Best FREE Bank Accounts for UK Small Businesses in 2022 - 6 Categories

okay, so you've launched your new business and you now want to open a business bank account, but with so many high street banks and online banks available, it can be quite difficult to know who to choose. so to help you pick the right bank for your business, we at monitor have compiled a list of six of the best online uk bank accounts for small businesses and divided them into the following categories: the best for managing teams, international payments, managing invoices, freelancers, e-commerce businesses and the best overall business bank account. [Music]. a business bank account is kind of like a personal checking account, except it's used to receive payments from customers, send payments to vendors and basically just conduct other transactions, such as paying taxes. now, not every business needs to open a bank account. in the uk, anyone who's registered with hmrc and companies house as a limited company is legally required to open a business bank account. however, if you're a sole trader or freelancer, you do have the choice to use your personal bank account, although a lot of people still use business bank accounts, because it separates their personal finances from their business finances and it really just looks more professional when transacting and invoicing customers. most traditional high street banks in the uk offer business bank accounts and, as a means of getting you to sign up, they waiver any fees for a small period of time, but with these banks, you'll likely eventually be charged a flat monthly fee and fees for other banking transactions, such as payments, foreign currency exchange and even for depositing and withdrawing cash. online banks, on the other hand, usually waiver monthly fees altogether. plus, many of the online providers are shared today offer these listed services for free. the main drawback to banking with some of these online challenger banks is that they may not offer loans or business related insurance products, and that's why they're typically suited towards smaller businesses. i recently reviewed revolut business and i'll link that video below, but in short, we considered their free standard account to be not only one of the best business accounts for team management, but one of the best online business accounts in the uk. it gives you and any employees you may have access to local accounts in both gbp and eur. you also get access to tools that are great for managing and tracking employee company card spending, as well as expenditures such as payroll and tax. now, regardless of your plan when it comes to taking card payments, revolut charges one percent plus 20 pence for each online payment that you receive from customers using a uk card. all other cards will cost you 2.8 plus 20 pence. this is fairly competitive, considering that major payment platforms such as square charge 1.9 for eea and uk cards and 2.9 for all other cards, while stripe charges 1.4 plus 20p for uk cards and for international cards they charge 2.9 plus 20 p. besides these low online payment fees, the revolut standard business account comes with competitive exchange rates for international payments and an option to fix preferential exchange rates. the revolut business app is also advanced and well designed, and you get virtual cards for you and your team and have the ability to integrate with various external business software providers such as xero and quickbooks. there are disadvantages to this account, including no options for paying in cash or checks, a two percent fee for atm withdrawals, no overdraft facilities or loans, and the standard free account does not come with 24: 7 priority customer support, which is only available to the higher tier accounts. besides the added support, the revolut paid business accounts do offer greater fee free international payments and currency exchange. so if you're perhaps a new business with the intention or ambition of doing business internationally, then i can see how banking with revolut could be a good way of future proofing your company against the potential international banking costs that you may incur. that said, even if you're only operating in the uk, this is still a good account. not only is it free, but it includes five fee-free local payments each month, and you can set up your whole company on the account with ease and then stay in control of your employees through the revolut business app, making this a great account not only for individuals, but also for small businesses with employees. wise is a money transfer company located in the uk who we and monitor rank as the best money transfer service on the market. in addition to offering some of the cheapest international transfers, wise also offers a low-cost business bank account and card. now, when you apply for a wise business account, you'll need to share your company's house registration details, so if you haven't yet registered as a business, you will need to do this first. if you're unsure exactly how to set up a company in the uk, then do check out our in-depth guide over at monitocom, which i'll link below. once you're signed up for wise business, you'll be able to take advantage of the following features for free: you can send money and make payments locally and