Compare eCommerce Business Bank Accounts

10 Best Business Bank Accounts for Ecommerce in 2024

If you run an e-commerce business, you’ll likely want a digital-first bank account that helps you sell online. I’ve researched the best accounts for this sector, focussing on ease of setting up, transaction fees, and useful features.

Bear in mind these these bank accounts (with the exception of Revolut and Airwallex) won’t actually receive payments for you. For that, you’ll need a payment gateway like Stripe, which you can then integrate with your bank account.

Find the best business account to help your entire e-commerce business thrive.

Revolut Business Account

Business Expert’s Revolut Review

Read our in-depth Revolut business review

Revolut Business Basic Account

Monthly Fee

£0

Bank Transfers

20p

5 Free per month

Card Purchases

£0

Overdraft

No

FSCS Protection

No

Trustpilot Score

155,369 Reviews, average rating of 4/5

Accessibility

Access your Revolut account via the web or mobile app

See Deal

On Revolut’s Website

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Pros & Cons

• Send and Receive Funds in 30+ Currencies at competitive rates
• Very fast to get a basic account set up
• Choose from Free/Grow/Scale/Enterprise Accounts
• Superb mobile APP
• Quickly freeze lost or stolen card
• High Trustpilot scores

• Most of the core features only come with paid accounts. The free bank account is limited.
• You are charged for ATM usage (2% fee)
• No cash deposits allowed
• £3,000 ATM withdrawal limit per day
• No FSCS Protection

Features

• Account Fees: £0 for the basic plan; premium plans from £19/month.
• Transaction Fees: Free bank transfers and card purchases; specific fees for international transactions outside of free allowances.
• Overdraft Facilities: Not available.
• Integration with E-commerce Platforms: Revolut is one of the only banks that offers its own payment gateway. Revolut Pay integrates easily with platforms like Woocommerce and Shopify etc meaning you can take payments and see the transactions right into your Revolut account. Fees start from 1% + £0.20, with no hidden fees or charges.
• Invoicing Integration: Smart invoicing is available for easier billing processes.
• Customer Support: 24/7 access to customer service.
• Trustpilot Score: Great, 4.2/5.
• Additional Benefits: Multi-currency support, fixed future FX rates, cryptocurrency transactions, business insurance options, and financial product discounts.

Eligibility Criteria

– You must be at least 18 years old.
– Your business must have a physical presence in the UK, EEA or Switzerland.
– You must be a private limited company, public limited company, Limited Liability partnership or partnership.
– Charities/trusts and other high-risk organisations are not eligible.
– Businesses operating from outside the supported countries are excluded.

ANNA Money – Best for eCommerce Integrations

Anna Money is way ahead of competitors when it comes to e-commerce integrations, allowing direct linking with Shopify, Woocommerce, Amazon, eBay, and Etsy.

You can also link with payment gateways like Stripe, Square, Paypal or Gocardless.

If you’re an e-commerce business, this really does make your life a lot easier!

As an example, when you link your eBay account with ANNA, all your sales and the VAT collected from customers flow directly into the ANNA app, merging seamlessly with your recorded expenses. This centralization simplifies VAT Return preparation by eliminating the need to download and merge sales and expense spreadsheets. Refunds issued to customers are also integrated, ensuring accurate VAT totals.

Business Expert’s ANNA Money Review

Read our in-depth Anna Money Review

ANNA Money Pay as You Go Account

Monthly Fee

£0

Bank Transfers

20p

Card Purchases

£0

Overdraft

No

FSCS Protection

No

Trustpilot Score

3,061 Reviews, average rating of 4.6/5

App Access

Access your ANNA Money account via the web or the mobile app

See Deal

On ANNA Money’s Website

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Pros & Cons

• Quick Set Up
• No Fees for 3 Months
• In-App Invoice Creation
• Well designed App functionality
• Free Direct Debits
• 24/7 customer service via Live Chat
• Xero Integration

• No overdraft facilities
• Foreign Currency Transactions carry charges
• Not protected by the UK’s FSCS scheme.
• Monthly subscription of £11 after the trial period
• No Joint Accounts
• Receiving money in foreign currency is limited to Euros or Dollars and requires a Payoneer account.

