How to Open US Bank Account for Amazon Business (Remotely) —Mercury review

If you're an Amazon seller struggling to manage your business finances due to a lack of funding, you're not alone. Many sellers face this challenge, leading to lost business opportunities or unnecessary expenses. However, there is a solution – opening a US business bank account. Some banks offer this option remotely without visiting a physical bank. In this post, we'll review one of the top options for Amazon sellers – Mercury. We'll cover everything you need to know about business bank account benefits, Mercury solutions fitting Amazon sellers best, and how to open a Mercury account remotely for non-US sellers.

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What Is a Business Bank Account?

Amazon sellers can leverage business bank accounts to equip themselves with the necessary tools to elevate their companies. Like personal bank accounts, business bank accounts facilitate sending and receiving payments via ACH transfers, domestic and international transactions, checks, and more. 

However, business bank accounts offer unique features that cater to sellers. Business owners can acquire business loans, receive checks addressed to their businesses instead of themselves as individuals, and keep their personal and business finances separate. They also offer many other solutions simplifying Amazon business and allowing you to focus on sales.

Types of business bank accounts

Business bank accounts come in three distinct varieties, each tailored to serve specific functions.

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Business checking account

A business checking account enables you to perform typical banking tasks such as deposits and withdrawals, sending and receiving payments via ACH transfers or wires, and issuing checks. It is intended for everyday use and can be opened online, with some banks offering overdraft protection.

Merchant services account

A merchant services account allows your business to accept customer payments via debit cards, credit cards, gift cards, and payment service providers like Stripe. The account holds the funds until the transaction is settled, after which they are deposited into your business bank account. These accounts have specialized safeguards to protect your customer's personal information and corporate liability. They cannot be used for any other actions, including deposits, withdrawals, or payments.

Business savings account

A business savings account is where companies keep the funds they don't need for day-to-day operations. These accounts offer high-interest rates and other incentives to encourage you to store your cash.

Why Use Business Bank Account?

A business bank account benefits all Amazon sellers, irrespective of business size. Even if you're a small Amazon seller and not required to open a bank account, it still has numerous advantages.  

Business loan: If you require extra funds for your Amazon shop, having a separate bank account for your business increases the likelihood of getting approved for a business loan.

Customer credit card payments: Accepting credit card payments is essential for online transactions, and having a business account enables you to serve more customers.

Separate business and personal finances: Separating personal and business finances is another advantage of having a business account, as it simplifies accounting and allows you to receive checks addressed to your business instead of yourself as an individual.

Increased business credibility: A business account creates more trust among your vendors because business accounts have more sophisticated entry barriers and show that a bank trusts your company. 

Financial security: Most U.S. banks provide FDIC insurance for their business accounts, ensuring financial security in case of a bank failure or closure.

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How to Open a U.S. Bank Account for Non-US Sellers?

Non-US Amazon sellers may need to open a U.S. business bank account. There is a number of US banks where you can do it online without physically visiting the bank’s branch. To open a business account in such a bank, you don’t need a personal address in the U.S. However, some banks may ask for proof of a U.S. business address.

To open a business account, select a bank that matches your criteria (discussed below), apply for an account online, submit the required documents, and wait for approval. Sometimes, the bank may ask to provide additional information. 

The documents you will be required to furnish to apply for a business account generally include business organization documents, business identification documents, EIN, business licenses (if applicable), personal identification documents, and proof of commerce. 

How to Choose a Bank for Amazon Business?

Numerous options are available for your company's financial needs, but not all may be suitable.

Pricing: It is a crucial factor that includes the basic cost of maintaining your business account each month. Certain banks provide free business accounts, while others charge a fee.

Fees: They may vary widely and include overdraft, transaction, account opening/closing, early account closure, minimum balance, ACH batching, and Address Verification Services (AVS) fees. Some banks may charge fees if your balance falls below a specific amount.

Transaction limits: That is another essential factor to consider. Some banks offer higher transaction limits, allowing you to withdraw money more frequently without exceeding your account's limit.

Application procedures: Depending on the bank, they can differ significantly, ranging from 10 minutes to several weeks.

Why Mercury Perfectly Fits Amazon Business?

