Month: February 2023

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Do You Need a Business Bank Account?

Business person using their business bank account through internet banking

A bank account is more than just a place to store money. When used effectively, it can become a money management tool to help you track your cash flow, analyze your performance, and even reduce your expenses. But the question remains, should you open a business bank account once you already have a personal one?

The Different Between a Business Bank Account and a Personal Bank Account

Usually, business accounts enable you to perform the same types of transactions that are enabled by your personal bank account. There are, however, some minor differences between the two.

Ownership

While your personal bank account is owned by you personally, this is not necessarily the case with a business bank account. If your business is considered to be a separate legal entity, such as an LLC or a corporation, then the bank account is considered to be an asset of the business. This means that if the business is sold, then the bank account will be included in the sale. 

If you’re a sole proprietor or an individual contractor, however, then the business account will be owned by you personally because your business is not a separate legal entity.

Related Post: Do I Need a Business Bank Account For a Sole Proprietorship?

Taxes

Unlike a personal account, your business bank account is considered an asset of your business. As a result, the expenses you incur in this account are tax deductible so long as the IRS believes that they were incurred for work purposes and they are not deemed excessive.

Setup Process

Applying for a business bank account usually requires more paperwork than a personal account. 

Your exact requirements depend on the type of business you own and may include documents such as your business license, DBA (Doing Business As) name, and form of ownership specific details such as Articles of Incorporation or a Partnership Agreement. We will, however, go into more detail about this process later.

Employee Debit Cards

Some business accounts allow you to order employee debit cards, thereby giving them the ability to withdraw and spend funds. If your bank enables this feature, then you’ll also have the ability to set spending limits including online, at ATMs, and on card machine purchases.

The Benefits of Business Bank Accounts

While the extra administration that comes with opening an additional bank account may seem daunting, there are several important benefits that prove why opening a separate business bank account is not only a worthwhile endeavor but a necessity.

Taxation

By keeping your business and personal funds separate, financial management becomes a lot more efficient. Not only is it easier to track business expenses and income, but filing taxes becomes simpler as well. 

Instead of confusing business funds with personal ones, you’ll have a clearer picture of what to include in your business’s tax filings as well as what expenses to include as tax write-offs. 

Credibility

For many potential customers, financial security is of utmost importance, especially when it comes to parting with their hard-earned money. By having a separate bank account that reflects your business’s name and contact details, you’ll provide your business with a layer of legitimacy that will make it appear more credible in the eyes of customers, thereby earning their trust. 

Liability Protection

Although not every business operates as a separate legal entity, opening separate business and personal bank accounts can help you to minimize your personal liability should your business run into financial or legal trouble. Should an issue arise where your business’s finances are affected, your personal finances will remain untouched.

Building Credit

No matter the size or age of your business, having access to a line of credit always provides peace of mind. 

Not only do business checking accounts often come with business-specific financing options, but by using a business bank account, you’ll have the opportunity to build your credit history. This will result in a stronger business credit score and access to bigger loans on better terms. 

Functionality

Many business bank accounts offer multiple signing authority. This means that both you and other key business members such as directors, managers, or treasurers can obtain signing authority on the account. 

What’s more, you can create different groups of signatories, for example, one could be sole signatories with their own signing power while others require dual signatures. With multiple signing authority, you can accelerate daily financial decision-making.

Another feature that business accounts often have is the ability to order debit cards for multiple employees, thereby enabling them to perform necessary business purchases as and when needed. 

What You Need in Order to Open a Separate Business Bank Account

While banks will require some basic information from all businesses, the specific documents you need in order to open a business bank account depends on the type of business you run. Let’s take a look at what you might be required to submit depending on your form of ownership.

Sole Proprietor

Basic information that banks usually require from sole proprietors include your personal details such as full legal name, physical address, phone number, and email address as well as your Tax Identification Number (TIN) or your Social Security Number (SSN).

Some documents that may be required include your DBA (Doing Business As) certificate and either an IRS SS-4 form or a 147 c Letter that verifies your Employment Identification Number (EIN).

General Partnership/Limited Liability Partnership (LLP)

Like sole proprietors, partners in a partnership are required to submit their full legal names, physical address, phone number, email address and Social Security Numbers (SSNs).

Documents that may be required for further validation are a copy of the Partnership Agreement as well as Certificate of Partnership. It’s important to note, however, that the Partnership Agreement should stipulate the percentages of ownership among the partners.

Limited Liability Company (LLC)

When applying for an LLC business checking account, LLC’s are required to present their Business Employer Identification Number (EIN) as provided by the IRS. This is in addition to their  physical address and phone number. The date that the business was established may also need to be submitted.

Essential documents that LLCs must submit are their Articles of Organization as well as their Operating Agreement. While not always a requirement, some banks request LLCs to disclose their annual revenue, so make sure to have this information available just in case.

Corporations

Much like an LLC, corporations are required to submit their Business Employer Identification Number (EIN) as well as physical address and phone number.

Corporation-specific documents that will be required are your Articles of Incorporation as well as the Company Bylaws.

Choosing a Business Account

Before searching for a bank account, it’s important to determine what features are a priority for your business. Here are some of the factors that may help you identify the ideal business bank account for your circumstance.

Fees

While they may not be viewed as typical business costs, banking fees such as monthly fees, ATM transaction fees, and transfer fees are still expenses. What’s more, because they occur on a regular basis, they can add up to a substantial amount. 

If your aim is to save money, then you’ll want to consider opening a business bank account with minimal fees. Some banks such as Novo and Bluevine offer accounts with no monthly fees, while Axos provides full unlimited reimbursements on ATM fees.

Interest

As you focus on growing your business’s income through sales, your business can earn a modest passive income on the side by joining a bank that offers a competitive interest rate. Bluevine offers an APY of up to 2.0%, while others such as Lili and LendingClub offer up to 1.5% interest.

Online features

Aside from financial benefits, your bank account can also help you to run your business more efficiently. Lili offers online features such as its tax optimizer to help you organize your tax write-offs and file your taxes, while Found and LendingClub both provide digital invoicing software so that you can perform all financial transactions on one integrated platform.

Credit Access

No matter how much financial planning you do, the future remains uncertain. Because of this reality, you may want to ensure that you have access to credit lines in case you need some extra financial support to grow your business and reach your goals. 

Bank of America and Axos are two banks that provide a range of loans specifically tailored to small businesses.

Do You Need a Business Bank Account Frequently Asked Questions (FAQs) 

Do you still have some unanswered questions about opening a business bank account? Here are some answers to common questions that will hopefully make the process a little clearer!

Bottom Line on Whether You Need a Business Bank Account

No matter what type of business you own and what size it is, opening a separate business bank account is a must. Whether or not your business is a separate legal entity, your online bank account’s digital tools will be sure to make managing your business’s finances simpler!

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC
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How To Check the Status of Your Employee Retention Credit

Progress bar showing the status of ERC refund

After filing your employee retention credit, you’ll want that money to arrive as fast as possible. While you wait, you’ll undoubtedly be left wondering when that refund check will come. This article explains how to check the status of your employee retention credit and offers tips to avoid any delays along the way.

Use Bottomline Concepts for streamlined and speedy ERC filing!

Make Sure You Qualify

Even if you’ve already submitted your employee retention credit request to the IRS, you may not receive anything back at all. The government has very specific guidelines depicting which businesses are eligible for money back.

To qualify for a refund, your business must have experienced one of the following:

  • Your business was completely or partially closed from a government order in your state. This order must have come as a result of the COVID-19 pandemic
  • Your business faced a certain decline in gross receipts

The government’s definition of “a decline in gross receipts” changed between 2020 and 2021. 

For the 2020 calendar, a company must have at least a 50% decrease in gross receipts for each quarter compared to the same period in 2019. The refund could only apply to companies with 100 full-time employees or less, excluding owners.

In 2021, businesses only needed a 20% drop in gross receipts per quarter compared to 2019’s numbers. The government also allowed businesses with up to 500 full-time employees to participate.

If neither of the above bullet points applied to your organization during 2020 and 2021, the IRS won’t be cutting you a check. ERC filing services such as Bottomline Concepts and ERC Assistant have free questionnaires you can use to see if you qualify for a refund.

>>> Related Post: What is the Deadline for the Employee Retention Credit?

How To Check the Status of Your Employee Retention Credit

Businesses often find themselves in radio silence after submitting employee retention credit forms to the IRS. There are ways to check on the status of your claim if you don’t want to just wait around.

1. Check With Your ERC Filing Service

Using an ERC filing service can often expedite the submission process of your claim. Since these companies understand the process, they can calculate your exact refund amount faster and know which paperwork to deal with.

This intimate knowledge typically gets your documentation in front of the IRS faster than if you had filed it yourself, leading to a quicker refund. It also greatly reduces the likelihood of errors in your filing that could delay results down the road.

Many ERC filing services keep detailed records of each submission and may have an idea of when to expect your reimbursement. You can reach out to the company you used and see what information they have for you.

2. Call the IRS Directly

You can also check the status of your refund by calling the IRS directly. It’s possible to call 877-777-4778 to speak with a live agent.

You’ll need to provide proof of your identity while on the call. This could include your legal name, social security number, business name, employer identification number, or more.

While on the line, you can ask questions about your claim and see how much longer you’ll have to wait. The IRS receives countless calls each day, so getting through to someone may take a considerable amount of time.

Luckily, there’s an easier way to check on your refund through the IRS’s online portal.

3. Use the IRS Refund Status Tool

The fastest way to receive an update on your reimbursement is right on the IRS website. Through the IRS’s refund status tool, you can see the status of your claim and when a check should be coming your way.

To see your refund status, you’ll need to choose the tax year you’re inquiring about. You must pick either 2020 or 2021 as part of your search. If you qualify for reimbursement for both years, you will have to perform another check for the other calendar year.

The tool is updated every day with the latest news on your application. It can also alert you to issues that may throw a cog into the timeline.

This way, you can address these issues before the IRS contacts you and get the process back on track. Otherwise, you’re just wasting valuable time while your claim remains stagnant.

When Should You Expect Your Employee Retention Credit?

At last count, the IRS still has more than 300,000 unprocessed forms from businesses that requested employee retention credit. Each form is an amendment of payroll paperwork processed during the COVID-19 pandemic, leading to lots of cross-checking of information.

When the ERC process first began, businesses were receiving refunds in about a month’s time. With so many requests now in the queue, you may find yourself waiting between six months and a year for your money to arrive.

The IRS chose to follow stringent restrictions during the height of the COVID-19 pandemic, facing shutdowns and staff limitations. Many employees had to work remotely, leading to much of the delay we’re facing today.

