These days, we do just about everything online, from ordering food to reading a book. You can even open a business checking account online. And while digital banks are somewhat new to the financial industry, they’re becoming increasingly popular with small businesses because it’s so easy to open and manage an account. Online banking has democratized how small businesses set up bank accounts.

Digital banks offer the same services as brick-and-mortar banks—all without operating from a physical location. As a result, they’re more efficient and often more affordable than traditional institutions. If you’re a startup or entrepreneur, read on to learn all about how simple it is to open a business checking account online with a digital bank. 

The Benefits of an Online Business Checking Account

If you’re weighing the choice of opening an online business checking account vs. opening the same account with a traditional bank, there are some important benefits to be aware of. Before you go sit down with a business banker at a physical branch location, take a look at a few of the reasons more businesses are starting the process online: 

  • Fewer Service Charges. There’s far less overhead with online banks compared to traditional entities, which means online banks have a major cost advantage over brick-and-mortar banks. You’ll enjoy these savings in the form of low or no monthly fees, and other checking account perks.
  • Faster Approval. Online banking is all about ease of use. While traditional banks take weeks to make decisions, online banks ask for far less paperwork and offer simple applications for your convenience. Plus, it all happens at your fingertips.
  • Seamless Connections. Online banks typically offer a much better digital experience than traditional locations. They connect seamlessly with payment processing accounts and offer mobile banking through an interface that’s natively designed for an optimal user experience. 

Features to Look for in an Online Business Checking Account

Wondering what’s included in an online business checking account? As you explore business checking accounts, here are a few special features to look for—perks that will help you get the most from the account: 

  • Mobile Check Deposit: Every business owner wants to get paid quickly and easily. As you’re shopping for the best bank for your business, look for accounts that offer express check deposit options. This usually involves taking a picture of the check and entering its information, to deposit it instantly in your account. 
  • Integrations with Business Apps: One of the must-have features of an online bank account is seamless integration with business apps. From accounting software integration to e-commerce, accounts need to connect seamlessly with apps like QuickBooks, Shopify, Etsy, PayPal, Wave, CashApp, and countless others.
  • Budgeting Tools. As a business, you’re going to have increasingly complex cash flows to manage. Look for a business checking account that offers you the convenience of budgeting or allocation tools (like North One Envelopes).

Below, we’ll cover how you can open a business checking account with North One in just two simple steps. 

How to Open a Business Checking Account Online in 2 Easy Steps

Thanks to the convenience offered by digital banking, it’s possible to apply for a checking account and get approved in minutes. All you need to do is gather the right documentation and submit your application. 

  1. Gather documentation. The documents required to open a business bank account vary depending on the business type. Typically, they include some combination of Social Security Number (SSN) or Employer Identification Number (EIN), personal identification, business license, certificate with name and date of birth, and business documentation.
  2. Submit your application. North One processes everything online, in real-time, which means your application could be approved in as little as three minutes. With a full array of features and low-to-no-cost services, you’ll have everything you need to do business with confidence. 

Right from the get-go, North One makes banking effortless. This includes mobile ACH, check deposits, and wires—not to mention the ability to withdraw cash from any MoneyPass ATM across the country. 

Can You Open a Bank Account Online Without Going to the Bank?

Yes! With North One, you never have to enter a physical location to enjoy all the benefits of a business bank account. Apply online, get approved, and gain access to all the mobile services North One has to offer. Apply today and take advantage of a checking account that makes financial management accessible and affordable for all business owners.