Features

• Account Fees: £0 for the Pay as You Go account; the Business account is £14.90 + VAT per month, and Big Business starts at £49.90 + VAT per month.
• Transaction Fees: Bank transfers cost 20p; card purchases are free.
• Overdraft Facilities: Not available.
• Accounting Integrations: Integration with standard accounting software is supported.
• Customer Support: 24/7 customer service via Live Chat, with a promise to refund the monthly subscription if the response time exceeds 10 minutes.
• Trustpilot Score: Excellent 4.6/5.
• Additional Benefits: Virtual cards issued instantly, personal payment link, easy deposits at numerous locations, compatibility with Apple Pay/Google Pay, co-worker debit cards with spending limits and automatic expense sorting, real-time updates on account activity, free direct debits, and cashback on certain business expenses.

Eligibility Criteria

– You must be at least 18 years old.
– You must be a sole trader, a director of a limited company (and listed on Companies House) or a partner in a Limited Liability Partnership (LLP).
– You must have a UK residential address.
– Charities/trusts and other high-risk businesses are not eligible.
– Businesses not based in the UK are excluded.

Airwallex Business Account

Business Expert’s Airwallex Review

Read our in-depth Airwallex Review

Airwallex Business Account

Monthly Fee

£0

Bank Transfers

£0

Card Purchases

£0

Overdraft

No

FSCS Protection

No

Trustpilot Score

1,166 Reviews, average rating of 3.6/5

Accessibility

Access your Airwallex account via the web and mobile app

See Deal

On the Airwallex Website

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Pros & Cons

• Global Coverage – Airwallex offers global transactions in over 130 currencies, making it an ideal solution if you operate internationally.
• Competitive Exchange Rates – Airwallex uses interbank exchange rates for transactions, which are typically more competitive than the rates offered by traditional banks.
• Transparent Pricing – Airwallex offers transparent pricing with no unexpected fees. The costs are clear upfront, making it easier for businesses to manage their finances.
• Integration with Business Software – Airwallex seamlessly integrates with popular business tools like Xero, NetSuite, and Shopify
• Robust Security – Airwallex has robust security measures in place and is regulated by financial authorities around the World.

• Customer Service – Some users have reported issues with customer service, including slow response times or difficulty resolving issues.
• Availability of Services – Not all Airwallex’s services are available in every country. Depending on where your business is located or operates, you may be unable to access all its features.

Features

• Account Fees: No account fees or transaction fees for 110+ countries.
• Transaction Fees: The only charge is an FX margin fee of 0.5-1% above the interbank rate when you exchange currencies.
• Overdraft Facilities: Not offered
• Integration with E-commerce Platforms: The Airwallex payment gateway effortlessly connects with Shopify, WooCommerce, and Magento, allowing e-commerce businesses to settle payments in various currencies directly into a Global Account
• Invoicing Integration: Integrates with Xero, Sage, Netsuite.
• Customer Support: Award-winning customer support highlighted, indicating a strong emphasis on providing quality assistance to account holders.
• Trustpilot Score: Great, 3.8/5.
• Additional Benefits: Multi-currency accounts, instant issue of multi-currency corporate cards, automation of bill payments, expense management for better control and visibility, and easy global payments acceptance through links and plugins.

Eligibility Criteria

– You must be over 18 years old
– You must be a business operating within one of the supported countries/regions
– Your business must be registered and have a physical address.
– Charities and other high-risk organisations are not eligible