It also didn’t help to have so many businesses submit claims in the same time frame. Each request must pass through a stringent process to ensure companies receive the correct amounts owed to them. Any mistakes in applications only slow the process more.

Is There a Way to Speed Up the Process?

In the past, the IRS offered Form 7200 for businesses to apply for advanced payment or their ERC credit. As of January 2022, this form is no longer available for use.

Unfortunately, there’s nothing you can do to expedite your refund. Once you click that submit button, all you can do is sit back and wait until the IRS processes your claim.

If you have yet to submit your claim, do your do-diligence in making sure all the information listed on your Form 941-X is correct. Submitting accurate information the first time around will help things considerably.

You can check the status of your claim periodically to see if your application has hit a snag somewhere along the way. Being proactive about fixing an issue can get your submission back on track with minimal time lost.

Issues That Could Delay Your Employee Retention Credit

The IRS application backlog aside, there are a few factors that could delay your employee retention credit. Here are a few issues that slow the process down.

Miscalculating Your ERC Refund Totals

When walking through Form 941-X to amend your 2020 and 2021 payroll taxes, getting every number exactly right is vital. A mismatch with a decimal place or failing to carry a one will lead to incorrect totals.

You’re allowed up to $5,000 per employee for 2020 and $21,000 per employee for 2021. The IRS caps qualifying wages at $10,000 for the purpose of employee retention credit no matter how much each staff member actually makes.

It’s possible to skip most of the lines on your Form 941-X when filing an amendment, but the form still isn’t very clear. Use our employee retention credit guide to make sure you didn’t miss a step.

If there are errors, you’ll have to wait for the IRS to find these errors before you’ll get the chance to fix them.

Missing Information on Form 941-X

In addition to numbers, Form 941-X requires information about you and your business. Failing to provide all the necessary data will surely lead to delays.

As you move through the document, you’ll need to check the correct boxes to inform the IRS of the purpose of your request. If there’s any confusion about your submission, the IRS could reject your refund.

Note that you’ll need a Form 941-X for each quarter you’re correcting for the two years employee retention credit was available. This could mean a total of four forms if you’re requesting funds for 2020 and the first three quarters of 2021.

Large ERC Refunds

It should come as no surprise that larger-than-usual ERC refunds are going to slow down the system. Keep in mind that you can only request a refund for 2020 if your company has less than 100 full-time employees. You can have up to 500 people on your team for 2021 requests.

Getting Money in the Meantime

Some businesses may not be able to survive the long wait times currently plaguing the ERC refund process. If this is you, consider one of the following options to keep your company afloat.

ERC Bridge Loans

A handful of ERC filing services like Omega Accounting Solutions and Lendio offer bridge loans as part of their package. While these companies handle all the nuances of your claim, you can also receive immediate funds to bridge the gap between filing and payment.

In most cases, you can have extra funds deposited into your bank account within a few business days of your request. This is typically quite a bit faster than a traditional loan to get you up and running faster.

Interest rates and other payback requirements vary from provider to provider. You’ll need to work directly with the company to determine your monthly payments and loan length.

Traditional Loans

Your business bank account may be willing to toss a loan your way if you’ve built enough of a rapport with them. The amount you’re eligible for and contract terms hinge primarily on your financial dealings and how well you’ve been able to uphold your credit score.

Many banks have caps on the amounts they’re willing to give, while others can limit loans to specific business purposes. You’ll want carefully look through your options before making a decision.

Be sure to consider how much it will cost you to pay back your loan over time. The last thing you want is to find yourself in an even worse spot in the future because you took out too much or agreed to impossible terms. 

It’s Not Too Late to File Your Claim

If your business meets the criteria for employee retention credit, it’s not too late to submit a claim. It’s possible to amend your original payroll tax forms (Form 941) from 2020 or 2021 using Form 941-X for up to three years.

You can submit an employee retention credit request for 2020 up until April 15, 2024. To receive a refund for any of the first three quarters of 2021, you have until April 15, 2025 to send in your documentation.

How To Check the Status of Your Employee Retention Credit Frequently Asked Questions (FAQs)

Still have questions about employee retention credit? This FAQ may have the answers you’re looking for.

Bottom Line on How To Check the Status of Your Employee Retention Credit

The employee retention credit process isn’t an easy one. Businesses can find themselves waiting upwards of one year before receiving any payments, potentially stretching existing funds to the limit. Filing issues can further complicate the system, leading to even longer delays. Using an ERC filing service is the best way to maximize your chances of getting your credit the fastest.

Check out Bottomline Concepts today for fast and efficient ERC filing!

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What is the Deadline for the Employee Retention Credit?

The word "deadline" written boldly on an office calendar

Many companies experienced lost revenue to the COVID-19 pandemic but chose to keep employees on the payroll. To compensate small and medium-sized businesses, the government offered employee retention credit to help them stay afloat. Did you miss the window to receive your reimbursement? Read on to find out.

Use Bottomline Concepts for streamlined and speedy ERC filing!

Employee Retention Credit Explained

When the COVID-19 pandemic hit the United States in force, many state governments shut down businesses to keep people safe. Employers were left wondering what to do with employees.

Many good-natured souls kept staff on the payroll to help people make ends meet and in hopes the shutdown would come to a quick end. In some cases, companies still dealt with issues well into 2021.

The government created employee retention credit (ERC) as a way for small and medium businesses to recover payroll costs during slow times. Business owners could request credit from 2020 until the fall of the following year.

What Are the Eligibility Requirements for ERC?

To qualify for employee retention credit, your business must have experienced at least one of the following:

  • Your business was completely or partially closed from a government order in your state. This order must have come as a result of the COVID-19 pandemic.
  • Your business faced a certain decline in gross receipts

.The government’s rules surrounding “a decline in gross receipts” varied between 2020 and 2021.

Businesses in 2020 must have seen at least a 50% drop in gross receipts when compared to the same interval in 2019. Only companies with 100 full-time staff or less are able to apply.

In 2021, businesses only needed a 20% decrease in gross receipts to qualify. The government also allowed organizations of up to 500 full-time employees to take part.

What is the Deadline for the Employee Retention Credit?

The employee retention credit program may be at an end, but it’s not too late for your business to submit a request for funds. However, there are two deadlines you’ll need to watch out for.

Any amendments to your 2020 filing must be completed no later than April 15, 2024. Similarly, changes to your 2021 payroll tax forms must be submitted by April 15, 2025 at the latest.

How to Apply for Employee Retention Credit

Employee retention credit comes from your payroll taxes, which you’ve already submitted for 2020 and 2021. To claim a reimbursement of funds owed as a result of this program, you’ll need to file an amendment to those payroll forms.

The IRS uses Form 941-X specifically for this purpose. You’ll have to file one form for each quarter you’re requesting funds from.

You can get away with just one form for 2020, but you’ll need to submit a unique Form 941-X for each of the first three quarters of 2021, assuming you qualify.

Bottom Line on What is the Deadline for the Employee Retention Credit

Although the employee retention credit program has come and gone, it’s not too late for your business to file for a refund. Submitting your application requires careful completion of Form 941-X for each quarter you’re requesting credit from. The IRS handles these forms as they can, but many businesses are waiting between six months and a year for their check.

If you want to speed up the process, using an ERC filing service may be your best bet. Companies like Bottomline Concepts will help you navigate the complicated process and get your form in front of the IRS that much faster. Such a service also minimizes your chances for errors that can lead to delays or no payment at all.

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How To File Your Employee Retention Credit in 6 Steps

Two businessmen in formal wear preparing documents to file for ERC

The COVID-19 pandemic was a major thorn in the side of many businesses, and many are still trying to recover. To compensate, the government offers employee retention credit accessible through payroll tax amendments. Read on to find out if your business is eligible for the refund and how to file your employee retention credit yourself.

Use Bottomline Concepts for streamlined and speedy ERC filing!

What is the Employee Retention Tax Credit?

Employee retention credit (ERC) is a tax credit available to businesses choosing to retain their employees during the COVID-19 pandemic. It is a refundable grant made possible by the Coronavirus Aid, Relief, and Economic Security (CARES) Act established in 2020.

In effect, companies affected by shutdowns or significant declines in gross receipts in 2020 and 2021 may be eligible for financial help from the government. Only small to medium-sized businesses can benefit from the package.

As part of a greater pandemic relief fund, employers can receive up to $26,000 per employee retained. It’s possible to collect up to $5,000 for each employee in 2020 and $7,000 per employee for the first three quarters of 2021. The amount your company is eligible for depends on qualified wages and any healthcare paid to your team.

What Companies Qualify for the Employee Retention Tax Credit?

To qualify for an employee retention tax credit, your business or non-profit must meet the government’s criteria for 2020 and 2021. Companies need to have experienced at least one of the following to meet requirements:

  • Your business was completely or partially closed from a government order in your state. This order must have come as a result of the COVID-19 pandemic.
  • Your business faced a certain decline in gross receipts.

Rules for a “decline in gross receipts” changed from 2020 to 2021. For the 2020 tax calendar, your company must have seen a 50% decrease in gross receipts for each quarter compared to 2019’s numbers during the same time frame. Businesses could only have 100 or fewer full-time employees, not including the owners.

The government changed things up in 2021, stating businesses must have at least a 20% drop in gross receipts per quarter compared to 2019. For this period, companies could qualify if they had less than 500 full-time employees, excluding ownership.

What’s the Deadline for Applying for an ERC Refund?

Usually, you can amend errors or make adjustments to your payroll taxes for up to three years after filing. For interested businesses, there’s still time to send in applications for ERC. For 2020 claims, you have until April 15, 2024 to file for a refund. All 2021 amendments have until April 15, 2025.

How To File Your Employee Retention Credit In 6 Steps

The CARES act has come and gone, but it’s not too late to apply for your employee retention credit. Here are the steps you need to take to earn your reimbursement from the government.

Step 1: Pull Together Your Business Payroll Paperwork

You’ll need your payroll information from both the 2020 and 2021 tax calendars before going any further with the process. If you weren’t able to keep meticulous records during that time, you may have to consult an outside party to help gather up this information.

Knowing how many employees you kept on the payroll during the pandemic is paramount to determining whether or not you’re eligible for a payback from the government. With this documentation in hand, you can determine if your company qualifies.

Step 2: Determine if You’re Eligible

Not every small or medium-sized business is eligible for employee retention credit. Since the CARES act stretched out over two years, requirements shifted from one year to the next.

If your state government imposed shutdowns that affected your business at any point during the COVID-19 pandemic, you’ll qualify for the employee retention credit. This also includes interruptions to trade or logistics due to mandates.

Otherwise, you can still benefit from employee retention credit if you suffered losses in revenue. During the 2020 tax bracket, you must have seen a 50% decrease in gross receipts from the same quarter in 2019. For 2021, you had to earn less than 80% over the same period in 2019.