internationally, hold exchange and top up up to 55 currencies, as well as use their batch tool to send hundreds of invoices and payments at once. you can also integrate with administrative and accounting software like quickbooks and get your first multi-currency debit card for free. for an upfront fee of 45 pounds, you can gain access to a variety of local bank details in the us eurozone, uk, australia, new zealand, singapore, romania and hungary. this means that you could receive payments from customers or businesses in these currencies for free. then, when you're ready, you could convert this foreign currency to gbp, all at the real mid-market exchange rate and with just a small fee, starting at 0.41 of the transaction amount. there are some disadvantages, including no cash or check payments and deposits, negative interest rates on large euro account balances and there is also a fee free atm withdrawal limit of 200 pounds per month. after you exceed this amount, you'll pay 1.75 of the amount withdrawn and a fixed fee of 50p. now the reason we recommend this account for international payments is simply for the access it gives you to local bank details. for example, imagine you operate in portugal and you'd like to pay a supply in euros. you could send british pounds from your bank account to your wise gbp account and then convert those pounds to euros a very low fee and pay your portuguese supplier through your wise debit card. typically, transactions like that with the traditional business bank account would incur high fixed fees and hidden currency exchange fees. however, with wise, when it comes to international banking and currency exchange, they're both transparent and cheap, and that's what makes this a great account for any business that frequently makes international payments. tied is an online financial platform with business bank accounts that's dedicated to supporting small businesses and people that are self-employed, such as contractors and consultants, and what i love about their app is that it makes it so easy to open an account and it literally just takes a few minutes. tide also allows you access to a virtual office address, which is basically a london address that can be used as your registered business address. that way, if you don't have an office and you can only use your home address, you can keep this private and not have to worry about changing it if you move. also, any mail you receive will be scanned and emailed to you by the free. tide business bank account comes with a business mastercard, a full uk sort code and account number, a number of great tools for invoicing: fscs, deposit protection, fee free international card transactions, the ability to integrate with software like quickbooks or xero, and cash deposits at either paypoint locations or the post office. they even have loan.

How To Setup SHOPIFY Payments (Simple Method)

what is up guys, to another video. hope you're all having a great day. and I had someone ask me- you know a few people here and there asked me: you know how do I set up shop, buy payments, how do I get the money that are from my actual Shopify sales to my bank account or to my paypal or anything like that? so I have a little test store here, my computer, and I'm gonna be showing you, guys exactly how I would set this stuff up. so this is all strictly related to, you know, the United States, where I live and how, if things work. you know I can't really base it off of other countries, other states and stuff like that. so you know this is strictly dependent for me in my situation and how I set up my payments. so I notiked that the people that messaged me usually are like, hey, I'm in this country to this payments work and stuff like that. so this is not really answering that question. this is just gonna be me showing you what works for me and how I do it. and before you, next video, guys, make sure you drop a like if you like what you see. you want more content like this. drop a like on this video. drop a comment if you have any video ideas that you want me to make and I might make it. so it's getting on my computer and get into it. okay, so we're here on my computer. like I said, this is the test run store. if you watch my other videos, I had the test run store there, but then I forgot the email and password so I had to make the test run number two. so now we're on the second one. so this is just completely basic. there's literally nothing on here, completely brand new store. it's just name test run, just because I'm showing you some different things to test with. so if we go here to settings, then this will show. you know, your general payment providers check out shipping, taxes, all that kind of stuff, and for dropshipping, my taxes, I don't charge any taxes, I don't charge sales tax or anything like that. you have to go into taxes and actually disable that. so right here let's see if we actually have to do it or if it's like that. so zero percent, yeah. so this is where I live in North Carolina, so you want to disable that wherever you live, because you know that gets a little bit confusing with taxes and accounting, with dropshipping, because you're not to supply, you're not the ones shipping it and all that kind of stuff. so I usually just bite that fee just in case. you know you don't want to get in trouble for