Tide Business Bank Accounts

Business Expert’s Tide Review

Read our in-depth Tide review

£50 cashback with promo code EXPERT£50

Tide Free Business Account

Monthly Fee

£0

Bank Transfers

20p

Card Purchases

£0

Overdraft

No

FSCS Protection

Yes

Trustpilot Score

20,018 Reviews, average rating of 4.1/5

Accessibility

Access your Tide account via the web or the mobile app

See Deal

On Tide’s Website

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Pros & Cons

• Transparent pricing: Tide’s fees are clear and straightforward, with no hidden costs.
• Account upgrades: As your business grows, you can easily upgrade your Tide account to access more features.
• Convenient features: Tide business accounts have various features such as invoicing, payment scheduling, payment links and direct debit management.
• Cashback option: The Tide Cashback Account allows you to earn 0.5% cashback when you use your business card.
• Integration with accounting software: Tide seamlessly connects to popular accounting software like Xero, Sage, FreeAgent, and QuickBooks, streamlining financial management.
• Ease of use: Opening a Tide account is quick and straightforward, with most applications approved in minutes. The mobile app provides a user-friendly interface for managing finances on the go.
• Business tools: Tide provides additional business tools like a card reader and payment solutions, catering to various business needs beyond traditional banking.

• Limited customer support: While Tide offers in-app and email support for all customers, telephone support is only available for Plus, Pro, and Cashback account holders on working days.
• Transaction fees: Unlike the paid accounts, the Free Account charges for transfers which can accumulate for businesses with high transaction volumes.
• Technical limitations: Tide’s reliance on mobile app-based management may pose challenges for businesses with incompatible devices or preferences for web-based interfaces.

Features

• Account Fees: £0 for the Free account; Plus, Pro, and Cashback accounts have monthly fees starting from £9.99 + VAT.
• Transaction Fees: 20p for transfers in and out on the Free account; allowances vary for paid accounts.
• Overdraft Facilities: Not available.
• Integration with Accountancy Software: Connects with most accounting software, aiding e-commerce operations.
• Invoicing Integration: Allows for easy creation and sending of invoices.
• Customer Support: Priority in-app support for paid accounts; phone support and 24/7 legal helpline for Plus and above.
• Trustpilot Score: Great, with a TrustScore of 4.3/5 stars.
• Additional Benefits: Expense cards for staff, scheduled payments, multi-account holding, and exclusive member perks for paid accounts. Cashback option available with the Cashback account.

Eligibility Criteria

– You must be at least 18 years old.
– You must have a valid UK phone number.
– You must have a device that can access the UK Apple App Store or Google Play Store.
– You must be either the director of an active company registered with UK Companies House or a sole trader/freelancer registered with HMRC.
– Charities/trusts and other high-risk industries are not eligible.
– Businesses operating from outside the UK are excluded.

Zempler (Formerly Cashplus) Business Bank Account

Business Expert’s Zempler Bank Review

Read our in-depth Zempler Bank Business Review

No annual fee

Zempler Bank Business Go Account

Monthly Fee

£0

Bank Transfers

30p

3 free per month

Card Purchases

£0

Overdraft

Yes

FSCS Protection

No

Trustpilot Score

10,691 Reviews, average rating of 3.6/5

Accessibility

Access your Zempler Bank account via the web or the mobile app

See Deal

On Zempler Bank’s Website

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Pros & Cons

• No credit check required
• Excellent reviews
• No monthly fee for an entry-level account
• Pay in via any Post Office
• Overdraft of up to 2k
• Well-designed APP

• No bank branches
• £2 per ATM Use on the free account account
• £9.95 application fee for a business MasterCard (this is waived if you apply via Business Expert)

Features

• Account Fees: £0 monthly fee for the Cashplus Go account; the Business Extra account has a £9 monthly fee.
• Transaction Fees: Bank transfers cost 30p each; card purchases are free.
• Overdraft Facilities: Overdrafts up to £2,000 available, subject to credit history.
• Accounting Integrations: Seamless integration with popular accounting software such as QuickBooks, Xero, and FreeAgent.
• Customer Support: UK-based, available from 8am to 8pm Monday to Friday, and 8am to 4pm on Saturdays.
• Trustpilot Score: Average 3.5/5.
• Additional Benefits: FSCS protection, instant account number and sort code provision, up to 20 business debit cards, Google Maps integration for tracking and tagging payments, 24/7 fraud monitoring, cash deposit at any UK post office, and a Cashplus API for developing new applications.

Eligibility Criteria

– You must be at least 18 years old and have a UK residential address.
– You must be a sole trader, director of a limited company, a charity or a partnership based in the UK.
– Sole traders cannot be registered at UK Companies House. Limited companies must have no more than 4 PSCs registered with Companies House.
– High-risk organisations are not eligible.
– Businesses operating from outside the UK are excluded.

