The Difference Between Business Bank Accounts and Merchant Accounts
Are you a new small business owner? You probably have a lot to take care of, and you aren’t looking forward to sorting out your financial issues. However, you’re going to need to take care of two things as soon as possible: your merchant account and your business bank account. If you plan on taking credit and debit cards—and you absolutely should, unless you like turning down customers—you need to open a merchant account. You also need to open a business banking account, which will make your accounting process much easier.
What is a business bank account?
A business bank account is used to handle business-related expenses, such as rent and utilities. Business owners ought to open a business checking account that is separate from any personal accounts because it keeps you from mixing your personal funds with your business expenses.