charging taxes and then like actually not paying the tax on that, so I don't do that. but let's go back here to settings. I just disable the taxes there and now. this is where everything comes into place. so billing right here, this is solely just based on you know what they charge you for. you know if you're shipping out shipping labels for an in-house store or you know your Shopify plan, they take the money out of that billing or for refunds and stuff like that. if there's no money to take out of of your revenue, the get out of your actual bank account. let's link to it. so let's go here to payment providers. this basically the dashboard of you know how you're paid. so I like to use PayPal and Shopify payments. they're actually like to just use the actual stripe integration instead of the shelf life payments power box stripe, because you know you want to get rid of that. 30 cents per transaction, thena, 2.4 percent- I don't know what stripes is exactly, but I know it's not that much and you know it's not bad. and also if stripe is a little bit better with paying you out, you know us almost instant. so basically, once you have integrated stripe, stripe is basically just a payment provider, a payment gateway. so when people pay you, they use that for credit cards. so credit cards, debit cards, whatever stripe handles that, they process it for you and then once you make the sales, they'll tell you when that money is gonna go from the stripe to your bank account. so you link your bank account to the stripe. and for stripe you have to be 18 or older, I believe, to actually have a cup of verified account and when you sign up for stripe they're gonna ask you like what your business is about and just telling you have a Shopify store and you're using it for your payments and they'll accept you. so also, if you're not 18 and you want to set up stripe, I believe stripe will actually let you sign up under age. you just have to have guardian approve it. but I like to use that for my shop 5 payments for credit cards and debit cards. and actually, if you look at this, PayPal- I do not even use PayPal anymore from my shop fly sorted because PayPal they didn't like what I was doing with drop shipping when I started making a ton of sales and then PayPal just didn't like the whole situation because they helped my money. I wasn't able to pay for the products and then people were like where's my product? and they were disputing. it was just a pain in the butt and not PayPal still holding 10 grand of mine to this day. it's been months now and they're still holding 10 grand. so I don't even use PayPal anymore for my shop, my drop shipping stores. I still use it on a personal basis, but not for my business. but if you were to actually use PayPal, then what you do is you create a business PayPal account and you'd have to be 18 for that to know. once you set that up, you basically just integrate it into here, you log in and it's all set up. so whenever someone orders with PayPal, the money goes directly from their PayPal to your PayPal account. so I don't use it anymore and honestly I thought it would affect my conversion rates a lot, but it honestly does not affect it that much. it does a little bit, maybe a fraction of a percentage, but it's not bad. so I just like to use credit cards. it's easier for me and saves me the trouble of PayPal being annoying with all the rules and stuff like that. so you know there's also Amazon pay and some other ones, but I've never really used them. maybe in different countries you would use some of these different ones that are better, for you know other countries and taxes and fees and all that kind of stuff. so there's all kinds of ways made in the capture. never do manually capture, that's just. you know really hard work. I don't even know how it all works, honestly. so I just like to stik with the basic with shuffle payments with stripe and PayPal. so that is what I use to get paid and you integrate your bank account, that stuff. you know what stripe takes the money, then take it to your bank account and then PayPal. the same way, you transfer the money from the PayPal balance to your bank account. so that's sort of how the money works. so what happens when you get a sale? you'll get that amount of money and then shop by, will take the percentage or whatever, and then you take that money put into your bank account and you spend a fraction of that money to order that Aliexpress product, have a ship to the person and then you collect the profits, so the money goes. it takes a day or a few days, you know, especially for the first time, will take a few days to transfer to your bank account. but that's how it all works. if I were you, I've created business bank account. once you start to make, you know, some consistent sales- a few thousand a month or whatever- then start doing that. but these are all pretty good. they're easy to keep up with taxes. your county can figure it out pretty easily. I don't need paper L anymore. there's some no hanging. but yeah, guys, that is basically the payment providers. I know this isn't gonna help everybody, because a lot of people just understand this is basically then. but for the people that didn't know, I hope this helps you out. make sure you leave a like, comment and subscribe. peace [Music]. [Applause] [Music].