Cynergy Business Current Account

Cynergy Bank Business Current Account

Monthly Fee

£25

Free for 12 months

Bank Transfers

£0

100 per month limit

Card Purchases

£0

100 per month limit

Overdraft

Yes

FSCS Protection

No

Trustpilot Score

2,926 Reviews, average rating of 3.6/5

Accessibility

Access your Cynergy account via the web

See Deal

On Cynergy’s Website

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Features

• Account Fees: £25 per month for the business current account, which includes up to 100 standard electronic transactions per month. The account fee does not cover cash, CHAPS, SWIFT, or SEPA payments. New customers can enjoy 12 months of free business banking, subject to terms and conditions.
• Transaction Fees: Bank transfers and card purchases are free. ATM withdrawals have a 1.50% fee (minimum £1.50), cash deposits at HSBC branches are charged at 65p per £100, and cheque deposits at HSBC branches cost 30p.
• Overdraft Facilities: Information on business overdrafts is not prominently provided.
• Accounting Integrations: Not explicitly mentioned, suggesting a focus on core banking services without direct integration features for accounting software.
• Customer Support: Operates completely online with customer service available, but there are no physical branches in the UK.
• Trustpilot Score: Great 3.9/5.
• Additional Benefits:
• Interest-earning business current account with 1.50% AER variable on balances up to and including £25,000, and 0.25% AER variable on balances above £25,000.
• A standalone easy-access business saver account offering 4.00% AER variable interest.
• Eligible deposits are FSCS protected up to £85,000.

Eligibility Criteria

– The business must be based in the UK and registered with Companies House if required.
– Eligible entities include sole traders, partnerships, limited liability partnerships, and limited companies.
– Businesses may have up to 10 named individuals, including partners, directors, and shareholders. Shareholders who own 10% or more of the business must be included.
– Charities or trusts are not eligible.
– Businesses not based in the UK are excluded.

Starling Business Bank Account

Business Expert’s Starling Review

Read our in-depth Starling Business Review

Starling Bank Business Current Account

Monthly Fee

£0

Bank Transfers

£0

Card Purchases

£0

Overdraft

Yes

Eligible customers can apply for an overdraft between £1,000 and £50,000.

FSCS Protection

Yes

Trustpilot Score

40,886 Reviews, average rating of 4.3/5

Accessibility

Access your Starling Bank account via the web or mobile app

See Deal

On Starling Bank’s Website

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Pros & Cons

• Fast account set-up
• No monthly fees or fees overseas
• Integrations with Quickbooks, Xero & FreeAgent
• Fully regulated and FSCS protected
• Phone and App based customer service 24/7
• Euro and Dollar accounts are available

• No overdraft facility
• Can’t earn interest

Features

• Account Fees: Free, with no monthly charges.
• Transaction Fees: Free bank transfers, card purchases, and ATM withdrawals in the UK. International payments and cash deposits at the Post Office may incur fees.
• Overdraft Facilities: Available from £1,000 to £50,000 with a 1.75% arrangement fee.
• Accounting Integrations: Integrates with Xero, QuickBooks, FreeAgent, and other business services.
• Customer Support: 24/7 via app, phone, and email.
• Trustpilot Score: Excellent, with a 4.4-star average.
• Additional Benefits: FSCS protection up to £85,000, automated business spending categorisation, receipt capture, and saving spaces. Free UK bank transfers and no fees for overseas card transactions.

Eligibility Criteria

– All directors with access to the account must be at least 16 years old and UK residents.
– All Persons of Significant Control must be UK residents and natural persons.
– You must be either a sole trader or the director of a limited company or LLP registered with Companies House.
– The business must not be a holding company, dissolved, or in liquidation.
– Businesses operating from outside the UK are excluded.
– Charities/trusts and high-risk businesses are not eligible.

