace Integrations with 2,000+ Platforms
- Make Payments from Your Payoneer Account
- Pay Employees via Credit Card or ACH Bank Debit
- Physical or Virtual Multi-currency Card
Pricing and Fees³⁰
| 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
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.
Features³¹
- High-Quality Tech Security Systems
- Block or Freeze Cards
- Set Spending Limits
- Separate Personal and Business Finances
- “Perfect-fit” Company Plans
Pricing and Fees³²
Revolut offers four account plans for companies, each with a different monthly fee:
- Free - $0/month
- Grow - $30+/month
- Scale - $119+/month
- Enterprise - custom pricing
| 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
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
Features³³
- Minimal Fees
- Open Up to 5 Extra Accounts
- Transfer Through Connected Financial Apps
- Integrations with Tax Services (QuickBooks, Freshbooks, Bench, etc.)
- Free Spending Card with Automatic Cashback
Pricing and Fees
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):
- Basic - $29-$39/month
- Shopify - $79-$105/month
- Advanced -$299-$399/month
Square
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
Features³⁵
- Minimal Fees
- 1.75% APY
- Folders to Organize Money
- Free Instant Transfers Between Checking and Savings Accounts
- Square Checking and Debit Card
Pricing and Fees³⁶
While Square Banking is free with no fees, it requires one of three Square account plans, each with a different monthly fee:
- Free - $0/month
- Plus - $29+/month
- Premium - custom pricing
| 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 |
An International Account: Wise for International Business
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.
- Wise Batch Payments come with your account - pay up to 1000 invoices in one go
- Multi-level permissions and alerts gives you complete control over your account
- Link your accounts with top accounting systems: QuickBooks, Wave, Sage, and Xero
- US businesses get local account details in 9 currencies to receive funds after paying a one-time fee
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:
- Wise
- Wise
- Lili
- Lili
- Chase
- Chase
- Found
- Found
- Bank of America
- Bank of America
- Bank of America
- Axos Bank
- Axos Bank
- LendingClub
- LendingClub
- QuickBooks
- QuickBooks
- QuickBooks
- PayPal US
- PayPal US
- Cash App
- Cash App
- Grasshopper
- Grasshopper
- SoFi
- SoFi
- Relay
- Relay
- Payoneer
- Payoneer
- Revolut
- Revolut
- Shopify
- Shopify
- Square
- Square
- Wise TrustPilot
*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.
Money without borders
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