To qualify for 2020’s credit, your business had to have less than 100 full-time employees. The government increased this number to 500 for the three quarters of eligibility in 2021.

Any business meeting these criteria can claim employee retention credit for staff kept on hand during the COVID-19 pandemic.

Step 3: Calculate Your Credit

There’s no way to receive back everything you paid employees during 2020 and 2021. The government caps qualifying wages at $10,000 for each employee per interval the employee retention credit is in effect.

In 2020, the government offered 50% of qualifying wages back to business owners for each employee you kept on the books. This means the IRS will pay up to $5,000 per team member.

2021 saw a considerable increase in government payouts to businesses. For the first three quarters of the year, employers could collect 70% of qualifying wages paid to employees. Since this reimbursement affected three quarters, companies were eligible to receive up to $21,000 per employee.

Consider this example: Fred’s Tackle Shop kept its ten employees on the payroll throughout the shutdown. Each employee earns $30,000 per year working at the tackle shop.

Although employees make more than $10,000, the government limits eligible wages to this amount. For all of 2020, the government rewards Fred with $5,000 per employee (50% of qualifying wages) for the year. Fred’s credit for 2020 is $50,000.

During 2021, Fred will receive 70% of qualifying wages per employee for the first three quarters of the year. He can collect $7,000 for each of his staff for a total of $70,000 per quarter. Being eligible for three quarters, Fred will receive $210,000 for 2021.

Step 4: Fill Out Form 941-X

With the total credit in mind for your business, you can now file a return with the IRS. Because the ERC expired in 2021, you’ll need to complete a Form 941-X to compensate for funds you were eligible for from a previous quarter.

You’ll need to have each original Form 941 you filed, and you can only fill out a Form 941-X for one quarter at a time. If you’re collecting employee retention credit for 2020 and 2021, you’ll need to fill out four separate forms.

The initial section asks for your company information, including your business name, address, and employer identification number. Under Part 1, check that you’re filing a Claim for overreported tax amounts.

In Part 2, check the box on line 3 and the box under 5d stating you didn’t withhold any money from your employees.

For Part 3, your main focuses are the boxes under line 18a for nonrefundable portions of employee retention credit. Use Worksheet 1 from your Form 941 to determine your nonrefundable portion of the ERC. Record your total from line 18a on line 23.

You’ll use line 26a to record your refundable employee retention credit. This information also comes from Worksheet 1 of Form 941 you filed for the representative quarter. Line 27 captures the total sum of lines 23 and 26a.

Line 30 is where you record your qualified wages for the employee retention credit. Finally, under line 43, you’ll need to write out a detailed summary explaining you’re looking for amended ERC returns.

The process is a bit tedious, and you can only file a correction for one quarter at a time. It’s imperative to fill out the form completely and accurately, lest you risk running into delays in receiving your reimbursement from the IRS.

Should the process seem daunting to you, it may be in your best interest to make use of an ERC company versed in filing these forms. Bottomline Concepts is our top choice for fast and affordable processing.

Step 5: Submit the Form to the IRS

Now that your Form 941-X is complete, you’ll want to get it in front of the IRS as soon as possible. Luckily, you can send it in the same way you submit your normal payroll forms.

The IRS doesn’t allow you to submit Form 941-X electronically. Depending on your state, you’ll need to mail it to the Department of Treasury in either Ohio or Utah.

Step 6: Wait for your Reimbursement

At this stage of the game, the IRS has been receiving requests for employee retention credits for almost three years. The result is a backlog of forms leading to processing delays for your refund.

While there’s no way to say for sure how long you can expect to wait, plan for somewhere between six months and a year to receive your ERC funds from the government.

If your business finds itself in dire financial straits, ERC processing companies like Omega Accounting Solutions offer bridge loans to keep you afloat. You’ll receive funds within a few business days to cover expenses while you wait for that refund to appear.

Employee Retention Credit Vs. the Paycheck Protection Program

The CARES act introduced both employee retention credit and the paycheck protection program in 2020. How do they relate, and can a company make claims on each one?

What is the Paycheck Protection Program?

When the COVID-19 pandemic first hit, some companies turned to the payroll protection program (PPP) offered by the Small Business Administration for help. The program provides loans of up to $10 million for organizations struggling from the effects of the virus.

Businesses could use these loans to cover a mortgage or rent, utilities, or payroll costs. The loan is completely forgivable if used for such expenses. Employers must file an application for forgiveness within a certain time period or be liable for repayment.

Can I File for Employee Retention Credit if My Business Received a PPP Loan?

At first, the government would not let businesses benefit from both ERC and PPP. The Consolidated Appropriations Act of 2020 changed the rules, allowing companies to take advantage of both financial aid opportunities.

A business must still meet the requirements for a PPP loan or employee retention credit. The criteria for each are different, and some organizations may only qualify for one.

It’s also worth noting that businesses cannot double dip with payroll expenses. You can’t list a payroll expense as a forgivable cost for PPP forgiveness and list it as an ERC wage as well.

Use an ERC Company to File Your Credit

Completing and submitting your employee retention credit request to the IRS takes a lot of work. If you aren’t sure you can make it from start to finish, don’t give up hope.

There are a handful of ERC companies that have stepped forward to complete the entire process for you. Some even offer a free questionnaire to see if you qualify. They only get paid if and when you receive your reimbursement from the government.

Here are our favorite ERC companies you can use to get every penny you deserve from the loss of revenue caused by the COVID-19 pandemic.

Bottomline Concepts logo

Bottomline Concepts

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Bottomline Concepts is our top overall pick for receiving your ERC from the government. It already has a proven track record of collecting refunds from well-known organizations. Just some of its clients include GNC, Domino’s, Martha Stewart Living, and the Boston Red Sox.

The company’s transparent about the $4 billion in credits recovered and doesn’t shy away from posting a contact number on the front page of its website. You can complete the online form to see if you qualify for a grant or set up a time to talk with someone on the phone.

There’s no mention of Bottomline Concepts’ fees on its website, but it is clear the team takes a portion of your refund to cover their costs. You don’t have to worry about payments until Bottomline Concepts confirms your refund. If you do not collect a reimbursement, there’s no need to pay.

  • Worked with several well-known companies
  • Over $1.2 billion in credits recovered
  • No risk for your business
  • Undisclosed pricing
  • Can take a bit of time to get a call back
  • Does not offer bridge loans
Omega Accounting Solutions logo

Omega Accounting Solutions

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Omega Accounting Solutions is a larger firm specializing in a range of tax credits. Its focus of late has been on ERC and the money it can bring back to businesses.

Its team has a deep understanding of the law and will work for you to earn the best refund possible. They double-check their work every step of the way to avoid time-consuming mistakes. This way, you receive your funds faster.

You’ll start the process by completing an eligibility form on Omega’s website. If you meet government requirements, you’ll need to upload payroll documents from 2020 and 2021 for Omega to analyze. They’ll run all the calculations and provide you with the completed forms to send to the IRS.

If you’re in need of immediate funds, Omega Accounting Solutions has bridge loans to take advantage of. The amount your business can receive depends on your expected ERC refund. There’s no need to pay anything upfront, and you’ll receive funds in as little as three days.

  • Offers bridge loans
  • Quick application process
  • Features an ERC calculator
  • Does not offer pricing information
  • Somewhat confusing setup
  • Smaller client base
ERC Assistant logo

ERC Assistant

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A group of like-minded business owners formed ERC Assistant after walking through the employee retention credit process themselves. After receiving $1.5 million more than estimated, they set out to help other companies do the same.

The process begins with a short 45-second questionnaire to see if you qualify. If you do, ERC Assistant recommends the best accounting firm based on your quiz results. Using a firm that understands your business type expedites each step and maximizes your chances of success.

With a streamlined process, you could have forms submitted in as little as one to two weeks. In most cases, you can cut out your payroll company to save even more time and money.

ERC Assistant points out that fees are unique to each company due to differing amounts of effort and your choice of firm. No matter who you go with, ERC Assistant’s secure client portal keeps your information safe along the way.

  • Formed by a team of fellow business owners
  • Accounting firm recommendations
  • Quick qualification process
  • No pricing information listed
  • Does not offer bridge loans
  • Results are not guaranteed

How to Check the Status of Your ERC Refund

ERC refunds from the IRS take several months to process, but you don’t have to be kept in the dark the entire time. Here are three ways to discover the status of funds coming your way from the government.

1. Check With Your ERC Filing Service

If you filed through an ERC filing service, they often have detailed information on the filing process and when your refund should arrive. Many times, these companies get your application in front of the IRS faster, leading to quicker reimbursement.

2. Call the IRS

The IRS has a phone number on its refund inquiries page you can call to get information about your claim. An IRS agent will eventually pick up and answer questions you have about your refund.

As you might expect, the IRS has a constant backlog of phone calls, and it can take some time for an agent to get on the line. Luckily, there’s an easier way to check on your refund through the IRS’s online portal.

3. Use the IRS Refund Status Tool

To get a quick status update on your ERC refund, look no further than the IRS’s refund status tool. It’s updated every day with information about your claim and when you might expect a check in the mail.

The tool can also alert you to issues with your claim that need attention. It may take some time to hear from the IRS otherwise, leaving your money stuck in processing way longer than it needs to be.

How To File Your Employee Retention Credit Frequently Asked Questions (FAQs)

Looking for more information about employee retention credit and the filing process? This FAQ may have the answers you’re looking for.

Bottom Line on How To File Your Employee Retention Credit

The employee retention credit can infuse some much-needed funds into your small or medium-sized business. However, it takes a solid understanding of your payroll system to maximize your refund. If you’d like some help, turn to a reputable ERC company to handle much of the process for you.

Check out Bottomline Concepts today for fast and efficient ERC filing!

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5 Best Executive Resume Writing Services in 2023

Pen and name tag written with resume over wooden background

Executive resume writing businesses pride themselves on ensuring maximum customer satisfaction. A well written resume should increase the volume of interested calls from hiring managers. This equates to more interviews and ultimately improves the possibility of landing desired roles. 

Most businesses provide more than one service. They’ll have specialist writer(s) who will create an engaging cover letter, an optimized LinkedIn profile, or an enthralling executive bio. Clients can decide whether to order one product or more.

In the table below are our top 5. We have assessed them on Process Efficiency, Ratings/ Reviews, Turnaround Time, and Good Value.