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Best Business Bank Account for Dropshipping

hey guys trevor here with ecommerce paradise. today i'm going to tok to you about the best business banks for setting up business checking accounts for your e-commerce business, whether it be high tiket, drop shipping or whatever else you're doing. so this is one of the biggest requirements for setting up any business is to have a business checking account. you can't really use your personal checking account because it just doesn't have the flexibility that a business needs for many different types of transactions coming through all the time. business checking gives you more flexibility, gives you more options, gives you more leverage- things like that- and it can also help build your business credit as well. okay, so i'm going to tok to you in this video about the different um requirements and stuff like that. you'll need to set up a business checking account. i'm going to tok to you about the best banks and some options for people who are international, or just people that who are living abroad, that are expats, to set up business checking accounts in the usa. okay, and this is specifically for doing business in the usa. some of these things may apply to your own country, um, but this is really what usa banks require. so if you want to do business in the usa market, then you'll need to comply with these, and this is what i found. so, uh, without further ado, let's get into my computer screen where i'm going to show you some of the steps you gotta take first, and then what the banks look like. [Music]. all right, guys. so here we are in the computer screen and what i'm going to show you now is the steps that you need to take first, before you set up a business checking account- things you'll need, and then what are the different types of banks and other services available for you. okay, so, first of all, business checking account is required for an e-commerce store. okay, you're gonna have a lot of different transactions going in and out of the business all the time, and you need to separate your business and personal finances so that, come tax season, you can easily file your taxes. okay, even if you're just a sole provider with a dba, and if you don't know what dba means, it means doing business has some request. some states require it. okay, you'll need to look up your partikular state that you live in if it requires it or not, and, uh, you can use google to look stuff up. okay, number two: in order to get a business checking account. you're going to need an ein. ein stands for employer identification number. the irs, internal revenue service, issues this. you're going to need that whether you are a us resident or if you are an international entrepreneur who wants to do business in the us market. okay, the process for getting ein is a little bit different. if you're international, you actually have to either call them on the phone or write them a letter. i believe you can call on the phone, though, and you'll get an ein number, okay, but if you're a resident, you can apply online. just google that, okay. number three: if you have an llc, which people do in order to protect their assets from, uh, you know, if they have personal assets- if you have personal assets, like a house that has a lot of equity in it, or you have a lot of cash or a brokerage account, um, somewhere where there's a lot of cash or equity, where if, like, someone sued your business, they could uh, basically sue you for the entire your personal net worth- you would want to set up an llc. it's the least expensive, easiest to form business entity that is legally separate from your personal. uh, you know liquidity, okay, your personal assets. so if you're that type person has assets to protect, i would definitely recommend setting up an llc. now, it's different for every single state and llc is not a federal thing. an llc is a state-based thing. so look up your partikular state and what's required. some states, like california, have high franchise tax fees and things like that for llcs, so if you live in california, it might be smart idea just to start with the sole proprietorship in the beginning. be really careful and then when your business starts growing, then consider, you know, actually moving your physical residence to another state that doesn't have a state income tax and doesn't have franchise tax. um, you know, i recommend setting up a business in either like florida or wyoming, because those two states have, you know, really easy formation, very low taxes, things like that. okay, but you will need your formation documents and your operating agreement if you have an llc to set up a business checking account out of bank. so, and also, of course, if your state requires a dba- wyoming, for instance, does not require a dba, but california does. other states do as well- if your state requires a dba, you'll need to get one, and so you'll need to provide your ein, your llc formation document, your llc operating agreement and your dba to the business banker, and you'll usually need to go apply in person or to get that account. there are some services now that actually do this for you, which i'm going to tok about one of those examples here in this video. so now that you have an idea of what it takes to get a business checking and why you need to get one, now let's tok about the best banks to go for. okay, number one is wells fargo, and the reason why i recommend wells fargo is because i use them personally and i like them, they're really easy to work with, and but number two is because i actually operate in wyoming. okay, and wyoming is where i have my business located because of the great privacy, low taxes, um, it's retail, and so i don't have to charge sales tax anywhere outside wyoming, which is a very- uh, low volume state as far as orders for me. so that's great, um, you know. so, anyways, there's a lot of benefits to having a business in wyoming. now, if you live in another state that that has income tax or franchise tax, like california for instance, it doesn't really make sense to set up an llc in wyoming, because you're still going to have to file it as an out of state llc in california still pay your california taxes. but it might make sense, if you do see in the future that you're going to move away from california to an income tax-free state like washington or florida or something like that and you can maintain that wyoming llc, you can then shut down the california side of that and then you can- you know, of course- just kind of avoid paying the tax, income taxes that you have to pay. all right, so keep that in mind. but wells fargo does operate in wyoming. i used to use chase for my business checking. so when i first got started, use chase because i was in california. they offer checking in california. chase is really great because they have branches all over the place and, um, you know, they're just one of the best. but they don't offer wyoming. okay, they just do not. it's weird. so, uh, you can't go with them if you have a wyoming account or wyoming business. but wells fargo you can. and bank of america also is good as well. i've heard- i haven't used it myself for business checking. i've heard some people have issues with them. again, it's just one of those things where if you're going to have issues with, you're going to have issues with any bank. so you know i i think what bank of america is fairly decent. they do offer wyoming as well. so wells fargo and bank of america are both great options for wyoming. i personally use well fargo, so i recommend them. they all have similar checking account options. when you look at the checking accounts, they'll all have like different levels, you know simple and then some advanced ones, and usually you just start with a simple one and you move, you move up as your business grows and you have more transactions and things like that. okay, they usually have some sort of a minimum to waive the fee, like a certain amount of transactions, or you know minimum spend that kind of stuff, okay, and so just keep that in mind. okay, those are the top three banks i recommend for usa businesses. now let's say you're not and you're international base.