Mercury is a free online banking platform designed specifically for startups and technology-based businesses, which makes it a perfect fit for Amazon sellers. It provides a range of financial services, including business checking and savings accounts. 

Entrepreneurial in nature, Mercury offers a suite of versatile digital tools that can be customized to fit your business needs. Moreover, each account comes with read-write API access, giving you complete control over your banking experience.

In addition, Mercury is an excellent solution for sellers. It lets them open a business bank account remotely without needing to visit a bank's physical branch.

Mercury’s benefits for Amazon sellers

Zero Fees: Mercury does not charge any monthly fees or transaction fees for domestic and international payments. This helps Amazon FBA sellers to save money and increase their profit margins.

Business Checking and Savings Accounts: Mercury offers both business checking and savings accounts on a single platform, making it easy for sellers to manage their finances.

Easy Application Process: Amazon sellers can apply for a Mercury account in less than 10 minutes without the need to visit a physical bank. They can apply from anywhere worldwide using their phone, tablet, or laptop.

Advanced Digital Tools: Mercury provides advanced digital tools like API access, which enables sellers to automate and personalize their banking experience.

Mercury’s Solutions for E-commerce

No hidden fees

Mercury offers solutions tailored for Amazon sellers with a commitment to transparency and no hidden fees. You won't be charged any monthly fees and can enjoy free domestic and international (USD) wire transfers, allowing you to increase your profit margins.

Time-saving tools

With time-saving tools like the drag-and-drop Bill Pay tool and seamless connections to platforms like Shopify, QuickBooks, Xero, Gusto, Stripe, and PayPal, you can pay invoices in seconds and streamline your payment process.

Remote business account

If you're a US resident or non-resident with a registered business in the US, you can open a remote business account with Mercury to manage your payments efficiently.

Scales as you grow

As your business grows, Mercury scales with you. You can set custom account permissions for different team members and stay organized with separate cards and accounts for specific spending categories.

User-friendly interface

Mercury's dashboard is user-friendly, with everything you need for seamless banking. And if you need assistance, expert support is just a message away, giving you the human touchpoint you need to succeed.

Mercury’s Pricing

While using Mercury is free, some advanced functionalities may require payment. These comprise conducting mass payments through our API, managing Mercury Treasury accounts, exchanging currencies other than USD, and sending USD internationally with premium processing options. Nevertheless, there are no minimum account requirements, monthly charges, overdraft fees, or fees to open an account.

Mercury offers

• Free checking and savings accounts;
• No minimum balances;
• Up to 4.85% yield on Mercury Treasury;
• Free domestic transactions;
• Free USD international transactions;
• 1% fee on currency exchange;
• 1.5% cashback on all credit spend.

How To Open Mercury Account Remotely? 

Even if you are not physically present in the United States or are not a U.S. resident, you can apply for a Mercury account. Mercury welcomes U.S. companies established by individuals worldwide and founders and venture capital firms with a presence in the Cayman Islands, British Virgin Islands, and United Arab Emirates.

To apply for a business account, you will need to furnish the required business documents. Upon submission of your application, you should expect a decision from Mercury within 1-2 business days. However, in some cases, you may be asked to provide additional documentation or information. In such cases, Mercury will request this information to the email on record.

Final Thoughts

Opening a business bank account can be highly beneficial for your Amazon sellers, as it lends credibility to your operations and provides you with valuable tools to streamline your business. Business bank accounts can be opened remotely without an in-person visit to a physical bank branch. Mercury offers such an option. Its free-of-cost banking platform, business checking and savings accounts, easy application process, and advanced digital tools make it an attractive choice for Amazon sellers looking for a modern and convenient banking solution.

While getting funding for your business is crucial, researching profitable products is equally essential to ensure your business growth. Seller Assistant Аpp will effectively and reliably help you with this task. This all-in-one extension incorporates all features vital for product research. Seller Assistant App shows you the product’s profit, margin, and ROI. It also helps you immediately see if a product has any sales restrictions or previously triggered account health problems. It combines an FBM&FBA profit calculator, Quick View, Stock Checker, and Restrictions Checker in one tool.

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