Wise Business Account

Business Expert’s Wise Review

Read our in-depth Wise Business Account Review

Wise Business Account

Monthly Fee

£0

Bank Transfers

Variable

Card Purchases

Variable

Overdraft

No

FSCS Protection

No

Trustpilot Score

226,487 Reviews, average rating of 4.3/5

Accessibility

Access your Wise account via the web or mobile app

See Deal

On Wise’s Website

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Pros & Cons

• Price: typically one of the most cost-effective providers, although the sector is now very competitive
• Speed: 80% of payments are settled within 24 hours, and 35% of the total are instant
• Convenience: easily make payments one by one or through mass pay solutions
• Transparency: complete visibility on all fees; when you initiate a transaction, you’ll receive a delivery estimate, plus granular payment tracking once you’ve made the transfer

• Wise is not a bank – not all features you’d expect from a bank account are available.
• Limited Customer Service
• Higher transfer fees than some competitors for

Features

• Account Fees: £0 monthly fee; one-time fee of £45 to open an account.
• Transaction Fees: Variable, depending on currency and type of transaction.
• Overdraft Facilities: Not available.
• Accounting Integrations: Allows connections to popular accounting software.
• Customer Support: Offered online, in-app, and by phone, with a focus on security through dedicated teams and 2-factor authentication.
• Trustpilot Score: Great, 4.2/5.
• Additional Benefits: Multi-currency accounts with local bank details in over 70 countries, business debit cards without foreign currency transaction fees, and 0.5% cashback on eligible transactions.

Eligibility Criteria

– You must be 18 years of age or older.
– Almost all businesses are eligible, but you must provide proof of address for the account representative.
– Your business must operate within the supported countries.
– High-risk companies and charities/trusts operating outside certain countries are not eligible.

Mettle Business Account

Business Expert’s Mettle Review

Read our in-depth Mettle Business Bank Account Review

Mettle Business Bank Account

Monthly Fee

£0

Bank Transfers

£0

Card Purchases

£0

Overdraft

No

FSCS Protection

Yes

Trustpilot Score

3,993 Reviews, average rating of 4.6/5

Accessibility

Access your Mettle account via the web or mobile app

See Deal

On Mettle’s Website

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Features

• Account Fees: Free, with no monthly or transaction charges.
• Transaction Fees: Free bank transfers; does not support international payments, cheque deposits, or cash transactions through branches.
• Overdraft Facilities: Not available.
• Accounting Integrations: Offers integration with FreeAgent, Xero, and QuickBooks; FreeAgent access included with at least one transaction a month.
• Customer Support: In-app support available 7 days a week.
• Trustpilot Score: Excellent, with a 4.6 out of 5 score.
• Additional Benefits: Interest on savings starting from £10 at 1.46% AER, FSCS protection up to £85,000, customizable invoice templates, and automated tax estimation.

Eligibility Criteria

– You must be a UK resident and at least 18 years of age.
– You must be a sole trader or a limited company with a maximum of two owners.
– You must have a main account balance not exceeding £1m.
– You must have a UK phone number.
– You must have an iOS device running iOS 13 or later or an Android device running Android 7.0 or later.
– You must pay tax and only be a tax resident in the UK.
– Businesses operating from outside the UK are excluded.
– PLCs, charities and high-risk organisations are not eligible.

Monzo Business Bank Accounts

Business Expert’s Monzo Review

Read our in-depth Monzo Business Bank Account Review

Monzo Business Lite Account

Monthly Fee

£0

Bank Transfers

£0

Taking payments by Easy Bank Transfer are free until 2025.

Card Purchases

£0

Overdraft

Yes

Eligible sole traders can apply for an overdraft of up to £2,000 with representative EAR of 39.0% (variable). Limited companies are not eligible.

FSCS Protection

Yes

Accessibility

Access your Monzo account via the web or mobile app

See Deal

On Monzo’s Website

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Features

• Account Fees: Free for the ‘Lite’ account and £5 per month for the ‘Pro’ account.
• Transaction Fees: Generally free for UK bank transfers; £1 charge for cash deposits via PayPoint; limitations on cash deposit amounts.
• Overdraft Facilities: Not available.
• Accounting Integrations: Integrated accounting (Xero, FreeAgent, Quickbooks) available with the ‘Pro’ account; not available with the ‘Lite’ account.
• Customer Support: 24/7 support available.
• Trustpilot Score: Great, 3.8/5.
• Additional Benefits: Tax Pots, multi-user access, in-app invoicing, and virtual cards available with the ‘Pro’ account. Both accounts offer mobile and web access, budgeting features, and FSCS protection up to £85,000.