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E-Commerce & Dropshipping Module 2: Business Bank Account, Payment Gateway, & Logistics

good afternoon everybody. um, so nice to see all all of you. uh, this is module two of the master class series with creative 971 and creative zone. uh, today's topic will be about payment gateways and setting up the bank account as an e-commerce and drop shipping company. uh, we have with us our esteemed panelists from creative zone concierge and from creative 971. i'll just quickly tell you about these two different companies. creative zone is a business setup company. uh, many of you are familiar with us already. uh, creators on concierge is basically the services that we provide to you as a business owner. uh, for any assist you need when it comes to opening a bank account, um, and any other related services that you need as a business owner. and so, from the concerts team, we have merrill zafra, who will be answering any of your questions with regards to opening a bank account- the best bank account, any of that sort of information. and then, of course, we have julie. julia and nico from creative 971, who are a boutique ecommerce um platform here in the uae, who can help you and get your e-commerce business up and running in the middle east through their shopify services. um, we had a session last week on how to start your e-commerce and drop shipping business and how to set up that business in the uae and how to find out the rest- the best jurisdictions. um, the recording of that video is up on youtube already. um, i'll make sure that link is in the chat for anyone who missed that session. today's session will also be up on youtube if you miss it. and, uh, without further ado, we're five minutes in. i'm gonna hand the floor to julia, nico and merrill. thank you very much, uh, zeshan, always a pleasure to have you there. i think quick announcement as well will be. um, i mean, we're the leading shopify agency in the region, so we're also doing, uh, everything around e-commerce and drop shipping. but at the moment, in this series, we touch on a lot, you know, in the in topics of drop shipping. so this will be a more dropship focus series and, what's interesting, we're actually running uh official shopify meetup on the 16th of november, which i think zeshan will also then be sharing the link. that will be um in terms of a shopify meetup that is catered around drop shipping, but nevertheless, i think what is also exciting is our personal meetup then on the 25th of november, following the last session of the training series. so, yeah, thank you for for being here and, um, i think we can start. we have, um prepared a couple of questions that we usually get asked from, from people that marilyn gets asked. you know on a daily basis that we get asked when working with e-commerce and you know, especially like the payment, uh, banking and logistiks side of things is something that is not directly your business but somehow very necessary for you to be searched um, because, kind of, you know, it always relates back to you as a business if those things are not working out, if those, let's say, networks and the structure isn't set or isn't isn't, uh, streamlined. so what we've done, we will cover a couple of questions that we know in a panel format that each of us will highlight and give you the most information needed on the frequently asked questions that we've prepared, that we come across, uh, since uh, years, you know, from people left, right and center. so we just wanted to share that with you first and once this is through, we actually give you the chance to individually ask your questions, um, you know, if they haven't been already clarified in the questions itself. so, yeah, without further ado, i think we can share the screen and and jump in right away. i think there is a chat and there is a q a session that we see questions keeping and popping up, um, and once we've been through the actual questions raised, or the actual topics, then we would allow you to ask questions and and to answer them, of course, as well. all right, um, so what i'm going to do is i'm going to share the screen now, the presentation. if any of you have questions, feel free to write your questions in the chat or use the question box. uh, all four of us will be monitoring these chats, so we will answer your question in real time. yeah, i'm showing my screen now. all right, can we? can you see my screen? all right, all right, so let's just jump right into the direct questions. yeah, so first of all, i think the first slide- we're focusing on the bank account and payment gateway questions and, um, i think we do get that a lot like. most of us are experts here in the uae and and the biggest question is, you know, living in the country for a couple of years, or or not, you know, maybe just moved here, but how does it work? how can i apply to a business bank account, probably, what bank is the best and how do i go about this? so i mean, we have our replies, but for sure, merrill is the expert from the concierge team, so we definitely be both of us answering the the question. so what do you think, marilyn? that question asked. thank you, julia. hi everyone, my name is meryl, so i'm gonna discuss and give you details of with for the first one. yeah, so everyone, like you was mentioned, everyone's like basically expert in uae when it comes to business banking. um, there