Assessed in Stars

Process Efficiency

Ratings/Reviews

Turnaround Time

Good Value

Totals in Stars

Super Star Resume

★★★★★
★★★★★
★★★★★
★★★★★
★★★★★

The Writing Guru

★★★★★
★★★★★
★★★★★
★★★★★
★★★★★

Career Steering

★★★★★
★★★★★
★★★★★
★★★★★
★★★★★

TopResume

★★★★★
★★★★★
★★★★★
★★★★★
★★★★★

Briefcase Coach

★★★★★
★★★★★
★★★★★
★★★★★
★★★★★

Why Do You Need an Executive Resume Writing Service?

1. Avoid Mistakes in your Job Search 

An executive resume writer knows what will attract a hiring manager or what will cause them to call out “next!” They’ll also help their clients bypass the tripwire that causes most job seekers to stumble. 

If you are unsure about your career direction, or whether you’ll want full time work, a resume writer will guide you.

2. Make ATS Robots Give the Green Light

 Many hiring managers screen resumes using Applicant Tracking Systems (ATS). These systems compare keywords in your resume to those in the job description. If your resume lacks the necessary keywords, you will be omitted from the hiring process before a human even sees your application. A professional resume writer can help pinpoint appropriate keywords for your resume.

3. Spend More Valuable Time on Your Job Search

It can take days to create an eye-catching resume. It may take longer if your work history is complicated or you do not have strong writing skills. Hiring an executive resume writer will give you more time to network and prepare for interviews.

4. Get an Objective Viewpoint

It can be difficult to objectively assess your skills and experience. Having another set of eyes to look over your abilities and accomplishments gives you a more objective perspective. A resume writer can help you decide which of your strengths and skills should be highlighted and which should not. 

5. Get a Matching Cover Letter and LinkedIn Profile

Many applications require cover letters and LinkedIn profiles. It can take time to create a well-written document that is tailored to each job you apply for. Both of these should be available from a resume writing service.

How Do You Find The Executive Writing Firm For You?

The answer may seem fairly straightforward. Surely it’s how you find any other service. All you have to do is type in your request into a search engine. And in just a few seconds it will come up with a slew of results. Just select the firm at the top of the search results. 

If only things were that simple. Unfortunately, it doesn’t work every time. When choosing the firm for you, there are various aspects that you need to consider. Here are some points to think about: 

  • What are the Company’s or Individual’s Credentials?
  • Do they have special HR or Resume Writing Accreditation?
  • What is their process? Will you be speaking to a human being over a video call, a freelance platform, a social networking site, or a chatbot over a website?
  • What is their Turnaround time?
  • What are their Reviews like?
  • Pricing: Can they fit your budget?

Here are our leading resume writing services:

Super Star Resume logo

Super Star Resume: Best Overall

5.0

★★★★★

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Super Star Resume is an Executive Writing Services company with offices all over the world. Its reputation has grown as a result of many satisfied clients landing jobs at Amazon, Google, Marriott, Bank of America, Oracle, Disney, and other companies. It also serves a diverse clientele, including graduates, entrepreneurs, IT, HR, education, marketing professionals, and more.

They are committed to exceeding their clients’ expectations by providing unlimited rewrites and ensuring 100% customer satisfaction. It has a dedicated team of HR experts, resume writers, and customer service professionals, and it is headed by CEO Steven Mostyn. 

Steven and his team have earned a reputation as expert resume writers and world leaders in job-hunting strategies over the last 20 years. 

More about Steven 

Steven has an MBA in Human Resource Management from Centenary University. He is a LinkedIn Recruiter Recognized Expert and the author of three Amazon best-sellers on job search and recruitment tactics. Steven also owns a recruiting firm called Alpha IT Recruitment.

Process

Among the best features of Super Star Resume is that it is dedicated to meeting the needs of each client. It also has a highly personalized approach to customer service offering a free 1-on-1 in-take consultation. 

Clients can choose to do an intake call or send their documentation directly including resume, a hyperlink to their LinkedIn, cover letter, or notes for an executive bio. In addition, they need to fill out a client assessment form. Clients are free to make any additional calls for no extra charge. Super Star Resume works with clients until they are satisfied with their work. 

This enables it to truly understand the needs of its clients while tailoring and customizing resumes, cover letters, LinkedIn profiles, and Executive Bios. They offer unlimited rewrites with each order and a 100% satisfaction guarantee. 

Ratings

Over the years, the majority of reviews on sites and platforms have consistently ranked Super Star Resume as one of the best in its industry. Clients often comment on Super Star Resume’s rapid turnaround times, high quality of work, as well as personal and attentive customer service. 

Super Star Resume offers superb value. There are no limitations on emails or intake calls. They offer a 100% satisfaction guarantee and all pricing is relatively affordable in comparison to its competitors. The turnaround time is also very quick. All this results in exceptional customer satisfaction.

Turnaround Time

The turnaround time ranges between 24 and 75 hours, depending on whether the client orders a single or combination package.

Pricing

Prices range from $5 for a quick resume review to $750 dollars for a full combination package. All orders (other than the quick resume review) include:

  • A 1-1 exploratory intake call with a leading resume writing expert
  • Keyword Optimized Resume, LinkedIn, or both
  • A Cover Letter, Thank You Letter, or Executive Bio, or all three
  • All documents are edited by an experienced professional editor
  • Unlimited Rewrites on all documents

Executive Resume

  • Secured Payment
  • $799.99
  • 1-on-1 Intake session with leading resume expert to customize your resume
  • Keyword optimized resumes designed to get interest from hiring managers and recruiters
  • All resumes are edited by a professional editor
  • Unlimited rewrites allowed, ensuring 100% customer satisfaction

Executive Resume + Cover Letter

  • Secured Payment
  • $899.99
  • Everything that is included in the “Executive Resume package”
  • Custom cover letter to help you get noticed by hiring managers and recruiters.
  • Engaging Cover letters that will get you the right attention
  • Unlimited rewrites allowed, ensuring 100% customer satisfaction
The Writing Guru logo

The Writing Guru

4.0

★★★★★

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Wendi Weiner, a professional writer with a background as a university professor and lawyer, founded The Writing Guru in 2010. Wendi has been recognized as a top executive resume writer and has been featured in publications such as HuffPost, Forbes, and Thrive Global.

The Writing Guru specializes in the creation of resumes, LinkedIn profiles, and cover letters for senior attorneys, seasoned executives, and C-suite and board members. Wendi oversees each project from start to finish and does not delegate work to other writers. 

Process

Wendi reviews clients’ existing resume, a personalized questionnaire, and provides a one-hour meeting. She carefully crafts a resume which is tailored to clients goals and experience. 

Wendi also creates a detailed cover letter that highlights their experience and achievements. She keeps each client updated throughout the process, and if necessary will request additional information over email or follow up calls. 

Rating

The Writing Guru has received a 90/100 rating from https://www.findmyprofession.com. Besides that, The Writing Guru has attained 5/5 ratings from customers on Yelp. We have chosen the Writing Guru as our number two pick because of the attention given to clients and quality of work. However, turnaround time can be quite slow.

Turnaround Time

Projects are typically 15 to 20 hours in length and include more than three hours of coaching and counseling. The Writing Guru provides different tiered packages tailored to the type of client served. Because Wendi gives careful attention to her clients. This means that the turnaround time for a resume and cover letter package is between 14 to 21 days.

Pricing 

The Resume Writing Guru offers two main packages described below:

C-Suite, General Counsel, BOD, International Execs

Package

Price

Features

Standard Resume Package

$2,695

  • Executive resume which is inclusive of includes two rounds of revision
  • Unlimited email support is provided after the project is approved
  • A Master cover letter
  • Pre- and post-strategy calls

Premium Branding

$3,595

  • All Standard Resume Package features, a
  • Full LinkedIn profile optimization and a strategy call

Premium Branding Plus Bio

$4,995

  • All Premium Resume Package features,
  • C-Suite/Board Bio

Ultimate Branding

$8,495

All Premium Branding Package features includes:

  • Thank you letter,
  • Networking e-note letters,
  • One-page networking resume
  •  Interview coaching call

Senior Executives, Executive Managers, Business Leaders

Package

Price

Features

Standard Resume

$2,395

  • Executive resume 
  • Two rounds of revisions
  • Unlimited email support (after the project is approved)
  • A master cover letter,
  • Pre- and post-strategy calls

Premium Branding

$3,095

All Standard Resume Package includes:

  • Full LinkedIn profile optimization
  • Strategy call

Premium Branding Plus Bio

$4,195

All Premium Resume Package includes:

  • C-Suite/Board Bio

Ultimate VIP Branding

$7,895

All Premium Branding Package includes

  • Thank you letter,
  • Networking e-note letters
  • One-page networking resume 
  •  Interview training call

Career Steering logo

Career Steering

4.0

★★★★★

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Rosa Elizabeth Vargas founded Career Steering in the early 2000s as a certified resume writer and career coach with a background as a senior level executive. 

For the past ten years, the company has provided premium resume writing services to C-suite executives, general managers, and board-level leaders. It not only provides personalized, one-on-one resume consulting and writing, in addition to career branding services.

Process

Rosa creates all of her own resumes. One of her certified executive writing assistants handles the research, editing, and provisional preparation.

Rating

According to https://www.findmyprofession.com’s Career Steering Review, which took into account price and customer satisfaction, Career Steering received a 75/100 rating. Additionally, Google users have given Career Steering 4.8/5 ratings, which means It’s far better than average. We chose Career Steering because of its dedication to client experience.

Turnaround Time

The turnaround time for a finished resume is four plus weeks with back-and-forth consultation as necessary because clients work directly with Rosa. The introductory Career Steering package comes with a resume, cover letter, and a LinkedIn profile that is search optimized.

Pricing 

Career Steering also offers a premium resume writing service for $1,695 that includes a one-hour resume branding and value proposition session, a career assessment personal branding questionnaire, two rounds of edits, and edit phone calls.

Package

Price

Features

180° Career Acceleration Executive Branding

$2,295

  • Branded executive resume with tailored graphics comes in three formats: Word, PDF, and ASCII, LinkedIn profile and SEO optimization,
  • Position-customized cover letter  comes in2 formats Word and ASCII
  • Job search handouts

270° Brand Reputation Executive Branding

$2,795

All 180° Career Acceleration Executive Branding Package includes:

  • Modern-looking bio with tailored graphics. 
  • These come in three formats: Word, PDF, and ASCII

360° Career Steering Executive Branding

$3,995

All 270° Brand Reputation Executive Branding Package includes:

  • LinkedIn development and SEO optimization
  • Customized LinkedIn background
  • Sending out to a wide network of recruiters and venture capital firms
  • Personal branding networking resume or personal branding video
  • Thank-you letter
  • Unlimited email communications

TopResume logo

TopResume

4.0

★★★★★

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TopResume was founded in 2014 and now employs over 1,200 writers, certified career coaches, recruiters, and seasoned human resource professionals with experience in over 65 industries.

