topic Re: Best Business Bank: card processing, lending in Business Credit

Best Business Bank: card processing, lending

LivingTheAmericanDream — Thu, 28 Aug 2025 00:06:56 GMT

Searched around and didn't find what I was looking for, so starting new topic. Starting up a new coffee shop and looking for a bank that offers good checking fees, low card processing fees, reasonable access to credit, good report features. Currently have personal accounts w/US Bank, Citi, Chase, Amex, Capital One. Feedback and suggestions please. Thanks 🤙

Re: Best Business Bank: card processing, lending

fullstackdev — Fri, 29 Aug 2025 16:26:41 GMT

Congrats on taking the leap to start your business!

If I were starting fresh today, I’d choose Bank of America. They offer the full range of banking products you mentioned, and most importantly, they provide secured business lending options. This is a huge advantage for a brand-new business looking to establish credit. Many banks won’t consider you for unsecured term loans or lines of credit until you’ve been in business for at least two years, so these products can help you build your credit profile and borrowing relationship early.

For day-to-day banking, I’d avoid Capital One and Amex. They’re relatively new to the business banking space, have fewer branch locations, and I bet their online banking platforms aren’t as mature or robust as what you’d get with BofA or U.S. Bank.

When it comes to business credit cards, most of the banks you mentioned have solid options. A few quick notes:

BofA: Allows multiple approvals with a single credit pull.
Capital One: Pulls all three credit bureaus.
Chase: Typically pulls at least two of the three bureaus.
U.S. Bank: Known to be inquiry-sensitive.

For reference, I currently use:
BofA Customized Cash Rewards for 3% category spend
BofA Unlimited Cash Rewards and Capital One Spark 2% for everything else

Good luck with your new coffee shop!

Re: Best Business Bank: card processing, lending

cashorcharge — Fri, 29 Aug 2025 18:32:21 GMT

Agree that BofA is a good start. However, I would also suggest Wells Fargo. I might be bias as they handle other banking related items for me so perhaps my history with them, led them to the favorable terms.

I do like the fact that if you go in branch to open a Business Checking, they will SP your Experian report and if they deem all is good, will offer you either a BLOC or CC based on that SP and no HP is required.

Additionally, I would add that just because you bank at one place, don't think the CC processing needs to be with them too. Based on your proposed volume, you can keep that flexible and may get a better fee by diversifying your banking

Re: Best Business Bank: card processing, lending

LivingTheAmericanDream — Fri, 29 Aug 2025 21:50:26 GMT

Thanks for the replies: very helpful! I've ruled out Chase for merchant processing: their call center was not in the U.S., and the woman had very little knowledge about what I wanted info on (and yes, was told this was the 'merchant processing dept.). Plus, I don't want my financial info placed more at-risk than it already is.

AmEx doesn't 'do' merchant processing but I can set up a merchant account so they can collect their fee.

US Bank very responsive and they have already adjusted their initial fees.

Not a big fan of either BofA or Wells but it's a business decision so will definitely reach out to them.

Re: Best Business Bank: card processing, lending

itsmedrew — Sun, 31 Aug 2025 21:46:49 GMT

Wells Fargo is promoting their Signify cards hard right now. I have already gotten two approvals for businesses under 2 years only on PG and for $12k+. I have also gone the BOA route and Amex for my younger businesses, since they go based off of PG and projected rev. If anybody knows any other 0% ARP right now that cater to younger businesses, I would love to see a "New Business(under 2 years) 0% APR" thread if we could start one!

Re: Best Business Bank: card processing, lending

LivingTheAmericanDream — Mon, 01 Sep 2025 06:27:56 GMT

Wells Fargo responsive, but held back providing more detailed info until I open a Wells account. BofA was a literal black hole: was on hold for a long time and couldn't get hold of anyone in merchant services. (Was around 3:30 PM on a. Friday: w/try again Tuesday.)

Re: Best Business Bank: card processing, lending

1LostArk — Thu, 11 Sep 2025 07:16:12 GMT

@itsmedrew wrote:
Wells Fargo is promoting their Signify cards hard right now. I have already gotten two approvals for businesses under 2 years only on PG and for $12k+. I have also gone the BOA route and Amex for my younger businesses, since they go based off of PG and projected rev. If anybody knows any other 0% ARP right now that cater to younger businesses, I would love to see a "New Business(under 2 years) 0% APR" thread if we could start one!

Can you confirm you're saying you have TWO Signify cards? If so, I need to get on that!

