Tips for eCommerce Businesses When Opening a Bank Account

Monneo Digital Banking
Monneo Digital Banking

A critical step in opening your eCommerce business is obtaining a bank account. Digital banking and virtual IBANs offer a wealth of advantages in this regard.

But if you’re curious about what you need to know before opening a bank account for eCommerce business, you’ve come to the right place. These ten tips should make that process fast and easy for you.

1. Have Your Documents in Order

Before you go to open a bank account for eCommerce business, make sure you have all of your documents that you will need. Beyond that, make sure they are organized appropriately. You will want to make sure you have anything that could possibly be asked for and everything important related to your business.

2. Ensure Accuracy

Make sure that all of the information you bring with you is up to date and accurate.

3. Obtain a Trustpilot Score or Have Reviews Online

Establish a presence online with a Trustpilot score or have visible user reviews of your business online.

4. Have Proof of Business

Proof of business includes client lists and other information about your sources of revenue. This is critical in establishing that your business is an ongoing concern that conducts real commerce and isn’t a front for some kind of other activity.

5. Have Owner Profiles

Digital banks and other institutions like to know the who, what, when, where, and how of any business. For owners and stakeholders, be sure to have relevant biographical information to establish the company’s provenance.

6. Make Sure Your Website is Free of Generic Information

Generic information on a website often indicates that it is fraudulent. Make sure to clear up any filler text from your company’s website before beginning this process.

7. Disclose Everything

Show your bank everything about your company – even things you might not think are that important.

8. Establish an Online Presence

Make sure that your company has social media profiles and stakes in other relevant platforms to give your business a public face and presence.

9. Bring As Much Information As You Can

Bring any information with you that you might not think is relevant but could be – just in case.

10. Avoid Dishonesty At All Costs

Do not, under any circumstances, attempt to fake documents or information. This will be discovered and often early in the process.

Next Steps

We have helped and worked with many eCommerce businesses throughout the years. If you also operate in the eCommerce space and if you have a specific question regarding the topics covered in this article, do not hesitate to visit our official website or contact us to discuss a specific question you might have. The team of Monneo will be glad to discuss it with you.

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