Business Banking Setup
Set up a business bank account and payment processing to separate your business and personal finances.
Overview
What this service is and why it matters
A business bank account separates your business finances from your personal finances, which is essential for maintaining your liability protection. It also enables you to accept payments, track business expenses, and build business credit. For non-US residents, options include US-based fintech accounts (Wise, Mercury, Payoneer) and traditional US banks.
Who needs this?
Every LLC and corporation should have a separate business bank account. Non-US residents who cannot easily visit a US bank branch in person especially need guidance on fintech alternatives.
Why is it important?
Commingling personal and business finances can result in piercing the corporate veil, meaning you lose your liability protection. A business bank account is also required for most payment processors and business credit applications.
Complete Process
Obtain your EIN (required to open a business bank account)
Choose the right banking option (traditional US bank, Wise, Mercury, Payoneer, etc.)
Gather required documents (formation documents, EIN letter, ID)
Complete the bank's application process
Verify your identity and business details
Set up online banking and payment processing
Connect your bank account to your e-commerce platform
Set up accounting and expense tracking
Required Information & Documents
Timeline Expectations
Fintech accounts (Wise, Mercury, Payoneer) can be opened in 1-7 days. Traditional US bank accounts may require an in-person visit and take 1-2 weeks. Non-residents should expect the process to take 1-2 weeks with fintech options.
Common Mistakes to Avoid
Benefits
Frequently Asked Questions
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