Process

TopResume combines resume writers’ expertise with detailed feedback from resume-scanning technology, which screens applications based on keyword strength. This one-of-a-kind approach meets the satisfaction of hiring managers and ATS machines.

TopResume allows clients to submit a copy of their resume for a free review, which includes feedback on the layout, and how effectively it conveys their skills and expertise. 

Rating

When compared to other resume writing services, TopResume’s average rating on Trustpilot is reasonable. Based on 9,951 reviews, they have a rating of 4.4 out of 5. A significant 11% of the reviews, however, are below average. Many reviewers comment on their resume’s poor quality. We chose TopResume as our number four pick because of its wide client base and its quicker than most turn around time.

Turnaround Time

The company’s writing team collaborates with each client to produce the first draft of a resume in about a week. Clients have another seven days to provide feedback and up to two rounds of revisions. This means that the process takes between one and two weeks to complete.

One of the TopResume team members then makes personalized recommendations for improvement. The company will rewrite a client’s resume if it is not rewritten within 60 days. Compared to other executive writing services, the process is relatively quick, lasting between one and two weeks.

Package

Cost

Features

Professional Growth

$149

  • Professionally written resume

Career Evolution

$219

  • Professionally written resume,
  • Tailored cover letter
  • Sixty-day interview guarantee

Executive Priority

$349

  • All Career Evolution Package features a LinkedIn optimization

Briefcase Coach logo

Briefcase Coach

4.0

★★★★★

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Sarah Johnson is the CEO of Briefcase Coach and a former corporate recruiter and development professional. She assists executives in achieving their career objectives through creating professional resumes and offering career coaching. 

It also serves graduates and non-executives. However, Briefcase Coach‘s main expertise is in current recruitment process trends and ATS software, with a focus on executives. It assists them with career branding, networking, interviewing training, and resume writing.

Process

Sarah will conduct a 60-90 minute intake and strategy call to start off the process. The goal of this session is to assist her in understanding each client’s strengths, objectives, and accomplishments. Sarah then spends 12 to 20 hours per resume creating a customized resume from scratch. 

Rating

Briefcase Coach received an 85/100 rating. It also has attained a 4.9/5 rating on Google customer reviews. This is considered above average for the industry. Although this looks quite impressive, because of Briefcase Coaches narrow focus, we have selected them as our number five pick.

Turnaround Time

From consultation to the final draft, it can take up to seven business days. She also helps executives with cover letters and helps them to improve their networking, LinkedIn, personal outreach, and job search and interview skills.

Package

Price

Features

Compact Briefcase

$1,500+

  • 60-90 minute consultation,
  • Customized resume,
  • Tailored cover letter

Portfolio Briefcase

$2,000+

  • Two 30-minute job search coaching calls,
  • One-hour interview coaching call,
  • Executive bio,
  • Email and text assistance

Attache

$2,799+

  • LinkedIn profile branding,
  • One-hour mock interview (recorded),
  • Thirty minutes of LinkedIn skills consulting,
  • Email and text support

The Bottom Line

With so many executive writing services to choose from, you may find yourself scratching your head. Many businesses provide similar services. After all, their primary goal is to increase their client’s chances of success in the job market.

Executive resume writing services have never been more in demand. The world is still recovering from being rocked by COVID and economic events that have resulted in higher unemployment.

Our top five firms are those who we believe provide the best value, quality, and customer service. We chose Super Star Resume because of its commitment to achieving customer satisfaction, value for money, and personal attention to their clients’ needs. They also have a more diverse set of clients than many of their competitors.

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The 7 Best ERC Companies and Agencies for 2023

Hand holding colored tiles with the text "ERC"

The COVID pandemic hurt a lot of small and medium-sized businesses. To compensate, the government offers employee retention credit to inject funds into companies meeting specific requirements. Is your business missing out on some much-needed funds? Read on to learn about how employee retention credit works and the best ERC companies and agencies that offer amazing ERC services to use for getting that refund.

What is Employee Retention Credit?

Employee retention credit (ERC) is a tax credit available to businesses choosing to retain their employees during the COVID-19 pandemic. It is a refundable grant made possible by the Coronavirus Aid, Relief, and Economic Security (CARES) Act established in 2020.

In effect, companies affected by shutdowns or significant declines in gross receipts in 2020 and 2021 may be eligible for financial help from the government. Only small to medium-sized businesses can benefit from the package.

As part of a greater pandemic relief fund, employers can receive up to $26,000 per employee retained. It’s possible to collect up to $5,000 for each employee in 2020 and $7,000 per employee for the first three quarters of 2021. The amount your company is eligible for depends on qualified wages and any healthcare paid to your team.

The 7 Best ERC Services for 2023

As we searched for the best ERC companies, we considered ERC tax credit, service costs, and the availability of bridge loans to keep the lights on. We also looked at the overall qualifying process for eligibility and the processing time to file your claim. Finally, we checked for other features that set each company apart.

Check here for a more detailed explanation of our methodology.

ERC Company

Pricing

Bridge Loan Availability

Qualifying Process

Processing Time

Other Features

Omega Accounting Solutions

Not listed

Yes, financing in as little as three days

Free 10 minute consultation

Not Listed

Employee retention credit calculator

Bottomline Concepts

Based on your grant

No

Short form followed by a phone call or email

Not Listed

Quiz to see if you qualify

ERC Assistant

Not listed

No

45 seconds qualification quiz

Not Listed

Business owner knowledge

ERC Specialists

A portion based on  the refund received

No

Detailed qualification questionnaire

Lightning-fast results

Team of payroll specialists

Lendio

15% of your refund

Yes, funds in as little as 24 hours

Simple eligibility questionnaire

Takes on average 25 days to file

Payroll system integrations, mobile app

Innovation Refunds

25% of your refund

No

8 minute online application

Not Listed

Audit protection, dedicated ERC refund agent

ERC Today

A portion based on the refund received

No

12 question initial application

1-2 weeks to file

Secure portal

Omega Accounting Solutions logo

Omega Accounting Solutions: Best ERC Company for Bridge Loans

Pricing: Not listed

★★★★★

4.6

Visit

Omega Accounting Solutions may not have control over the IRS, but the company processes everything quickly on its end. It starts with a free ten-minute consultation followed by a walkthrough for uploading your documents. The ERC services calculator gives you a good idea of how much you’ll receive when the time comes. If you can’t wait that long, Omega Accounting Solutions has bridge loans to keep you afloat.

Why we chose it: Omega Accounting Solutions has a fast application process where you’ll have a rough idea of how much you’re owed within minutes.

  • Offers bridge loans
  • Quick application process
  • Features an ERC calculator
  • Does not offer pricing information
  • Somewhat confusing setup
  • Smaller client base

Pricing: You won’t find any pricing details on Omega’s website. During your free consultation, be sure to inquire about the costs for your specific case.

Bridge Loans Available

Omega Funding Solutions is an offshoot of the parent company and offers bridge loans. The amount you’re eligible for depends on your expected ERC services refund amount at the time of filing. You won’t have to pay anything upfront and can see funds in as little as three days.

Qualifying Process

The qualifying process starts with a simple form on Omega Accounting Solutions’ website. If you qualify based on the initial questions, an agent will call you for a free ten-minute consultation.

Processing Time

There are only three simple steps Omega walks you through, assuming you meet the criteria. First, you’ll need to upload pertinent documents to the website. Afterward, company experts will calculate your refund and prepare the filing for you.

Other Features

Even before submitting your paperwork, Omega Accounting Solutions tempers your expectations with an ERC calculator for your team. There’s no need to pay a dime until you’re sure about what’s coming your way.

Bottomline Concepts logo

Bottomline Concepts: Best for Medium Businesses

Pricing: Based on your grant

★★★★★

4.7

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Bottomline Concepts has a proven track record with ERC grants. They’ve worked with several well-known organizations like Rolex, GNC, and even the Boston Red Sox to reclaim funds lost to the COVID pandemic. Its team has a solid understanding of the grant process, earning back over $1.2 billion to date. Best of all, Bottomline Concepts only gets paid based on the amount it brings in for your company. There’s no risk of losing funds if you don’t qualify.

Why we chose it: Bottomline Concepts goes to work for you, maximizing your grant amount with its proven process.

  • Worked with several well-known companies
  • Over $1.2 billion in credits recovered
  • No risk for your business
  • Undisclosed pricing
  • Can take a bit of time to get a call back
  • Only contactable through online form

Pricing: Bottomline Concepts doesn’t reveal any pricing information on its website. You can rest assured that you only have to pay if the company earns some grant money for you.

Bridge Loans Available

There are no bridge loans available through Bottomline Concepts. If you need some funds to cover a gap in operations, you’ll have to turn to a bank or lending company.

Qualifying Process

On its website, you’ll find a short form you can use to see if you qualify. The series of questions are specifically formulated to determine eligibility, even if it’s for a shorter window than the program allows. Once finished, an employee from Bottomline Solutions will call you to continue the process.

Processing Time

Bottomline Concepts has a division dedicated to employee retention credits that serves a large audience of clients. The easy-to-follow process helps expedite your refund, although Bottomline Concepts has no control over how quickly the IRS processes your money.

Other Features

The team at Bottomline Concepts has an intricate knowledge of the ERC filing process. An easy-to-follow questionnaire ensures you qualify for a refund and defines precisely what you’re entitled to.

ERC Assistant logo

ERC Assistant: Best ERC Company for Business Knowledge

Pricing: Not listed

★★★★★

4.5

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ERC Assistant consists of a crew of business owners who know the system well. After receiving over $1.5 million more than estimated, the team set out to get other ERC agency similar success. If you prequalify, ERC Assistant will set you up with the right firm so you can get what you deserve. Qualifying for your grant is a breeze, thanks to ERC Assistant’s 45-second questionnaire.

Why we chose it: ERC Assistant has the backing of business owners who have been through the process to get you the maximum refund for your company.

  • Formed by a team of fellow business owners
  • Accounting firm recommendations
  • Quick qualification process
  • No pricing information listed
  • Does not offer bridge loans
  • Results are not guaranteed

Pricing: Setting up your approval through ERC Assistant is free. The company does not share pricing information, but its cut depends on what you get back.

Bridge Loans Available

There are no bridge loans available through ERC services Assistant at this time. Its team hooks you up with the best firm to get your refund as fast as possible. If you need immediate assistance, you’ll need to look for a reputable lender.

Qualifying Process

You’ll know if you have a shot at a refund within 45 seconds, thanks to ERC Assistant’s quick qualifying process. If you meet the requirements, someone from the team will contact you for next steps.

