10 Best Digital Bank Accounts For E-Commerce Businesses

e-commerce business

Having run an e-commerce business, I know how important it is to have a capable business bank account. Not only are you constantly logging in and looking over statements but it has to satisfy your accountant as well.

For that reason, I have compiled ten of the best e-commerce business accounts in the US at the moment. Two of them are international and can be used by US businesses doing a lot of transactions worldwide in many different currencies or by businesses based outside of the US. 

Here are the best bank accounts for e-commerce businesses:

  1. Mercury 
  2. Bluevine 
  3. Wise 
  4. Revolut 
  5. Oxygen 
  6. Novo 
  7. Axos Bank
  8. Lili
  9. LendingClub
  10. Brex

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Keep on reading to find out what makes each of these accounts special and what their benefits are to you, the e-commerce business owner. Of course, the following business checking accounts are suitable for other business types as well, not just e-comm. 

1. Mercury 

mercury bank
  • No service charges, overdrafts, minimum balances
  • Send payments globally
  • Connect to any payment processor
  • Get discounts on e-commerce platforms, tools, and hosting
  • Most US companies accepted
  • Free ATM withdrawals from AllPoint ATMs
  • Digital tools and integrations
  • Focused on startups and e-commerce

Mercury was only established in 2019 by Immad Akhund, Max Tagher, and Jason Zhang, and backed by lead investor Andreessen Horowitz with partner bank Evolve Bank & Trust. 

Mercury customers can link their accounts to some of the most popular payment processors such as Stripe, Paypal, and Amazon plus be fully compatible with Quickbooks and Xero, allowing for automatic syncing of transactions to assist with e-commerce sales and transactions. 

With these features, your Mercury account can track the entire lifecycle of payment from customer purchase to the posted transaction in your bank account. That’s what you’re looking for in an e-commerce supported bank account.  

However, there are some downsides to Mercury that include the inability to make cash deposits and, more importantly, not taking freelancers and trusts on board. 

Mercury has built-in, easy-to-use tools that help you make and receive payments, complete transactions successfully, and issue refunds for your online store or within your company. 

>> More info in our Mercury review

2. Bluevine 

bluevine banking account
  • No monthly maintenance fees
  • No minimum balance or deposit requirements
  • Free ATM withdrawals at MoneyPass ATMs
  • Multiple accounts for better budgeting
  • Earn 1.5% interest
  • Streamlined checking, lending, and bill pay
  • Access a revolving line of credit
  • Unlimited transactions

Bluevine is a fintech exclusively offering business accounts. It was founded in 2013 and that makes it one of the older banks or fintech companies on our list. That’s just to show how quickly the banking sector is changing. 

Although it offers only one type of business account, the list of features is very long, all without a monthly maintenance fee and without the annoying minimum balance or deposit conditions. 

You can also open up to five sub-accounts for easier budgeting, flexibility, and control in your day to day organization. The perfect solution if you’re using multiple e-commerce platforms as each one can get its dedicated account or you want to budget for payroll, taxes, emergencies, and similar.  

To earn a 1.5% interest rate you’ll have to spend $500+ per month with your Bluevine debit card or receive at least $2,500 in customer payments per month. 

Bluevine is a capable business checking account for e-commerce and makes for an easy way to manage your finances.

READ ALSO: The 8 Best Banks For Digital Nomads

3. Wise 

wise
  • No monthly fees
  • Multi-currency account
  • Cheap transfers
  • Ability to invoice customers
  • Spend anywhere with no hidden fees
  • Xero, QuickBooks, and FreeAgent integration
  • Business Mastercard
  • Receive and hold 55+ currencies

Wise is available worldwide, not only in the US. In fact, two Estonians founded it in London. For that reason, it’s a capable alternative to traditional bank accounts especially if you are transferring money around the world and preserving it in foreign currencies. 

Because it has a fair currency exchange rate, you are saving a lot of money when paying your contractors, imports, or freelancers abroad.

To register for a Wise business account, you’ll have to download the Wise app or visit the Wise website. The account opening is straightforward and similar to other digital banks on the market. 

Once you open an account, you get account details not just for one country, but for ten. Local IBAN, sort code, and a routing number are all provided for your account to act as a local bank account in the UK, US, Eurozone, Australia, and elsewhere.

Anyone can use these to pay you just like they’d pay a local and you can hold and convert money in 53 currencies.

Wise lets you make one-off payments, set up recurring payments, and even mass payouts with excellent rates. 