are a couple of documentation or like basic requirements from the bank's perspective, right? so we need to complete those requirements before we submit to the bank. so what we do, what i do, as a procedure for banking, we shortlist all the banks that applicable for the business set up, right, because we need to consider the jurisdiction of the company, how many shareholders and if all the shareholders are actually living here in uae, right? so, based on those basic information, we short list, coupled of banks that's applicable for your business, for the company business account, and then each banks has a different process and procedure. there are some banks that has online application and there are some banks that we need to visit the bank, the branch bank. so, upon checking all the documents, everything completed, we will apply, we will submit the application for the bank and it will go through the, through the review. what bank is the best? so, basically, um, most of the banks here works all the same. they have all the online platform, they have all the mobile application. um, and then for for the best banking. basically, we would normally ask the applicant: what is your basic requirement? right? are you having an international transaction? do you have a local transaction only? are you working mostly in cash or check? right? so part of those initial um review, we will base on what's your required for the company and then again we will have the the best banks. that suits for you, right? so, um, that's the initial um, basically information for the business banking. yeah, uh, thank you, merrill. i think that that's very valid. i think also, what, what do what or what does get like neglected a bit is first of all, checking which bank you're eligible to go with, because a lot of times you know it's all about, oh, i need that license, and once you have the license, you completely forgot the rest. um, so banking and logistiks is a big step, you know. that impacts your flow of your business and i think also to keep in mind our charges right, like what marilyn said, is very essential. there's a lot of businesses that do take, you know, smaller bills, let's say, below 500 different transactions, and those are most likely to be cash transactions right, whereas larger transactions, like you know, we work with um, for example, in the e-commerce business industry. so if you want to work or pay a website or a service for us, most likely our payments are all like bank transfers or, you know, direct deposits or probably as well, checks. i have rarely people coming in with a bunch of cash. you know which way anyways wouldn't be accepting. so it depends on the nature of business and then what you would always have to check is the charges right, if, if sometimes online online banking charges can vary in in the uae from as low as maybe 10 or 12 dirham plus that from the bank charge, but they

The BEST Credit Cards For DROPSHIPPING

honestly, if you stayed this far, you're going to get a massive, massive, massive tip. this is the tip. so you want to learn how credit cards are used in the drop shipping business and you also are clicking on this video, clearly because you want to learn about what credit cards to use in your drop shipping business. well, listen, in this video i'm going to be explaining all that: the best cards for travel, the best cards for cash back and the best, optimal card to use for drop shipping in 2022. so first, before we even get into the best credit cards and why they are the best credit cards, let's tok about why we even use credit cards in the drop shipping business rather than just using your own cash. reason number one why we use credit cards in the drop shipping business is mainly because the credit cards offer a lot more protection than a debit card would. right, if you swipe your debit card at the store or, let's say, someone else swipes your debit card to the store, you have no protection. the bank is not going to give you your money back, right. but if you use a credit card, you can dispute that charge and get the charge reversed, because lenders and banks- 99 of the time, they side with the customer, right, they're going to side with the buyer. so credit cards, just overall, offer way more protection for you and your business rather than using your own cash and, second of all, less risk to you, right? so let's just say, for instance, something happens and inside your life- let's not even say in your business- something happens in your life and you're using your own money to drop ship and to run your business, but now something happened where you need some liquidity, you need some cash for, you know, a quick emergency, maybe your tire needs to get fixed or whatever. whatever, the case is right. if you're using your debit card and you're using your own money to run your business, you don't have it, it's not liquid, it's not there when you need it, right. but if you use a credit card, let's say, something happens and you have the liquidity, you have the availability, available cash in order for you to be able to utilize that for whatever you need, right? so not only are we going to have protection from using a credit card, but at the end of the day, guys, everybody who is wealthy, millionaires and billionaires and everybody else who makes a boatload of money a year, they all use the bank's money in order to make money. they use the bank's money in