Best Bank Accounts for Amazon Sellers of 2023

Katie StinerSeptember 1, 2023

When it comes to running an online business, one of the most important things to consider is the type of bank account you use. As an Amazon seller, you will be dealing with a lot of financial transactions, such as receiving payments from customers and paying for inventory and shipping. In this article, we will take a look at the best bank account options for Amazon sellers and discuss how to choose the right one for your business.

Why a business bank account is important for Amazon Sellers

When you first start selling on Amazon, you may be tempted to use your personal bank account for all of your business transactions. However, there are a few reasons why this is not a good idea.

Firstly, using a personal bank account for business transactions can cause confusion when it comes to managing your finances. It can be difficult to keep track of business expenses and income when they are mixed in with your personal transactions.

Secondly, using a personal bank account for business transactions can be risky from a legal perspective. If there is ever any legal trouble with your business, your personal assets could be at risk if they are mixed in with your business assets.

Finally, using a personal bank account for business transactions can be detrimental to your business’s credibility. Customers and suppliers may be more hesitant to work with you if they see that you are using a personal bank account for your business.

For these reasons, it is important for Amazon sellers to have a separate business bank account. This will help you to keep your finances organized, protect your personal assets, and establish credibility with customers and suppliers.

Types of bank accounts for Amazon Sellers

When it comes to choosing a bank account for your Amazon business, there are a few different options to consider. The most common types of bank accounts for businesses are checking accounts, savings accounts, and merchant services accounts.

Checking Accounts

A checking account is the most basic type of business bank account. It allows you to deposit money, withdraw money, and write checks. Checking accounts are great for Amazon sellers because they allow you to easily manage your business’s cash flow.

Savings Accounts

A savings account is a type of bank account that allows you to save money and earn interest. While savings accounts do not offer the same level of flexibility as checking accounts, they can be a good option for Amazon sellers who want to save money for future expenses.

Merchant Services Accounts

A merchant services account is a type of bank account that allows you to accept credit card payments. Merchant services accounts are a must-have for Amazon sellers because they allow you to accept payments from customers. Merchant services accounts can be linked to your checking or savings account, so you can easily manage your finances.

Features of a good bank account for Amazon Sellers

When looking for a bank account for your Amazon business, there are a few key features that you should look for. These include:

• Large deposit limits: As an Amazon seller, you will be receiving large amounts of money from sales. It is important that your bank account can handle these large deposits without any issues.
• Low transaction fees: Transaction fees can add up quickly, especially if you are making a lot of sales. Look for a bank account with low transaction fees to save money on your business expenses.
• Easy access to funds: You should be able to easily access your funds as soon as they are deposited into your account. This means being able to withdraw or transfer money without any delays.
• Good customer service: As a business owner, you will likely have questions or issues that need to be resolved. Look for a bank account with good customer service to help you with any problems you may have.
• Online banking: Online banking is becoming increasingly popular and allows you to manage your account from anywhere, at any time. Look for a bank account with a good online banking platform to make managing your account easier.

Pros and cons of a business bank account

One of the most popular types of bank accounts for Amazon sellers is a business checking account. Here are some of the pros and cons of this type of account:

Pros:

• Large deposit limits: Business checking accounts usually have higher deposit limits than personal accounts, which is ideal for Amazon sellers.
• Low transaction fees: Many business checking accounts have lower transaction fees than personal accounts, saving you money on your business expenses.
• Easy access to funds: With a business checking account, you can easily access your funds as soon as they are deposited into your account.
• Good customer service: Business checking accounts often have dedicated customer service teams to help you with any issues you may have.

Cons:

• More paperwork: Opening a business checking account often requires more paperwork than a personal account. This can be time-consuming and may require additional documentation.
• Higher fees: Some business checking accounts have higher fees than personal accounts, so be sure to compare the fees before opening an account.

How to choose the best bank account for your Amazon business

When choosing a bank account for your Amazon business, there are a few things to consider. Here are some tips to help you choose the best bank account for your business:

1. Consider your business’s needs

The first thing to consider when choosing a bank account is your business’s needs. Are you looking for a basic account to manage your cash flow? Do you need a savings account to save money for future expenses? Do you need a merchant services account to accept credit card payments? Your business’s needs will determine the type of account you need.

2. Look for a bank with good customer service

When choosing a bank, it is important to find one with good customer service. You will likely have questions and need help with your account, so it is important to find a bank that is responsive and helpful.

3. Compare fees

Different banks have different fees for their accounts, so it is important to compare

fees before choosing an account. Some common fees to look out for include monthly maintenance fees, minimum balance fees, and transaction fees. Be sure to read the fine print and understand all of the fees associated with the account before making a decision.

4. Look for a bank with online banking and mobile app

As an Amazon seller, you will likely be doing a lot of your banking online. It is important to find a bank that offers online banking and a mobile app, so you can easily manage your account on the go.

5. Research the bank’s reputation

Before choosing a bank, be sure to research the bank’s reputation. Look for reviews and testimonials from other customers, and see what others are saying about the bank’s customer service and overall experience.