As for the OP's question, BofA is my one stop shop and I highly recommend them. I've never had a problem and I can always get someone U.S. based on the phone, though branch employees are somewhat useless. Sometimes regional banks or credit unions can also be good, especially if they have a good business account manager you can meet with. For example: M&T has a lot of quirks and niggles but would my 2nd choice after BofA, and their business credit card is shockingly good. In summary, my experience has been that relationship banks are the way to go as long as it's quid pro quo. You said you're doing a coffee shop, so if you're willing to commit to a contract you might want to look at Toast, which has features catered to the food service industry. In that case use whatever checking account and credit card you want.

Re: Best Business Bank: card processing, lending

LivingTheAmericanDream — Thu, 11 Sep 2025 17:22:14 GMT

@1LostArk wrote:
@itsmedrew wrote:
Wells Fargo is promoting their Signify cards hard right now. I have already gotten two approvals for businesses under 2 years only on PG and for $12k+. I have also gone the BOA route and Amex for my younger businesses, since they go based off of PG and projected rev. If anybody knows any other 0% ARP right now that cater to younger businesses, I would love to see a "New Business(under 2 years) 0% APR" thread if we could start one!
Can you confirm you're saying you have TWO Signify cards? If so, I need to get on that!

As for the OP's question, BofA is my one stop shop and I highly recommend them. I've never had a problem and I can always get someone U.S. based on the phone, though branch employees are somewhat useless. Sometimes regional banks or credit unions can also be good, especially if they have a good business account manager you can meet with. For example: M&T has a lot of quirks and niggles but would my 2nd choice after BofA, and their business credit card is shockingly good. In summary, my experience has been that relationship banks are the way to go as long as it's quid pro quo. You said you're doing a coffee shop, so if you're willing to commit to a contract you might want to look at Toast, which has features catered to the food service industry. In that case use whatever checking account and credit card you want.

Appreciate it - thanks!

Re: Best Business Bank: card processing, lending

DXness — Thu, 25 Sep 2025 01:44:23 GMT

@1LostArk wrote:
Sometimes regional banks or credit unions can also be good, especially if they have a good business account manager you can meet with. For example: M&T has a lot of quirks and niggles but would my 2nd choice after BofA

M&T is where I have my primary business checking account. They have great checking options for new businesses, with low monthly fees that are easy to waive. For my account type, the fee is waived if I just make 5 deposits of any kind a month - cash, check, Paypal, ACH, it all counts. I even split up in-person deposits into multiple deposits "for record-keeping purposes" and the teller never cares, counts as more than 1! However, two of their options will not work for you if your shop will be depositing lots of cash, the free cash limits are low. Their tailored checking is better for taking cash and you can waive that fee by making 1 merchant services deposit a month or spending $2K on any M&T credit card if you don't want to maintain the needed ledger balance.

M&T online banking is...very feature-starved, though. External transfers? Outbound Wires? Can't do it in the app or online, have to go in-branch. I don't use this account to pay international suppliers. The email system for support online from inside your account is also pretty useless (or was when I last tried, hopefully they moved to a normal chat system) so you have to go in or call for real customer support. The CS I get in-branch is really good.

Opening accounts/account changes are also quite a, as you put it, quirkly niggle process. My business partner had to appear in-person for me to add him as an AU. If your business paperwork doesn't all match up exactly, expect to sit in a chair for quite a while as they stew about it, feels more like being in a credit union. I also came from Peoples' United Bank before M&T acquired them so sometimes I still have technical issues related to that.

Overall, though...it's a good business bank. They greet me by name when I walk in as if it really is a credit union. They have full merchant services options I just haven't looked into that. Their credit cards are kinda meh...not bad, just not attractive if you are a player of the game.

Re: Best Business Bank: card processing, lending

Ummmwhat — Fri, 26 Sep 2025 19:20:49 GMT

I don't think anyone else has mentioned it but I strongly advise you NOT have your merchant processing with your primary bank.

One fake dispute/chargeback and ALL of your funds are frozen. Keep them separate.

Re: Best Business Bank: card processing, lending

LivingTheAmericanDream — Tue, 28 Oct 2025 01:22:03 GMT

@Ummmwhat wrote:
I don't think anyone else has mentioned it but I strongly advise you NOT have your merchant processing with your primary bank.

One fake dispute/chargeback and ALL of your funds are frozen. Keep them separate.

GREAT advice - thanks! I drive my wife crazy with having multiple accounts/CC companies. Just have to remember to add her as an AU, otherwise suspicious 🤔