Processing Time

Since ERC Assistant is not an accounting firm, it takes a little time to choose the right one for you. With the best firm in your pocket, filing tends to go more smoothly.

Other Features

ERC Assistant is run by other business owners, not employees in a stuffy office. They’ve been through the process and know exactly what it takes to get the biggest grant for your small to medium business.

ERC Specialists logo

ERC Specialists: Best ERC Company for Maximizing Your Refund

A portion of your refund

★★★★★

4.4

Visit

ERC Specialists enters the picture with decades of payroll experience already under its belt. Because employee retention credits come through payroll returns and not income taxes, this gives the team a leg up. As a result, the average business earns 10% to 20% more than someone less familiar with the program. Processing speed with ERC Specialists is through the roof, allowing you to get paid that much faster.

Why we chose it: ERC Specialists lives up to its name, averaging higher refunds than other companies in the industry.

  • Typically able to recover 10-20% more than other companies
  • Decades of payroll experience
  • Lightning-fast results
  • Unclear pricing fees
  • Lengthy qualification process
  • No loan options

Pricing: There’s no set rate for working with ERC Specialists, the amount you pay depends on your refund. It’s possible to pay after you receive your money or earn a discount for paying upfront.

Bridge Loans Available

While ERC Specialists has a lot to offer, it does not have bridge loans to take advantage of. If your company is hurting financially from the pandemic, consult a bank or lending institution for funding options.

Qualifying Process

A detailed and thorough questionnaire leads you through the qualification process. After completing the form, someone from ERC Specialists will contact you whether or not you are entitled to a refund.

Processing Time

ERC Specialists boasts a faster turnaround time due to a streamlined process. It usually takes a few weeks to review your paperwork and send you documents to sign.

Other Features

Most ventures offering assistance with employee retention credit don’t have the payroll knowledge necessary to maximize your grant. ERC Specialists has decades of experience in the space, allowing its team to understand the process fully.

Lendio logo

Lendio: Best ERC Company for Business Financing

15% of your refund

★★★★★

4.4

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Lendio stands out for the many ways it can finance your company so you can stay in top form. Whether you need money for equipment, accounts receivable, or something else, Lendio has something for you. In most cases, you’ll have cash in your hands within 24 hours. Rates for ERC processing are among the best out there, and a handy mobile app makes it possible to apply no matter where you may be.

Why we chose it: Lendio has a long list of financing opportunities for acquisitions, equipment, and general use to keep you in business while you wait for a refund.

  • Several financing options available
  • Competitive fees for ERC processing
  • Handy mobile app
  • Lengthy application times
  • Does not focus solely on ERC
  • Limited information on lenders

Pricing: There’s no fee for checking eligibility or applying for a refund with Lendio. When the time comes to receive your funds, the company takes a competitive 15% for its part of the process.

Bridge Loans Available

Lendio does bridge loans and then some. You can get general loans within 24 hours of applying with reasonable payback rates. The company also offers specialized loans with generous terms to help get your business to the next level.

Qualifying Process

Everything starts out simple enough with Lendio’s quick questionnaire. If you pass the test, an agent will reach out to help you complete the process.

Processing Time

There’s some lag when walking through the application process with Lendio. It takes on average 25 days to file your claim with the IRS. From there, you’re at the mercy of the government to get what’s owed you.

Other Features

Filling out paperwork can be a drag, so Lendio integrates with over 150 payroll applications to speed up the process. You can submit claims from your PC or make use of the excellent mobile app to apply from anywhere with an internet connection.

Innovation Refunds logo

Innovation Refunds: Best ERC Company for Protecting Your Money

25% of your refund

★★★★★

4.3

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File confidently through Innovation Refunds, where a team of tax attorneys scrutinize your employee retention credit paperwork. They don’t get paid until you do, and the network will defend their work should the IRS come knocking. Innovation Refunds assigns a dedicated ERC refund specialist to your claim so you’re not dealing with a computer algorithm. Fees may be on the higher side, but you’re left with no surprises.

Why we chose it: A power-packed team of tax attorneys and free audit protection ensure you get the most out of your refund while keeping those funds safe.

  • Team of tax attorneys to defend work
  • Dedicated ERC refund specialist
  • Audit protection at no extra cost
  • Takes 25% of your refund
  • Qualification process is longer than some
  • No options for loans

Pricing: Innovation Refunds will take 25% off the top of your employee retention credit for the work it puts in to earn you money. Since the company’s profit is tied to yours, you can rest knowing you’ll get the most possible. There are no hidden costs, so you’re aware from start to finish what you’ll pay.

Bridge Loans Available

To focus all its energy on getting you money, Innovation Refunds doesn’t provide bridge loans to cover gaps in your income. If you can’t hold on until your check arrives, look to your bank for financing options.

Qualifying Process

The claim process begins by seeing if you’re eligible for a grant and then sets out to get you the most money possible. Because of this, the form can take upwards of eight minutes to complete.

Processing Time

You’re dealing with a real person at Innovation Refunds, which also means actual business hours. Agents respond and work through claims quickly and efficiently, but they will take the time to ensure you get what you deserve.

Other Features

When you sign on to use Innovation Refunds, you’re put in touch with an actual agent who sees your claim through to the end. There’s no jumping from person to person or dealing with algorithms that make assumptions about your company. Once you receive your cash, Innovation Refunds protects you from audits at its own expense.

ERC Today logo

ERC Today: Best ERC Company for Quick Processing

A portion based on the refund

★★★★★

4.2

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If you want to get a refund fast, ERC Today may be your best bet. Its system gets you through the filing process in as little as seven days so the IRS can process your claim. This is all ERC Today does, and they’ve become experts at working through the red tape without cutting corners. A secure client portal is in place to protect your sensitive information from the internet at large.

Why we chose it: ERC Today’s simple and flexible system can have you filing claims in as little as seven days.

  • Faster processing times
  • Dedicated to employee retention credits
  • Secure application process
  • No bridge loans for businesses
  • Nontransparent fees
  • Doesn’t link up with your payroll system

Pricing: ERC Today doesn’t give a clear picture of how much it takes from your refund as a cost of doing business. The filing process is free, and you’ll find out along the way how much the company plans to keep.

Bridge Loans Available

As a specialist in getting you a refund, ERC Today doesn’t dabble in bridge loans or other extra perks. Its goal is to get you money as quickly as possible by expediting your filing.

Qualifying Process

A 12-question initial application stands between you and knowing whether or not you qualify for a grant. Once given the okay, you’ll get access to a secure portal for uploading your documents.

Processing Time

From start to finish, it takes ERC Today approximately one to two weeks to get your claim over to the IRS. Alongside having one of the fastest processing times, it’s also one of the most accurate.

Other Features

ERC Today has program experts ready to help you with your claim without having to deal with slowdowns from your payroll company. Everything you need to submit passes through a secure portal so you know your information is safe.

Methodology for the Best ERC Companies

ERC companies are popping up left and right, but that doesn’t mean each one works the same way. We used the following criteria when picking out the best ERC agency you can use to file a claim and earn that refund:

  • Pricing: A check for employee retention credit does little good if the processing company takes every last penny. To the best of our ability, we identified these costs so you can plan ahead.
  • Bridge Loan Availability: If you’re hurting from lost revenue due to the COVID-19 pandemic, a bridge loan can hold you over until the government hands you an ERC check. We looked for ERC agency offering such loans so you can keep everything in-house.
  • Qualifying Process: Not everyone is eligible for employee retention credits, much to our dismay. A simple qualification process can tell you upfront whether you can submit a claim and the approximate amount you can collect. We studied the time it takes to reach this determination so you can get back to your business.
  • Processing Time: No company can change how long the IRS takes to process your claim. Quicker processing times can get your documentation in front of the government faster and in theory lead to money in your pocket in less time. We strove to find companies with quick turnarounds.
  • Other Features: All ERC companies have the capability to get you a refund, but some offer additional perks to really stand out. We made sure to cover these features and how you can use them.

Best ERC Companies Frequently Asked Questions (FAQs)

Want to learn more about ERC companies and the filing process? This FAQ may have the answers you’re looking for.

Bottom Line

It’s a breath of fresh air knowing you may be entitled to funds from the government for shutdowns during the COVID pandemic. Unfortunately, the process to submit and receive that money is long and convoluted.

Best ERC companies can step in to facilitate the process so you get the correct amount of money in the fastest time possible. Bottomline Concepts takes our top spot, but any one of the companies on our list could provide you with excellent ERC services.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

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How to Open a Business Bank Account Online in 5 Steps

Businessman opening a business bank account online

No matter what line of business you’re in, maximizing your profit remains a priority. For this reason, you’ll want to ensure that you open a business bank account that cuts your costs while helping you grow your savings. Now that online banking is mainstream, opening your business account is easier than ever before.

How to Open a Business Bank Account Online in 5 Steps

With an increasing number of banks offering online banking solutions, it is now faster and simpler than ever to open a business bank account online. This step-by-step guide will show you how to open your new business account in no time!

Step 1: Get your documents in order

Before you start browsing online banks, it’s important to gather all the documents that you’ll need in order to apply for an account. By gathering all the required documents, you’ll be ready to apply as soon as you find the ideal business account for you. 

Also, by organizing your documentation early, you’ll also be able to determine early on if there are any missing documents that you need to gather. Ultimately, the documents you need will heavily depend on your business type.

Sole Proprietor

Although some online banks such as Novo don’t generally require documentation from sole proprietors, personal details that are required by all banks include your Tax Identification Number (TIN) or your Social Security Number (SSN), your physical address, your phone number, your email address, and a copy of your ID.

If your bank of choice does require additional business documents, these would typically be your DBA (Doing Business As) certificate if you have registered a business name as well as an IRS SS-4 form or a 147 c Letter that verifies your Employment Identification Number.

Limited Liability Company (LLC)

Basic details that you will need to submit in order to open a business bank account for LLCs include your legal business name, the business’s physical address and phone number as registered with your Secretary of State, and the Business Employer Identification Number (EIN) as provided by the IRS. You may also need to provide the date that the business was established. 

While not always a requirement, some banks may require you to disclose your annual revenue so make sure to have that information on hand. Other documents that may be required for additional verification are your business’s Articles of Organization as well as its Operating Agreement.

Corporations

As a corporation, many of the business details that you would submit during your application are the same or similar to those for an LLC. This includes the legal business name, physical address, and phone number as registered with your Secretary of State. 

You’ll also be required to provide your Employer Identification Number (EIN). Unlike other types of businesses, you cannot provide a social security number or other form of identification instead of an EIN.

Other documents that online banks may want you to submit include the corporation’s Articles of Incorporation as well as the Company Bylaws.

