4 Reasons Why Your E-commerce Business Needs an Online Bank Account

November 16, 20203 min read
tiny-ecommerce-e1605662870554

No matter what type of online business you manage, your Ecommerce business deserves the very best when it comes to banking. You might first think of opening a business checking account with your local community bank, where you might already have a personal account opened. Let’s take some time together to stop and discuss why an online bank might be a better option for you. Your Ecommerce business probably has a lot of moving parts, so it is in your best interest to try and manage everything as easily as possible. An online checking account might be the answer you are looking for, read these 4 reasons to open an account for your business today.

1. Convenience

Gone are the days you have to plan to travel to your bank during business hours in order to receive updates on your account. With an online bank, you are able to access your account information 24/7 and from any mobile device. Whether it’s transferring funds or paying bills, everything can be done on your own schedule.

2. Simplifies your business

You should be busy running your Ecommerce business, you shouldn’t be busy trying to figure out how to set up payroll, send professional invoices or generate reports. Instead, let your online bank handle that. Once you log into your online business bank account, everything will be in one place. You can review your transaction history in real-time, pay bills, transfer funds and send wires.

3. Lowers costs

An Ecommerce business requires some money to be spent, that’s why it’s important to keep an eye out for some areas where you can save. Opting for an online business checking account might help you save money due to their lower fees. Online banks don’t have to pay for different branch locations, instead they are able to provide their clients with a better, more affordable experience.

4. More rewards

Here the tailored business checking account not only keeps your money organized, but it also comes with extra benefits. Your ecommerce business shouldn’t have to deal with unnecessary fees or monthly requirements, the bank offers no monthly maintenance fee for balances over $5,000 and no minimum balance requirement after $100 to open. With your Rewards debit card, you will also receive 1.00% cash back on debit card purchases.

Open an account online for your Ecommerce business today. The fast and flexible onboarding experience will set you up with an account that will be there for the rest of your business’s journey.


The Debit Card Rewards Program (Cash Back Rewards) will provide 1.00% cash-back on all Qualified Purchases made by eligible Tailored Checking account holders if the account holder meets the requirements and keeps an average balance of $5,000 or greater within the calendar month in their Tailored Checking Account. The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as Radius does not provide tax advice. Qualified Purchases include signature-based purchases made with a Radius Bank Debit Card tied to a Tailored Checking account enrolled in the Debit Card Rewards program. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and how the transaction is transmitted to Radius at the time of processing. We reserve the right to determine if a transaction was a Qualified Purchase, and to establish additional types of Qualified Purchases that could be made available in a variety of ways. Any goods or services purchased with the Radius Bank Debit Card that are returned or otherwise credited to your Account are not qualified purchases. Unlawful purchases and purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Cheques, gift cards, Cryptocurrency, Casino Chips, Peer to Peer Payments, prepaid debit cards, account openings, loan payments, or other cash equivalents) made with your Radius Bank Debit Card are not Qualified Purchases. We may require you to provide documentation to validate that certain purchases are Qualified Purchases. Radius reserves the right to modify or discontinue this program at any time. Your enrolled account must remain open, active, and in good standing to participate in the program, meaning: No NSF (non-sufficient funds) items during the preceding twelve calendar months in your checking account (regardless of the type of checking account). An eFunds check must show no negative history in the preceding twelve months and all monthly servicing fees must have been paid in full for the 12 preceding months. Radius reserves the right to modify the description of “good standing” at any time. If you or the Bank closes your account for any reason before the end of the statement cycle, you will forfeit all rewards accrued through your linked Debit Card during that statement cycle.

