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 🤙
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.
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.)
@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!
@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.
@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.
EX VS3: 745, EQ VS3: 755, TU VS3: 753, VS4: 709
