Hi I have been doing some research for starting an ecommerce business. I live in the USA and visited Wachovia today and they told me that when it comes to ecommerce businesses they have to do a 30-60 day review that includes underwriting because ecommerce businesses are considered high risk. I just wanted to start a business bank account with them, I did not realize that it would require underwriting. Does anyone know of a USA bank that works well with ecommerce businesses? Thanks in advance.
Stay away from mainstream banks. Just open a business bank account with a local credit union. Apart from that, I've never heard of a bank having restrictions on the type of businesses they can provide bank accounts to. We are talking about a normal checking account and not a merchant account, correct?
I can't imagine any bank doesn't want your business. In my experience, a separate merchant processor depositing into your business bank is the way to go. Commonly, your main street business bank is NOT where to go for your merchant processing. Their rates are usually terrible!
Depends upon what the business entails (i.e. Adult). You should contact several community banks in your area to find out what their rates and other prerequisites are for opening a business checking account with them. If you're going to offer your customers the option of using Authorize.Net, you can contact them to find out who their banking partners are for establishing a merchant (business banking) account with them. Always read the fine print concerning what the bank charges for things such as charge backs, NSF, and so forth before you open up an account with them. Best of luck.