Eligibility Criteria

– You must be at least 16 years of age.
– You must be a sole trader or the director of a limited company registered with Companies House, you must be based in the UK.
– You must be a tax resident in the UK only.
– LLPs, PLCs, charities and high-risk organisations are not eligible.
– Businesses operating from outside the UK are excluded.

What is the Best Business Bank Account for eCommerce?

Revolut gets our top vote as the best overall bank for e-commerce. With its own payment gateway and superb multicurrency support, it’s quick to open and easy to use. They also offer a portable Revolut card reader.

ANNA offers the best e-commerce account for eBay sellers due to its seamless integration of sales, VAT, and expenses in one place, facilitating easy VAT return filings directly to HMRC.

Airwallex is the best e-commerce account with Amazon or eBay integration, making it ideal for online sellers.

Tide is the best overall challenger account for ecommerce with a range of excellent features, competitive pricing and fast access to finance. They also have their own Tide Card Reader meaning you could take payments for your e-commerce brand in person, integrating it directly.

Bank	Account Fees	Payment Gateway	Trustpilot Score	Apply Now
Revolut	£0 – £19/month	Yes	4.2/5	Apply
Airwallex	£0	Yes	3.8/5	Apply
Tide	£0 – £49.99/month	No	4.3/5	Apply
Zempler Bank	£0 – £9/month	No	3.5/5	Apply
Anna Money	£0 – £49.90/month	No	4.6/5	Apply
Cynergy	£25/month	No	3.9/5	Apply
Starling	Free	No	4.4/5	Apply
Wise	£0 + £45 opening fee	No	4.2/5	Apply
Mettle	Free	No	4.6/5	Apply
Monzo	Free – £5/month	No	3.8/5	Apply

What is an eCommerce bank account?

An e-commerce bank account is specifically designed for businesses that operate online, selling goods or services through the internet. This type of account caters to the unique financial needs of e-commerce businesses, offering features and services that facilitate online transactions, manage cash flow efficiently, and integrate with e-commerce platforms and payment gateways.

Key features of e-commerce bank accounts often include:

• Online Payment Integration: Seamless integration with various online payment gateways and services, allowing businesses to accept payments from customers through multiple channels (credit cards, debit cards, e-wallets, etc.).

• E-commerce Platform Compatibility: Ability to easily connect with major e-commerce platforms like Shopify, WooCommerce, Amazon, and eBay, making it simpler to track sales and manage finances directly from the e-commerce dashboard.

• Multi-Currency Transactions: Support for transactions in multiple currencies, which is essential for businesses selling to international markets.

• Fast Settlement Times: Quick processing of online transactions, ensuring that funds are available in the business account promptly.

• Fraud Protection and Security: Advanced security measures to protect against fraud and unauthorized transactions, which are critical for online transactions.

• Accounting and Bookkeeping Integration: Direct integration with accounting software like QuickBooks, Xero, or FreshBooks, facilitating real-time financial tracking and easier bookkeeping.

• Automated Invoicing and Billing: Tools to generate and send invoices automatically, track payments, and manage subscriptions or recurring billing.

• Customer Support: Dedicated support for e-commerce businesses to address any issues related to payments, integration, or account management.

E-commerce bank accounts are beneficial for online retailers, digital service providers, and any business that relies heavily on online sales channels.

Do You Need a Bank Account for an eCommerce Business?

For an eCommerce business, having a dedicated bank account is crucial for several reasons. Firstly, it helps separate personal finances from business transactions, which is essential for accurate bookkeeping and tax purposes. It simplifies the process of tracking income, expenses, and profit, making financial management more straightforward.

Secondly, a business bank account is necessary to process customer payments. Whether you’re using payment gateways like PayPal, Stripe, or direct bank transfers, having a business account often provides more credibility with these services and your customers. It may also offer features tailored to business needs, such as higher transaction limits or the ability to accept various currencies.