If you have an expanding team, you’ll be happy to know you can add them as well and they can use the virtual and real debit cards in-store and online with no foreign transaction fees. 

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Wise is the best business account if you’re holding many currencies and making numerous international transactions. But, as already said, you can use it nonetheless. 

>> More info in our Wise business review

4. Revolut 

revolut business
  • For companies and sole traders
  • Monthly fee $0-$149.99
  • Multi-currency accounts
  • Free international and local payments
  • Spend in over 150 currencies at the interbank exchange rate
  • Issue cards to employees
  • Accept payments on your website
  • Access on the web or via the app
  • Loans and overdrafts
  • Integrates with accounting tools

Revolut is another international personal and business checking account that was founded in London. They have more than 18 million personal users and around 500,000 business clients and have recently expanded to Australia, Japan, and the US.

So what do you get with Revolut? Again, if you’re doing international business, you can set up as many sub-accounts in each currency as you need. There are currently more than 30 currencies available! 

Other features include free international and local payments at the Interbank exchange rate, spending money in 150+ currencies, automated expenses, receipts, and accounting with integrated tools, discounts, and rewards.

The sign-up process is as fast and as easy as possible. You can sign with an email address in minutes and have the account approved and ready to go in less than a day. 

You get, not only a USD account, but also a CAD account, a GBP, and a Euro bank account coupled with a sort code, account number, and an IBAN.

>> More info in our Revolut Business review

5. Oxygen 

oxygen banking app infographic
  • Mobile-only
  • Four tiers
  • No monthly, minimum, and ACH fees
  • 5% Cashback
  • Coverage for damage, theft, and more
  • Cashback on Ride Share, Gas, and more
  • Tag expenses
  • Virtual cards with spending controls
  • Business Savings Account
  • 1.00% APY
  • 40K+ Fee-free Allpoint network ATMs
  • Nationwide LLC creation

Oxygen is one of the newest additions to the neobanking world. Its founder and CEO, Hussein Ahmed, resolved to open a digital bank when he realized just how inefficient traditional banks can be. 

The company is focused on serving small businesses, freelancers, and digital nomads. The accounts come with no monthly fees, no minimum deposits or balances, and allow you to get paid early by e-commerce platforms such as Shopify, Etsy, Amazon, and others when you set up direct deposit.

There are also limitless single-use virtual cards for secure shopping and payments that you can control by placing amount limits or locking it to a specific merchant.

Additionally, you can earn up to 5% cash back for gas, shipping, etc. And if you want to take a leap and incorporate your business, you can use the Oxygen app to speed through the process.

All in all, Oxygen offers an interesting small business account that’s suited for e-commerce, although it lacks some additional features. 

>> More info in our Oxygen review

6. Novo 

novo bank
  • No monthly fees
  • Apply in under 10 minutes
  • Free ACH transfers, mailed checks, and incoming wires
  • $50 min amount to open
  • No min balance
  • Refunds all ATM fees
  • Connects to various tools
  • FDIC insured

Novo is a “powerfully simple” business banking account as their website says. The product was launched in 2018, but the company was founded in 2016. 

Although this is a young fintech company and a relatively unknown one at that, they already have more than 160,000 small businesses on board. 

The Novo checking account doesn’t have any monthly fees or minimum balance needs. You and your accountant will be happy because the platform integrates with Shopify, Quickbooks, Stripe, Zapier, Slack, Xero, and even Wise.

With your Novo account, you can deposit checks, pay bills, and process ACH transfers from inside the app. How handy is that!

Every Novo customer gets the Novo business Mastercard. It’s a debit card that you can use worldwide. International travelers will love the fact that all their transnational ATM fees will be refunded. 

Novo has more perks than we can mention here. For illustration, you get $500 in credits with Google Ads, $540 cash savings per Zendesk seat, a 30% discount on the first six months with Quickbooks, $500 in cash savings with Stripe, etc.

>> More info in our Bank Novo review

7. Axos Bank

axos bank
  • No monthly maintenance fees
  • The first set of 50 checks free
  • Unlimited domestic ATM fee reimbursements
  • Visa debit card
  • ACH payments accepted
  • QuickBooks compatible
  • Dedicated Relationship Managers

Axos Bank is around for almost 25 years already and is one of the best-known digital banks. Their business bank account has low to no fees, good interest rates, and easy access to their small business, but also commercial banking accounts and commercial lending. 

There are two types of small business accounts as well as a commercial banking account. You can even get a $200 sign-up bonus if you’re a new business, and if not, you can get a $100 bonus.