order to start businesses, scale businesses and continue to run their businesses right. so just understand that this is how the game works and you're obviously going to have more protection using the bank than using yourself and using your own money. and i won't lie to you guys: at the beginning i had, i had, a really hard time accepting that, right. i wanted to use my own money and all that stuff. i had this belief. my family never even used credit, all that stuff. so if this is new to you, if it's hard for you to understand, it's hard for you to grasp or it's hard for you to like want to accept, i understand you right. i feel you there right, because i used to have that same thought, that same feeling. but just understand that this is how it's done, right, and at the end of the day, you just have to be smart with how you use the credit. be smart, make sure you're spending it on things that obviously are going to be bringing you money back. also, i've now shifted my mindset and i had a paradigm shift and now i'm using credit for everything and i'm using bank money and loans and things of that nature, and i still have a ton of liquid and it honestly i i couldn't go another. i couldn't even imagine trying to do it my way before and still be as is and make as much money as i am now. so now that i've explained why we use credit cards, let's get into what credit cards i'm going to be, you know, giving you guys, and why i'm giving you these cards, right? so i'm going to give you three cards that you can use, right, and they're very easy to get accepted in, and i'll tok about the requirements after. but i'm gonna give you three cards. one is based on the most optimal to use for your drop shipping business and the other two are based on travel and cashback. so let's get right into it. so, the most optimal card to use for your drop shipping business, no matter what platform you're on- okay, amazon, walmart, ebay, shopify, facebook, it doesn't matter, it's going to be your american express plum card. okay, this card is amazing. it allows you to be able to carry a balance for 60 days without having any interest. so usually you have 30 days to uh, run up a balance and then you pay off that card with the state, like you pay the statement balance right. well, the american express plum card allows you to carry that balance over to the following statement balance, if that makes sense. so now you're pretty much charging the card for two months, okay, without having to worry about interest from the first month. so zero percent interest, and you just pay it all off in the second month. this is extremely optimal because, especially if you're drop shipping on amazon and walmart, this is going to really allow for you to be able to scale without having to worry about hitting limits. and on top of that, you know the two week payout periods are also very crucial on amazon and walmart. so if you're drop shipping on those platforms, this is going to allow you to scale and then have four payouts come from amazon or walmart before you go ahead and pay the card. so one other thing is this car doesn't have any travel points or cash back points, so it doesn't have any of that right. but the perk of this card as well is if you pay the card off 10 days before the statement balance ends or earlier, uh, you will get 1.5 percent cash back or at 1.5 percent early discount that will be transferred over to the next uh statement balance that you have to pay, right. so the final beautiful perk i want to tok about with this american express plum card is the fact that it is a no preset spending limit. now, that does not mean that you can go and spend a million dollars on this card. okay, you obviously have to build trust with american express, uh and through history, and you know full payments and never missing it or anything like that, right, but there's no preset spending limit meaning that the card will scale its limit. it's no preset spending limit as the business grows. so i'm on my phone, so you guys are gonna be able to see this here. so what i'm actually doing right now is: you're gonna be able to go into the card, you'll be able to come here and you'll be able to go into it. let's picture this being the actual plum card. okay, you'll come here to statements and when you come to statements, you will click spending power and when you click spending power, you can choose and ask them how much you're able to spend. so let's say, for instance, i want to spend 50 000 on this card. i can hit submit and it says: good news: you're able to spend 50 000 right now with this platinum card. this platinum card is a charge card as well. it works the same way as a plum card, okay. so, with that being said, you have to understand that they work the exact same. and when i got this card last year- in, i would say, april, so about, yeah, a year ago- uh, i was actually only able to spend 5 000 right, and so when i actually kept using the card, paying it off and, you know, just building trust with american express, now i'm allowed to spend 50. right. in reality, as you've seen in my bet and my balance there, before i even paid the 42 000 which you might have seen, i had a balance of 62 000, so i could probably spend, uh, very comfortably, 150 000 on that card. okay, so now let's tok about the travel card, which is going to be for all my travelers out there watching this video, right? anybody who loves traveling, all that s.