Furthermore, a business bank account is often required to establish merchant services or obtain business loans and credit lines. Banks and financial institutions typically require a business bank account to assess your business’s financial health and transaction history before offering financial products or services.

Lastly, having a business bank account can enhance your business’s professionalism. It reassures customers and suppliers that they are dealing with a legitimate entity, which can help build trust and credibility in your e-commerce brand.

What are the Benefits of an eCommerce Bank Account?

A bank account for e-commerce provides several key benefits:

• Streamlined Transactions: Easily manage incoming payments from customers and outgoing payments to suppliers or service providers.

• Financial Organisation: Keep personal and business finances separate, simplifying bookkeeping and tax filing.

• Payment Processing: Access to various payment gateways and merchant services to accept payments online from different channels.

• Currency Management: For businesses dealing internationally, the ability to manage multiple currencies and benefit from better exchange rates.

• Credit Access: Potential eligibility for business loans, credit lines, or overdraft facilities to help with cash flow.

• Professional Image: Enhances your business’s credibility with customers and partners by using a business account for transactions.

• Financial Tools: Access to business banking services such as invoicing, accounting software integration, and expense tracking.

• Security: Enhanced protection against fraud and unauthorized transactions, providing peace of mind.

• Financial Insights: Many banks offer analytics and insights into your finances, helping you make informed business decisions.

• Growth Support: Banking services often include support and resources for business growth and expansion.

How Much Do eCommerce Bank Accounts Cost?

The cost of e-commerce bank accounts varies widely depending on the provider, account type, and the services you require. Some key factors affecting the cost include:

Fee	Cost
Monthly Fees	Some accounts charge a monthly maintenance fee, which can range from £0 to £50 or more, depending on the complexity of the services offered.
Transaction Fees	Fees per transaction may apply, especially for international payments, card payments, and currency exchanges. These can be a fixed amount, a percentage of the transaction, or both.
Payment Gateway Fees	If you’re using the bank’s payment gateway for processing online payments, there could be additional charges. These might include setup fees, monthly fees, and transaction fees, typically around 1% to 3% of the transaction amount plus a fixed fee.
Currency Conversion Fees	For businesses dealing in multiple currencies, banks may charge a fee above the base exchange rate for converting currencies, often ranging from 0.5% to 3%.
Additional Service Fees	Costs for extra services like overdrafts, wire transfers, cheque processing, and rapid transfers can add up. These are usually specific amounts per service.
Integration Fees	Fees might apply for integrating your account with e-commerce platforms or accounting software, though many banks offer this as part of their service package.

Many e-commerce bank accounts offer tiered pricing, allowing businesses to choose a plan that fits their needs and budget. It’s common to find free basic accounts for startups and small operations, with fees increasing as you opt for more advanced features or higher transaction volumes.

What You’ll Need to Open an eCommerce Business Account

Opening an e-commerce business account typically requires the following:

1. Business Information: Including your business name, type (e.g., sole proprietorship, limited company), registration number (if applicable), and contact details.
2. Proof of Business Registration: Documents proving your business is legally registered, such as a certificate of incorporation for companies or a business license for sole traders.
3. Personal Identification: Valid photo ID (passport, driving license) for the account holder(s) and possibly other key individuals in the business.
4. Address Verification: Recent utility bill, bank statement, or lease agreement in your name or your business’s name to verify the business and personal address(es).
5. Financial Information: Estimated annual turnover, details of your business activities, and sometimes a business plan or recent financial statements.
6. Ownership and Control Details: Information about major shareholders, directors, and persons of significant control (PSC) for companies. This is part of the Know Your Customer (KYC) compliance.
7. Tax Information: VAT registration number if applicable and information on your business’s tax residency.
8. E-commerce Platform Details: Information about where you sell online, such as your website URL or e-commerce platforms like eBay, Amazon, or Shopify.
9. Banking Preferences: Details of your banking needs, such as the need for a multi-currency account, payment gateway services, and integration with accounting software.
10. Application Form: Completed application form, which can usually be filled out online or in-person, depending on the bank.

FAQs