The best banks for eBay sellers should offer a variety of outstanding business products and services to help business owners sell their products and promptly collect payment. Here’s our selection of the best banks to choose when you’re an eBay seller, with each offering something different when it comes to fees, banking products and business support services.
The best business bank accounts for eBay sellers
Do you want to create a business bank account for your eBay seller business? We have selected 3 banking institutions that offer bank account offers for eBay sellers that meet the needs of a busy online business:
- Capital One – Direct connection to eBay and open two checking accounts and up to five credit cards with unlimited transactions
- Novo – Direct eBay integration between Novo and your eBay store
- Chase Bank – Best traditional bank with hundreds of bank branches and a CRE multifamily lender with best business checking and credit cards
Capital One helps eBay seller businesses grow with their range of banking, credit cards and savings account solutions as well as a direct integration with your eBay store.
eBay sellers can open checking accounts and credit cards with unlimited transactions as well as waive the $15 and and $35 monthly fees for the Basic and Unlimited accounts if conditions are met. eBay sellers must however apply in person and the bank only has branches in 8 U.S. states. To learn more, read our Capital One review.
The various bank accounts presented are a mix of online banks and traditional banks depending on the particular needs of an eBay seller investor. This allows businesses to pick a bank that best fits with their needs and requirements.
Novo is a business banking platform for the self-employed and small business owners, ideal for eBay sellers that allows them to open business checking accounts in minutes.
Novo charges almost no fees and your Novo business checking account can be connected to other business software including eBay, Amazon and Etsy. From the moment of purchase to when the funds hit your account, track your earnings each step of the way. eBay sellers can also gather sales data about sales, fees, shipping, and more right from Novo’s app.
You’ll need a $50 opening deposit in order to open a new account, but after that, there are no minimum account balance requirements or recurring fees of any kind. In addition, there are no monthly maintenance fees, minimum deposits for opening or minimum balance requirements, a huge help for businesses starting out.
Chase is the largest bank in the U.S. and provides a wide variety of financial products for eBay seller businesses including checking accounts, loans, business savings and credit cards.
The Chase Business Complete Checking account costs $15 monthly fee for an eBay seller business business owner as well as savings service fees of $5 per month and cash deposit fees of $2.50 per $1000 after the first $5,000 per month. One of the key benefits of Chase is access to bank branches and an extensive ATM network, which may be important depending on the nature of your business activities. To learn more, read our Bluevine review.
This selection above is of course not exhaustive for those eBay sellers. There are plenty of alternative business banks with different fees, products and services. Businesses that wish to have an online only bank with low fees can check out Bluevine’s checking account. Similarly, online oriented eBay sellers can check out Relay’s zero fees and up to 20 checking accounts option.
How to choose a business bank account for eBay sellers?
Finding the bank that best meets your requirements is the first step in selecting the best business bank for your eBay seller business.Therefore, you must first establish your business’s banking requirements and take into consideration the following:
- Direct integration: A direct connection between your business bank and your eBay store can bring competitive insights to help optimize your listings, resulting in listings being created faster, streamlined orders and better tracking of your eBay balances and insights in your bank’s dashboard.
- Means of payment: Would you like to be able to pay for your business expenses by credit card, check, cash withdrawals or transfers?
- Accounting: Some software allows your bank to sync with your accounting tools
- Desired payment methods: How do your customers pay you (check, cash) Do you offer online payment?
- Bank adviser: Few online banks offer this service however it is often included or paid for with traditional banks
- Financing: Online banks may not offer financing solutions such as overdraft or business loans, a feature that is more likely a traditional high-street bank
- Additional services: Insurance and savings
It is essential to take all of the above factors into consideration as well as the fees charged by the business bank to better understand if this is the right bank for your eBay seller business.
How much do business bank accounts cost for eBay sellers?
The price of a business bank for eBay sellers varies per each bank and their related products and services offered. Online banks offer the most affordable return, with Bluevine charging no monthly, transaction, overdraft or minimum balance fees. They do charge some fees, with a $2.50 charge for using non-MoneyPass ATMs but all-in-all are very competitive.
Other banks charge fees for a wider range of services or particular financing solutions or support from a personal adviser, including $35 monthly fees from Capital One for its Spark Business Unlimited Checking. Fees can be waived on this if certain conditions are met.
What kind of bank account do I need to sell on eBay?
The best business bank account for an eBay seller will depend on your banking needs. Your eBay account type should match your checking account type. If you have a business eBay account, you’ll need a business checking account to register as a seller.
Do I need a business bank account to sell on eBay?
A business bank account is required in order to sell on eBay if you have a business eBay account. When setting up a bank account on eBay, you’ll choose either an eBay business account or a personal eBay account for small sales volumes.
Should I use a separate bank account for eBay?
Using a separate bank account for eBay is recommended as it will allow you to keep all eBay transactions separate from other business items. It also keeps eBay figures separate from any personal transactions and it makes it easier on the bookkeeping side too.
Tom is the founder of Gottagrow.io. He reads the offers, deciphers the details including features, pricing, included services and more to find you the best products and services.