Best Banks for Ecommerce and Small Business | Big Banks Reviewed

hi, i'm steve with ledger groups. in this video i'm going to tok about business bank accounts for e-commerce and small businesses, reviewing specifically big banks [Music]. now, some of the big banks in the us include bank of america, capital one, chase, citibank, pnc, wells, fargo. that's the ones that i'm specifically going to be discussing. let's discuss what it means to use a big bank if you're an e-commerce business or any other small business. the first thing i'm going to tok about is integrations with fintik software. now, we are big users of quickbooks online, so the good thing is quickbooks online and the big banks all work together just fine. that usually isn't a big problem. sometimes, some of the newer secondary fintik tools are not as compatible with the banks. it will depend so but that's the case for any bank. the second thing i look at with banks are bank portals, and when it comes to the bank portals, it's all over the place. you have some that are really good: wells, fargo and chase have very good, robust bank portals that are very user friendly that give you the ability to do a lot of different things, including moving money around managing multiple accounts. you have other bank portals that are not so nice, like pnc is somewhat complex and difficult to use. the next thing i look for in a bank is the user access. now, this is a very important feature, partikularly for accounting. you don't want your accountants to have more access than they need, and so we always want banks that provide a read only limited access user. uh, the good category again would be wells, fargo and chase. they have really good access controls where you can limit the amount of access and which accounts are have access to. a good example of a bad bank would be like bank of america, which provides that, but you have to pay an extra fee for those features. an ugly example would be capital one, which enormous bank that has no sub users. i find this absolutely unacceptable in 2022, especially considering the amount of ad spend that capital one makes for commercials. to not have a robust bank portal that allows us to have sub users- not acceptable. the next feature that you look at with a bank is accessibility. now, by this i mean physical bank branches, and this is where the big banks can shine. they have branches all over the place, and this can be very nice if you need to go in and speak with a bank manager, open up an additional account, deal with an issue- wire transfers, things like that. there's a lot of fintik tools that make us think that the need for bank access and a branch access isn't necessary, and for the most part, that is true until it's not. and when it's not, you really do want that physical access. so, for big banks, branches is good. oftentimes this is regional- some of the big banks have more branches in other parts of the country than others- but they definitely are probably the top of the heap when it comes to physical bank accessibility. another feature of banks is lending. now, the big banks will have lending programs. they'll have different lines of credit. you can do sba loans and all that, but they are very rigid in terms of how they go about that. so what you get with a big bank is what you get. if you can fit inside their programs, great. if you can't, you're not going to get any flexibility with them. so that's what you have to consider with the big bank. now, in terms of an overall recommendation, should you use a big bank with your e-commerce or small business? um, it depends. uh, i would definitely lean on those that have good portals. so wells, fargo and chase are the two that i would recommend. um, in terms of do you need the physical location? that depends on your business. it can be useful, especially as you get bigger. the other thing you have to consider with a big bank is they're going to have a lot of other services like brokerage accounts, the loans. again, they might not have the best terms of the best flexibility of the programs, but that can be a nice advantage. so think about all those things as you're considering whether to go with a big bank for your ecommerce or small business. if you like this video, go ahead and like it, ask me a question in the comments, share it with those who might want to know about this and feel free to subscribe to our channel, where you'll be notified about more videos like this.