General Partnership/Limited Liability Partnership (LLP)

Much like a sole proprietorship, you’ll need to submit your full name, physical address, phone number, email address and Social Security Number (SSN).

You may be required to provide a copy of your Partnership Agreement for further validation, as well as your Certificate of Partnership. Your Partnership Agreement should detail the percentages of ownership among partners as well as the distribution of profits and losses.

Step 2: Decide what type of bank account is right for you

Once you have all of your documents in order, it’s time to decide what type of bank account is ideal for you. This will largely depend on what activities you’re looking to perform in your account as well as your financial goals.

Business checking account

If you’re looking to perform banking transactions such as check and cash deposits, ATM withdrawals, ACH and wire transfers, and debit card purchases on a regular basis, then a business checking account is right for you. 

The most versatile type of business account, a checking account makes it easy to manage your business’s day-to-day finances.

A major advantage of business checking accounts is that they often come with accounting software and other digital tools that help you to optimize the financial management of your business.

Business savings account

If you’re looking for an account that you can use to build your business’s savings as much as possible without performing regular transactions, then a savings account is worth considering. 

These bank accounts come with higher interest rates than checking accounts, however, they are not geared towards making a high volume of transactions, meaning that you may end up paying high fees if you perform an excessive volume of transfers and withdrawals.

Certificate of deposit (CD) account

While this type of account earns you even more interest than a basic savings account, you’ll likely be barred from making any withdrawals for a fixed amount of time. 

As a result, a certificate of deposit (CD) account is best for businesses that are looking to build their savings with extra funds that they don’t need to use in the daily operation of their business.

Merchant account

If you run a business that accepts credit and debit card payments from customers, then you may need a merchant account. 

It is important to note, however, that while this account comes with its own set of fees, you will have to open a checking account before a merchant account as you will need a bank account to transfer your money to once it enters the merchant account. 

Considering that they come with monthly fees as well as card transaction fees, you’ll need to think hard about whether a merchant account is worth it before opening one.

Step 3: Choose your bank

Once you know what bank account you’re looking for, then it’s time to compare banks. After all, you want to ensure that you select the bank that provides the best deal for you considering your specific business banking goals, whether that be paying low fees, earning high interest rates, utilizing digital money management tools, or receiving access to loans.

There is a wide array of online banking options available, ranging from traditional banks that have online banking features such as Bank of America and Chase to online-only banks such as Bluevine. If you own a small business, then there are also banks that focus on serving sole proprietors, freelancers, and other types of small businesses such as Lili and Novo. 

Step 4: Start your online application

Once you know what bank you wish to join, head to the official website of your bank of choice. 

Most online banks allow you to apply for your bank account within minutes from the homepage of their website. 

Banks such as Bluevine, Lili, and Found pride themselves on allowing you to open your bank account and get started within minutes.

Step 5: Time to begin your money management journey! 

Once you’ve successfully completed your application and your bank account is active, it’s time to begin your money management journey! 

Make sure to deposit some money into your account so that you can begin saving and make sure to become familiar with your bank’s online portal as well as the available digital tools so that you can start optimizing the financial management of your business.

Consider downloading your bank’s mobile banking app as well so that you can keep track of your financial activities on the go.

How to Choose the Best Bank for You

With so many online accounts to choose from, you may find it difficult to determine which bank truly offers the best account for your business. For this reason, it’s important to identify important factors that you should assess when comparing different business bank accounts. Some factors may include:

Fees

Much like everyday business expenses, banking fees such as monthly fees, ATM fees, cash and check deposit fees, and ACH transaction fees chip away at your savings. 

For this reason, finding a bank with low fees could help to maintain your business’s profit margins. Axos is one such bank, offering accounts with no monthly fee and full unlimited reimbursements on ATM fees.

Interest rates

While most of your business’s profitability is derived from strong sales, having a business account that offers a decent interest rate could help you to supplement your business’s income. Bluevine is one example, offering up to 2.0% APY on its checking account.

Rewards and benefits

From cashback on business debit card purchases as offered by to discounts from certain vendors, rewards programs can go a long way in helping you save money on purchases. Lili offers cashback rewards from a variety of stores, both online and in-person, while Novo offers a range of discounts and coupons.

Digital banking features

If you’re looking to optimize your financial management and make filing taxes and other accounting activities easier and more efficient, then it might be worth looking for a bank with digital financial tools. 

While some business bank accounts such as Bank of America come with cash flow management tools to help you track your expenses, others such as Lili and Found have accounting tools to help you maximize your tax write-offs and automate your bookkeeping, along with pre-filled tax forms to make filing taxes quicker and easier. 

Some bank accounts such as LendingClub and Novo come with invoicing software so that you can handle all of your financial matters from a single platform.

Access to loans

Depending on your business’s financial position, it’s important to consider whether you may need access to financing either now or in the future. 

If there is a possibility of needing a loan, then it may be worth looking at a bank such as Axos, Chase for Business, and Bank of America, each of which offer a wide range of business loans, ranging from credit lines for small business owners to major loans to corporations.

Frequently Asked Questions (FAQs) About Online Business Bank Accounts

Do you still feel unsure about whether or not opening a business bank account is the right move for you and your business? Here are some of the most frequently asked questions and answers to help you decide!

Bottom Line on How to Open a Business Bank Account Online

By systematically following the above steps, you’ll see that opening a business bank account online is a straightforward and logical process. Thanks to the growing demand for digital banking solutions, the application process is also quick, meaning that once you find the right bank for you, you’ll be able to start conducting business in no time!

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

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7 Best Banks for Small Business in Washington for 2023

Bank customers making transactions at the bank counter in a banking hall

No Washington-based small business is complete without a bank account to manage your finances. With so many options, choosing the perfect one for your organization isn’t easy. We’ve picked out the seven best banks for small businesses in Washington so you can make an educated decision and get back to what you do best.

Best Banks for Small Businesses in Washington

Our Methodology

As we selected our favorite Washington banks, we looked at fee schedules and balance requirements needed to maintain accounts for free. We also considered interest rates and ease of use across the board. Finally, we paid attention to mobile banking accessibility and functionality.

You can find a more detailed explanation of our methodology here.

Bank

Pricing (Per Month)

Additional Fees

Interest Rates

Minimum Balance

Access to Mobile Banking

BlueVine logo

Bluevine

$0

$4.95 per cash deposit, $2.50 for out of network ATM fees, $15 for outgoing wires

2.0% APY

$0

Pay vendors by wire or check, schedule payments, manage cash flow

Capital one logo

Capital One

$15 for checking (waivable), $3 for savings (waivable)

$15 per incoming domestic wire, $25 for outgoing domestic wire, fee for excess cash deposits

0.20% APY

$2,000 for checking, $300 for savings

Access credit card accounts,
transfer money,
deposit checks,
access bank statements,
access to CreditWise service

Axos logo

Axos

$5 (waivable) for savings

$35 for outgoing wire transfers, $25 returned check fee

0.20% APY

$2,500 on savings account

Pay bills, analyze spending patterns, monitor accounts

U.S. Bank logo

U.S. Bank

$4 (waivable) for savings

$0.50 fee for transactions after the first 125, fees at out of network ATMs, overdraft fee

0.01% APY

$500 for business savings

Transfer funds, view documents, find branch/ATM locations, manage cards

Novo logo

Novo

$0

$35 for outgoing wire transfers, $27 insufficient funds charge

0% APY

$0

Pay bills, analyze spending patterns, monitor accounts

Chase Business logo

Chase

$15 for checking (waivable), $10 for savings (waivable)

$25 to $40 for wire transfers, $0.40 per transaction (after first 20)

Up to 0.02% APY

$2,000 for checking, $1,000 for savings

Fraud monitoring, card control, pay and transfer, view offers

Umpqua bank

Umpqua Bank

$10 for checking (waivable), $3 for savings (waivable)

$30 to $50 for outgoing wire transfers, $0.20 for cash deposits after the first $10,000

0.01% APY

$1,000 for checking, $200 for savings

Custom reminders and alerts, funds transfer, monitor cash flow, bill payments

BlueVine logo

Bluevine: Best Overall Bank for Small Businesses in Washington

Up to 2.0% APY

★★★★★

4.7

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Bluevine Review

Bluevine breaks the mold with its impressive 2.0% APY on a checking account. This rate far exceeds the national average and eliminates the need for separate savings. There’s no minimum deposit to get started, no minimum balance requirement, and zero monthly fees. Beware cash deposits that, at $4.95, can quickly eat through your funds.

Why we chose it: Bluevine steals the show with few fees, an excellent interface, and incredible interest rates all rolled into one checking account.

  • High interest rates
  • Very few fees
  • No minimum deposit required
  • No business savings account
  • No ATM reimbursement
  • Fee for cash deposits

Fees

With a bit of luck, you can use Bluevine indefinitely without ever running into a fee. A business checking account is free to open, and there are no hurdles to jump through to maintain it. You’ll find fees at out-of-network ATMs, during outgoing wire transfers, and any time you make a cash deposit.

Interest Rates

A 2.0 APY is largely unheard of unless you lock money away in a CD or use a money market account with a high monthly balance requirement. Bluevine hands you the keys to the rate without asking for anything in return. Note that funds up to $100,000 accrue interest, whereas anything beyond that does not.

Minimum Balance

Even if you’re just starting out, you’ll never have to worry about keeping up with a monthly balance. You’re free to make payments or transfer funds without ever being penalized for your account balance dropping too low.

Access to Mobile Banking

Bluevine works much the same whether you’re using a computer or on mobile. Downloading the app on your Android or iOS device gives you access to money transfers, payment options, and all the account management tools you’ll ever need. Being able to monitor cash flow from anywhere helps keep your mind at ease.

Capital one logo

Capital One: Best Bank for Small Businesses in Washington for Digital Transfers

0.20% APY

★★★★★

4.6

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Capital One Review

Where most banks charge for digital transfers, Capital One lets you perform as many as you need for free. Should you overdraft an account during the process, the bank doesn’t hit you with an unsightly fee. If that wasn’t enough, anyone joining now can take part in high promotional interest rates for the first year. Capital One may not have a ton of locations in Washington, but an excellent mobile app more than makes up for it.

Why we chose it: Capital One does away with digital transfer limits and overdraft fees so you can move around money without fear.

  • Unlimited monthly digital transfers
  • High promotional interest rates
  • Does not charge overdraft fees
  • Limited physical locations
  • Monthly account fee
  • Out-of-network ATM fees

Fees

It costs $15 per month to keep your Capital One business checking account up and running, lest you meet the criteria to waive the fee. The same holds true for business savings accounts, although requirements are even simpler. Otherwise, you’ll encounter fees with wire transfers or cash deposits beyond $5,000.

