Small Business News
U.S. Bank Launches All-in-One Small Business Checking Solution
A new account from U.S. Bank combines business checking features and payment acceptance.
About U.S. Bank Business Essentials:
Recently, U.S. Bank introduced its new U.S. Bank Business Essentials account. Billed as a premier all-in-one checking account for small businesses, this option allows businesses to accept card payments and get free same-day access to their funds, among other features.
The new account doesn’t have any monthly maintenance fees and allows for unlimited digital transactions. Business Essentials customers can also claim a free mobile reader for accepting payments. As U.S. Bank notes, with this account, small business owners can utilize a single digital dashboard, simplifying their money management. Nevertheless, the account does also integrate with various accounting software.
According to a survey commissioned by U.S. Bank, 80% of small business owners reported that they preferred a service that bundled banking, payments, and operational tools. Thus, the bank was inspired to create this latest option.
As for payment acceptance fees, U.S. Bank currently charges 2.60% plus 10¢ for swipe, tap, or chip card payments. Manually entered card transactions are assessed a fee of 3.50% plus 15¢. Meanwhile, online payments are 2.90% plus. 30¢.
What They’re Saying:
Announcing the new account, U.S. Bank’s chief product officer for business banking Shruti Patel said, “With Business Essentials, we are making it easier for small business owners to manage their business. We are bringing multiple capabilities together – a best-in-class checking account with payments and differentiated easy-to-use software – in a single integrated interface.”
Patel added, “By enabling small business owners to manage their cash flow in one place – with no monthly maintenance fee – we are helping our clients save time and money, lessening their operational burden, and giving them access to improved business insights.”
My Thoughts:
It’s easy to see the appeal of the U.S. Bank Business Essentials account as it not only allows small business owners to manage their money in one place but also deal directly with a bank rather than through a FinTech with a banking partner. That said, on the payments side of things, business owners may have a preference for the software offered by the likes of Square over what U.S. Bank has. Notably, though, U.S. Bank’s fees for tap, chip, or swipe transactions are slightly lower than Square’s (2.6% plus 15¢ for Square versus 2.60% plus 10¢ for U.S. Bank), while online and manually entered transactions have the same fee with both platforms.
Of course, every small business owner’s situation is different, but this U.S. Bank Business Essentials account option may be worth a look overall.
Author
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