You May Also Like

Related Resource Center
Starting a new business is exciting—and so is making money from your venture. But where will you put all your earnings and how will you pay your vendors?
Sep 18, 2022
8 min read
How to Open a Business Bank Account
With the Coronavirus still lingering here in the US, your 2020 Thanksgiving probably looks a little different than it has in years past. With many states still urging residents not to travel this holiday season, families are instead hunkering down and keeping gatherings to a minimum. When planning your meal this year, why not support a local business. Not quite sure how? Take a look at these 4 simple ways that can help make a difference in your community.
Nov 18, 2020
3 min read
small-were-open
You finally did it! You got your business up and running, all of that time spent planning has paid off and you are now a real business owner. You might not think opening a business checking account is a priority, but the earlier you open one, the easier your life will be down the road.
Jul 21, 2020
4 min read
GettyImages-671328436-2-1
When you start a business – whether you’re a jewelry maker selling your wares on Etsy, or a startup founder ready to break through to the next level – one of the first questions that arises is: should I incorporate as a business? Most businesses begin as a sole proprietorship. If you don’t incorporate, you are, by default, a sole proprietor. Legally, that means that you and your business are not separate entities, wherein your business is taxed at the same rate as you are personally and, if your business is sued or carries debt, your personal assets are not protected. Separating yourself from your business by incorporating or forming a Limited Liability Corporation (LLC) puts up safeguards and protects against losses from business liability. There are other advantages as well.
Jul 2, 2019
2 min read
small-business-owner-food-truck-1024x683-compressed-1
Every small business needs its own checking account. At a minimum, it can help you keep your funds separate for book keeping and taxes purposes. But that’s not all a business checking account can do to help make running your business easier. The first thing to look for when choosing a new bank account are the basic services offered. Here are some criteria to look for when choosing the best account with the right services for you and your business:
Jun 17, 2019
2 min read
GettyImages-1150419000 sized compressed
Related Impact
From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce StackitTM from LendingClub Bank—a new browser extension that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.
Nov 13, 2022
2 min read
blog header stackit 765x430 v1-1
Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals.
Oct 2, 2022
5 min read
LendingClub Rewards Checking Nationally Certified as Trusted, Afforda
Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.
Apr 19, 2022
2 min read
Illustration of large number 4 and letter M made up of colorful, tiny illustrations of ethnically diverse people
In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank. 
Mar 6, 2022
less than a minute read
Blog-post
LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.  
Jan 2, 2022
2 min read
Man in blue button up shirt and glasses smiling
Related FAQ's
We offer several ways for you to make your monthly auto loan payment, so you can choose the method that works best for you. A statement will be mailed to you every month that shows the payment amount and due date.
Nov 29, 2023
less than a minute read
LendingClub provides a year-end statement that summarizes your account activity, including how much interest you’ve earned and information regarding Notes tied to loans that have been charged off.
Jun 7, 2023
less than a minute read
Our process is fast—most members are approved within a few hours. The exact turnaround time you’ll see for your application will depend on your unique details.
Jun 7, 2023
less than a minute read
What Are Some General Troubleshooting Tips?
Jun 7, 2023
less than a minute read
Rates and fees for your auto refinance loan depend on several factors, like your credit history and income. We’ll let you know about any potential fees or other costs during the application process, so you can be sure you’re making the right choice.
Jun 7, 2023
less than a minute read
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
Sep 6, 2023
4 min read
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment. 
Mar 21, 2023
4 min read
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
Mar 21, 2023
3 min read
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
Feb 7, 2023
3 min read
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
Feb 4, 2023
3 min read
Change Your Money, Change Your Life
Join our monthly newsletter for tools, tips, and insights to improve your financial health.
  

LendingClub Bank and its affiliates (collectively, "LendingClub") do not offer legal, financial, or other professional advice. The content on this page is for informational or advertising purposes only and is not a substitute for individualized professional advice. LendingClub is not affiliated with or making any representation as to the company(ies), services, and/or products referenced. LendingClub is not responsible for the content of third-party website(s), and links to those sites should not be viewed as an endorsement. By clicking links to third-party website(s), users are leaving LendingClub’s website. LendingClub does not represent any third party, including any website user, who enters into a transaction as a result of visiting a third-party website. Privacy and security policies of third-party websites may differ from those of the LendingClub website.

Savings are not guaranteed and depend upon various factors, including but not limited to interest rates, fees, and loan term length.

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,854 for a term of 36 months, with an interest rate of 10.29% and a 6.00% origination fee of $1,191, for an APR of 14.60%. In this example, the borrower will receive $18,663 and will make 36 monthly payments of $643. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. 

For Personal Loans, APR ranges from 9.57% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2023 and are subject to change without notice. 

Checking a rate through us generates a soft credit inquiry on a person’s credit report, which is visible only to that person. A hard credit inquiry, which is visible to that person and others, and which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person. Credit eligibility is not guaranteed. APR and other credit terms depend upon credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and credit usage and history.  

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. ​Deposit accounts are subject to approval. Only deposit products are FDIC insured.

“LendingClub” and the “LC” symbol are trademarks of LendingClub Bank.

© 2023 LendingClub Bank. All rights reserved.