Interest Rates

Currently, Capital One’s promotional interest rate for its business checking account is 0.20%. Once you sign up, you’re locked into the high APY for at least 12 months. The bank states its promotional rate can change at any time, but this rate has held strong since 2020.

Minimum Balance

Keeping an average balance of $2,000 over a 30 or 90-day window will remove Capital One’s $15 service fee. Savings accounts similarly require a $300 minimum each month should you desire to avoid the $3 monthly charge.

Access to Mobile Banking

Capital One holds no punches with its top-rated mobile app. Mobile deposit, bill pay, and digital transfers are all innately available. You can build an automatic savings plan for extra funds or keep track of your credit score through CreditWise.

Axos logo

Axos Bank: Best Bank for Small Businesses in Washington for Low Fees

0.20% APY

★★★★★

4.5

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Axos Bank Review

Fees with Axos Bank are few and far between. There’s no cost for opening an account, maintaining it, or for the mast majority of the features Axos provides. The bank reimburses you for all domestic out-of-network ATM withdrawals and pays you back for your first two wire transfers each month. In all your excitement, be careful not to overdraft an account and incur the wrath of an insufficient funds fee.

Why we chose it: Axos Bank has a nearly nonexistent fee schedule and reimburses you for most of the charges you encounter while doing business.

  • Minimal fees
  • Cash deposits allowed via MoneyPass and AllPoint ATMs
  • ATM and wire reimbursements
  • Limited integrations
  • Below average CD rates
  • Significant returned check fee

Fees

Your Basic Business Checking account has no monthly fee, and other fees are few and far between. Savings accounts charge at least $4 per month if you can’t keep a minimum balance. Wire transfers are normally $35, but you’ll get two for free each new billing cycle. Returned checks will cost you $25 each time, and you can get hit with several charges on the same day.

Interest Rates

Savings and money market accounts have 0.20% APY from $0 to $5,000,000. If you can build up to a Business Interest Checking account, it’s possible to earn 1.01% interest on funds up to $50,000.

Minimum Balance

You’re required to have $2,500 tucked away in savings each month to waive the $5 service fee. Business Interest Checking lists a $5,000 minimum to do the same.

Access to Mobile Banking

Axos lets you manage your business funds wherever you are through mobile banking. At any time, you can check account balances, deposit checks, or automate bills right from your phone. Through the app, you can also analyze your spending habits and tighten up expenses.

U.S. Bank logo

U.S. Bank: Best Bank for Small Businesses in Washington for Checking Accounts

0.01% APY

★★★★★

4.4

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U.S. Bank Review

U.S. Bank has five business checking accounts available for small businesses. These range from a basic account with a $0 monthly maintenance fee to a premium account with interest as your business grows. The bank also offers a number of merchant services for dedicated business types, such as restaurants or retail. Thousands of branch locations dot the country, with some located in larger Washington cities.

Why we chose it: U.S. Bank has a number of checking account options that appeal to all types of small businesses.

  • Multiple checking account options
  • Specialized merchant services for restaurants, retailers, and service providers
  • 2,400 branch locations
  • Charges for overdrafts
  • Relatively low APY
  • Only locations in 28 states

Fees

Getting started with a Silver Business Checking account means no monthly fees but limitations on transactions. Other plans have waivable service charges as long as your small business can keep up with balance requirements. Savings accounts start at $4 per month, but you can take away this charge with some planning.

Interest Rates

U.S. Bank savings and money market accounts feature 0.01% APY regardless of how much you have in your account. The Platinum Business Money Market offers bonus rates as high as 3.50%, but you’ll have to keep a lot of money in your account. While there’s an interest-bearing checking account, the rate’s even lower at 0.005%.

Minimum Balance

It takes $500 in your business savings account to negate the service fee there. The Silver Business Checking account has no such requirement, but higher-tier plans do. Balances also affect your interest rate if you have one of the top money market accounts at your disposal.

Access to Mobile Banking

U.S. Bank makes mobile banking even easier with voice prompts to simplify tasks. The mobile app integrates with Zelle and also features check deposits and bill payments. Built-in controls offer complete control over your credit card and even allow you to set up a digital wallet.

Novo logo

Novo: Best Bank for Small Businesses in Washington for E-Commerce

0% APY

★★★★★

4.4

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Novo Review

Look no further than Novo if you’re running an e-commerce business. The fintech melds perfectly with sites like Shopify, Etsy, and Amazon to track transactions and keep you apprised of your finances. An excellent mobile app makes it easy to keep tabs on everything while on the go. For even better control, you can drop funds into reserve accounts and follow spending that way.

Why we chose it: Touting seamless integrations for your favorite online apps, Novo is a great option for e-commerce businesses.

  • Works with a long list of e-commerce apps
  • Reserve accounts for fund management
  • Great mobile app
  • Fee for overdrawn accounts
  • Branches are primarily in the Miami area
  • No savings options

Fees

Novo is nearly fee-free from beginning to end. However, there are charges for outgoing wire transfers. If not careful, you may also find yourself paying $27 for insufficient funds. Novo refunds all ATM fees, so you’re good whether you use something in network or not.

Interest Rates

For all Novo does offer, it does not contain any sort of savings account. The result is no option to accrue interest on any of your money.

Minimum Balance

Because Novo has no monthly service fee, there’s no need to come up with a minimum balance each month. You’ll want to have enough in there at any given point so you don’t end up with a charge for insufficient funds.

Access to Mobile Banking

Novo’s e-commerce presence rolls over into its impressive mobile app. There, you can make use of the fintech’s reserve buckets or receive payouts from major online platforms. It’s even possible to download the app and open your account with little more than an EIN.

Chase Business logo

Chase: Best Bank for Small Businesses in Washington for Branch Locations

Up to 0.02% APY

★★★★★

4.3

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Chase Review

There are nearly 200 Chase branch locations throughout Washington from Spokane to Seattle. Even with such a large state, chances are you’re not too far from in-person assistance. If you sign up for a business account now, Chase is willing to throw in a $300 bonus for good measure. Although there is a monthly fee, you’ll find several possible ways to remove it.

Why we chose it: Chase has more locations than any other bank in the state of Washington, making it an excellent choice for those seeking in-person treatment.

  • Nearly 200 branch locations in Washington
  • Multiple ways to waive the monthly maintenance fee
  • $300 sign-on bonus
  • Monthly maintenance fees
  • Only 20 free transactions per month
  • Minimal APY

Fees

You can remove Chase’s $15 maintenance fee one of three ways. Doing so requires a $2,000 minimum daily balance, $2,000 in net purchases from a Chase Ink business card, or by receiving $2,000 in deposits from Chase QuickAccept. Removing fees with savings only requires a linked checking account. There are also fees for wire transfers and transactions after your first 20.

Interest Rates

Small businesses joining Chase for the first time earn 0.01% APY on a standard checking account. If you have extra funds, it’s possible to earn up to 3.50% interest through CDs.

Minimum Balance

A $2,000 minimum balance is just one of the ways you can avoid paying a monthly fee on your checking account. To earn the $300 sign-on bonus, you’ll need to deposit this within your first 30 days with Chase and maintain it for at least the next 60.

Access to Mobile Banking

Chase’s mobile app lets you set and manage alerts for transactions and account limits so you don’t end up with too little in savings or checking. You can use your phone to transfer money, receive deposits, or locate the branch or ATM closest to you.

Umpqua bank

Umpqua Bank: Best for Small Businesses in Washington for Local Banking

0.01% APY

★★★★★

4.3

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Umpqua is traditional NorthWest banking at its best, serving local communities with several available business accounts. Each of these have monthly fees, but Umpqua allows you to waive charges by keeping funds at a certain level. The bank is generous with check and cash deposits, allowing significant amounts of each before you run into charges.

Why we chose it: Umpqua Bank is a local favorite, serving Washington and neighboring states for over 70 years.

  • Several business accounts to choose from
  • $10,000 in free cash deposits per month
  • Waivable monthly fee
  • Lower than average APY
  • Not popular outside of the West Coast
  • High wire transfer fees

Fees

Small businesses are likely to start with Community Business Checking and Savings accounts, which charge $10 and $3 per month for maintenance. Your first 200 deposited checks and $10,000 in cash deposits are free each month, which should be ample for most. Wires are best avoided, since a single outgoing transfer can set you back upwards of $50.

Interest Rates

All of Umpqua’s introductory tiers are attached to 0.01% APY, which is a bit on the lower side. The best you can do at present is 0.15% with higher tier accounts and large minimums.

Minimum Balance

You’ll need a minimum of $1,000 in a Community Business Checking account to work around posted monthly fees. The bank’s introductory savings account is a bit more forgiving, requiring only $200 to negate fees. Balances can also affect your interest rate as you work up the ladder.

Access to Mobile Banking

The Umpqua Bank mobile app connects you to your accounts where you can view statements and send money from place to place. Creating alerts allows you to be notified the moment conditions you set are met. It will also point you to the nearest banking location or ATM.

Methodology for the Best Bank for Small Businesses in Washington

We sorted through a long list of factors when choosing the best bank for small businesses in Washington. When the dust settled, we deemed these the top considerations as we made our decisions:

  • Monthly Fees: We like to use banks to earn money and facilitate transfers, not make monthly payments. Therefore, our favorite banks either had zero monthly fees or came with easy ways to waive them.
  • Additional Fees: Financial institutions can nickel and dime you for a number of things, including transactions, deposits, and wire transfers. While no bank is completely devoid of fees, it was important that the ones we chose make it as easy as possible to avoid them. 
  • Interest Rates: There’s nothing wrong with a bank paying you back a little for using your money. High interest rates can boost your bottom line and make a difference in your financial standing. 
  • Minimum Balance: When you don’t have a lot of money to invest, banks like to charge maintenance fees to keep your account open. In many cases, you can waive those fees by meeting a minimum balance requirement. For our list, we made sure none of these were out of reach for even the smallest business.
  • Access to Mobile Banking: Mobile banking apps are a necessity in this day and age. Some banks don’t seem to be aware of this or still have archaic systems in place. Our picks each have excellent mobile tools you can use as long as you have internet access.
  • Ease of Use: In our assessment, we checked how easy it was to open a bank account and use all available features while enrolled. For banks with branch locations, we took note of locations in Washington and how accessible each one is.

Best Bank for Small Businesses in Washington Frequently Asked Questions (FAQs)

Want to learn more about the best banks for small businesses in Washington? This FAQ may have the answers you’re looking for.

Bottom Line

The best banks for small businesses in Washington keep fees and balance requirements to a minimum while offering loads of cool features to take advantage of. They also add in interest rates and additional perks for good measure. Bluevine takes the number one spot in our book, but we believe any of the banks on our list could serve you well.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

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