Axos mobile app lets you do many things. For instance, you can see the account balance, deposit checks, automate your bills, etc. Axos Bank offers accounts without a monthly maintenance expense, a low minimum deposit condition, and unlimited US ATM fee refunds.

>> More info in our Axos review

8. Lili

lili bank
  • No account fees 
  • Easy online signup
  • No minimum balance
  • Free cash withdrawals at 38,000 ATMs
  • Get paid up to 2 days earlier
  • Mobile check deposits
  • Expense reports and management
  • Fee-free overdraft
  • No foreign transaction fees

Lili was named as one of Fast Company’s ’50 Most Innovative Companies of 2022′.

It was designed for small businesses and freelancers. And, although it was only founded in 2018, the neobank already has more than 200,000 users. It’s no wonder if we know that Lili has no account fees, and offers helpful tax tools, mobile banking, a free cashback VISA debit card, early payments, and more.

The company figured out that taxes and planning for taxes are time-intensive for busy freelancers and can be extremely complex even if you know what you’re doing. 

For that reason, their service doesn’t only include a checking account but also equips businesses with easy-to-use tools that include tax buckets, expense management, and expense reports, among other things.

The tax bucket allows you to set aside a percentage of revenue for your taxes automatically. It gives you peace of mind knowing you have a reserve of funds ready to satisfy the tax liability.

You can also categorize every transaction you make in real-time so you never miss a tax write-off ever again.

Connect Venmo, Cash App, and PayPal to your Lili account and transfer money in seconds. Plus, if you’re doing e-commerce on Shopify, you can get paid up to two days early. 

>> More info in our Lilly review

9. LendingClub (Formerly Radius)

lending club
  • $10 monthly fee
  • No monthly fees for balances over $5,00
  • Earn up to 0.10% APY
  • $100 minimum to open an account
  • Unlimited automatic ATM fee rebates
  • Mobile check deposits
  • FDIC insured

Radius has merged with LendingClub but there are still personal, business, and institutional accounts on offer. 

The checking account has anything you’d expect from a business account and more. It has no monthly maintenance fees if you maintain a balance over $500, earns you 0.50% APY up to $100k, and unlimited 1% cashback. 

ATM withdrawals come with automatic fee refunds, and you’ll even get reimbursed when charged a fee by another bank’s ATM. 

You can also open more than one business account. Choose from a Free Business Checking or Business Checking account, Business Interest Checking, Account Analysis Checking, Custodial, Escrow, and more.

The Marketplace, the backbone of LendingClub, has many helpful apps that can bring your account to a whole new level and help you, for instance, to automatically save money for your goals. Join more than 4 million users since 2007. 

READ NEXT: The 13 Best Digital Banks For Small Business (USA)

10. Brex

  • Free and Premium account ($49/m)
  • Easy online application
  • No minimum balance
  • No account fees
  • Send free ACH & wires worldwide
  • Unlimited users and cards
  • Builds business credit
  • FDIC insured
  • Accounting integrations
  • Expense tracking

Brex is a well-known alternative for many small businesses, offering up to 10-20 times higher card limits, free ACH, free worldwide wire transfers, and built-in expense management. That can indeed make a difference for growing businesses.

Brex is sold as an ‘All-in-one finance for your business.’ It’s a zero-fee alternative to traditional banks.

Brex also seamlessly blends in with your accounting tools and makes automated reconciliation to help bypass manual work and errors that inevitably happen. 

E-commerce sellers like you get instant payouts on Stripe, Shopify, Amazon, and other popular platforms. 

These payouts also boost your Brex credit card limit with the ability to spend your earnings before they’re deposited into your account. 

Brex lets you track expenses and spending in real-time and lets you issue cards, track transactions, and approve them, or follow up on them. 

The Premium account ($49/m) ads functionality such as automated invoice and payment process and spend controls that save you time and money. Spend controls include custom expense policy, approval flows, auto-reminders, and alerts. 

However, Brex is leaning heavily toward startups with “some sort of professional funding” and have recently dropped traditional businesses.  

Conclusion

There are many capable business accounts that can serve your e-commerce business needs. If anything, it’s hard to find the one to use because there are so many on the market today.

However, we have narrowed it down to “only” ten that we think are the best on the market today and we’re sure you’ll find the one for you.  

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The Future of Banking

As a Current mobile banking app affiliate, I get a commission at no cost to you if you decide to sign up through my links.

The Future of Banking

As a Current mobile banking app affiliate, I get a commission at no cost to you if you decide to sign up through my links.