As an Amazon seller, managing finances can be a daunting task. With the constant influx of money, it is important to have a bank account that can handle the volume and provide the necessary tools to manage your business’s finances.
Choosing the best bank account for an Amazon seller can be challenging, but with the right information and guidance, the decision can be made easier. In this article, we will explore the top 5 bank accounts for Amazon sellers and the factors to consider when choosing the best bank account.
What is a Bank Account for Amazon Seller?
Before we dive into the best bank accounts for Amazon sellers, let’s define what a bank account for an Amazon seller is. A bank account for an Amazon seller is a business checking account that is specifically designed to handle the unique needs of an Amazon business. This type of account is equipped with features that are essential for managing an Amazon business’s finances, including quick and easy transfers, low fees, and access to online tools that make accounting and bookkeeping more manageable.
5 Best Bank Accounts for Amazon Sellers
Now that we understand what a bank account for an Amazon seller is let’s look at the top 5 bank accounts for Amazon sellers.
Wise Business
Wise Business is a great option for Amazon sellers who sell in multiple countries. It offers a multi-currency account that allows you to receive payments from Amazon in various currencies and convert them into your local currency at a competitive exchange rate. This can help you save money on currency conversion fees and avoid fluctuations in exchange rates. Wise Business also offers a debit card that can be used to make purchases or withdraw money at ATMs worldwide.
Another benefit of using Wise Business is that it provides access to a range of online tools and resources to help you manage your finances more effectively. For example, you can use its invoicing tool to create and send invoices to your customers, set up automatic payments, and track your cash flow in real-time.
One potential downside of using Wise Business is that it doesn’t offer traditional banking services such as loans or credit lines. However, if you’re primarily looking for a bank account to manage your Amazon sales, this may not be an issue.
Related: Mercury vs Wise: The Ultimate Battle for Smart Money Management
Payoneer Business
Payoneer Business is another great option for Amazon sellers. It offers a virtual US bank account, which allows you to receive payments from Amazon as if you have a US-based bank account. This can be beneficial for international sellers who do not have a US-based bank account and want to avoid currency conversion fees.
In addition to its virtual US bank account, Payoneer Business also offers a range of other features such as an online payment gateway, which allows you to accept payments from customers around the world. It also provides access to an invoicing tool that can help you manage your cash flow and stay on top of your finances.
One potential downside of using Payoneer Business is that it charges fees for some of its services, such as currency conversion fees and transaction fees. However, these fees are generally competitive and transparent, and may be outweighed by the benefits of using its services.
Mercury Banking
Mercury Banking is a digital bank that is specifically designed for small businesses. It offers a range of features and tools to help you manage your finances more effectively, including online banking, invoicing, and payment processing. Mercury Banking also provides access to a range of other business tools, including payroll services and tax planning.
One of the benefits of using Mercury Banking is that it offers free ACH transfers, which can help you save money on transaction fees. It also provides access to a range of online tools and resources to help you manage your finances more effectively, including an invoicing tool and cash flow management tool.
One potential downside of using Mercury Banking is that it doesn’t offer a physical branch network. This may be an issue if you prefer to conduct banking in person or if you need access to other banking services, such as loans or credit lines.
Bluevine Business Banking
Bluevine Business Banking is another digital bank that is designed for small businesses. It offers a range of features and tools to help you manage your finances, including online banking, invoicing, and payment processing. Bluevine Business Banking also provides access to a range of other business tools, including credit lines and business loans.
One of the benefits of using Bluevine Business Banking is that it offers competitive interest rates on its business savings account. This can help you earn more money on your deposits and grow your business savings. It also provides access to a range of online tools and resources to help you manage your finances more effectively, including an invoicing tool and cash flow management tool.
One potential downside of using Bluevine Business Banking is that it may not be suitable for businesses with complex financial needs. It has limited support for international transactions, which may be a limitation for some Amazon sellers who sell in multiple countries.
Novo Business Banking
Novo Business Banking is a digital bank that is specifically designed for small businesses. It offers a range of features and tools to help you manage your finances more effectively, including online banking, invoicing, and payment processing. Novo Business Banking also provides access to a range of other business tools, including credit lines and business loans.
One of the benefits of using Novo Business Banking is that it offers free ATM withdrawals worldwide. This can help you avoid ATM fees when traveling or making international transactions. It also provides access to a range of online tools and resources to help you manage your finances more effectively, including an invoicing tool and cash flow management tool.
One potential downside of using Novo Business Banking is that it may not be suitable for high-volume businesses. It has a daily deposit limit of $50,000, which may be a limitation for some Amazon sellers.
Factors to Consider When Choosing the Best Bank Account for an Amazon Seller
Choosing the best bank account for an Amazon seller can be challenging, but by considering the following factors, the decision can be made easier.
Fees
When choosing a bank account for an Amazon seller, it is important to consider the fees associated with the account. Look for an account with low or no monthly maintenance fees, ATM fees, and transaction fees. Additionally,, it is important to consider the fees associated with international transactions if you plan on selling on Amazon in other countries.
Ease of Use
Another factor to consider when choosing the best bank account for an Amazon seller is the ease of use. Look for a bank account that offers a user-friendly platform and provides access to online tools and resources that make managing your finances more manageable. This includes features such as automatic payments, invoicing, and account integration with popular accounting software.
Integration with Amazon
Since the bank account will be used for your Amazon business, it is important to consider how well it integrates with Amazon’s payment system. Look for an account that provides easy and seamless integration with Amazon, allowing you to quickly and easily transfer funds between your bank account and your Amazon account.
Customer Support
Another important factor to consider when choosing the best bank account for an Amazon seller is the level of customer support provided by the bank. Look for a bank that provides excellent customer support, including 24/7 access to customer service representatives and easy access to online resources such as FAQs, tutorials, and user guides.
Security
Security is a crucial factor to consider when choosing a bank account for an Amazon seller. Look for a bank that offers robust security features such as two-factor authentication, fraud detection, and encryption to ensure that your account and financial information are protected.
Conclusion
Choosing the best bank account for an Amazon seller can be challenging, but by considering the factors mentioned above, the decision can be made easier. Wise Business, Payoneer Business, Mercury Banking, Bluevine Business Banking, and Novo Business Banking are all great options for Amazon sellers, each offering unique features and benefits.
Ultimately, the best bank account for an Amazon seller will depend on your individual needs and preferences, so take the time to research and compare different options before making a decision. With the right bank account, managing your Amazon business’s finances can be made easier, allowing you to focus on growing your business and achieving your goals
