If you're an Amazon seller, you might be wondering whether it's a good time to separate your personal banking from your business banking by opening a business bank account. Business bank accounts provide more flexibility and credibility to a small business.

Amazon sellers are no longer restricted to traditional banks found on their high-streets. In keeping with the online nature of eCommerce businesses, you can sign up for a business bank account that operates entirely online. This means you have plenty of choice when it comes to deciding on where to bank.

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Key Takeaways from this Post

Separating your business finances and personal finances with a dedicated business current and savings account will simplify your accounting processes. It'll be easier to apply automation to your bookkeeping, build a line of credit, and enhance your reputation as a trustworthy business.

Amazon sellers don't need to choose traditional bank accounts that you'd typically find on the high street. Most options offer traditional banking features like debit cards and ATM withdrawals, in addition to modern features like reporting tools and accepting online payments.

Link My Books integrates with your accounting software and eCommerce stores to create a smooth, unified bookkeeping system. It automatically transfers data to your accounting software and has some powerful analytical features to help your business grow.

But we all know that lots of choice can lead to decision paralysis. So we're here to narrow down your choices and help you hone in one the best business bank account for Amazon sellers.

Why Should Amazon Sellers Open a Business Bank Account?

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The word 'WHY?' written in blue on a yellow post-it note.

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Before we jump into the best business accounts, let's go through a few reasons why you should consider opening a current account and/or savings accounts solely for business use:

Organised Accounting

Keeping your business finances and personal finances separate will help you remain organised. You'll be able to clearly see all the transactions and financial data associated with your business. This also makes reconciling your payouts and transactions from your bank accounts easier. Furthermore, you'll be able to keep cleaner records for a solid view of your business's financial health.

Automating Your Bookkeeping

If you're using personal bank accounts for your Amazon business, it'll be that much harder to automate your bookkeeping. This is because you'll need to manually separate business transactions with personal ones. If you have a business bank account, bank feeds can be set up and synced with your eCommerce accounting software.

Build Your Credit

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A purple credit card and a phone with a 3D graph popping out of it.

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Opening a business bank account will help you build your credit and make it more likely to be accepted for a business loan. It might seem unlikely you'll need a business loan now if you're still a small business. However, you don't know what the future holds. A loan might be just the thing your business needs in the future for a cash boost.

Accepting Payments

When you sell on Amazon, you need to be able to accept payments. Having a business bank account will enable this. A business bank account will enhance trust between you and your customers. And, boost your credibility as a reputable, serious business.

Flexibility

A business bank account will offer your Amazon business flexibility with a variety of banking services. This might be with integrations, through accepting multiple currencies, or offering advanced online features for managing your business account and finances through its platform.

Some business accounts, for example, will connect with your accounting solution. Some even offer access to free accounting software for small businesses.

Can I Use a Personal Bank Account for my e-Commerce Business?

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A vector of a bank with a dollar sign at the top and pillars at the front.

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It's not recommended to use a personal bank account for an e-Commerce business. Small business owners should aim to open bank accounts (both a current account and savings account) dedicated to business banking as soon as it's viable. This is because combining business finances with personal finances will quickly become complicated. As such, you'll be wasting time separating transactions.

Keeping your business account separate from your personal account also helps you build up your business's credibility, along with a line of credit especially for your business. You'll be able to clearly allocate cash for different business purposes, such as taxes, without them getting muddled with the cash that's for personal use.

10 Best Business Bank Accounts for Amazon Businesses

Wise
PayPal for Business
Payoneer
Mettle by NatWest
Revolut
Chase for Business
Capital One
Skrill Business
Tide
Starling Bank

1. Wise Business Account

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Information about a Wise business account in green writing with a green background. At the bottom there is someone with short curly hair looking at a laptop.

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A Wise account is a dependable business account that'll help you manage your Amazon business's finances. It's got a high focus on enabling its users to transfer cash rapidly, allowing them to make and receive global payments in 9 major currencies at the same speed as local ones. It's licensed in 48 U.S states and therefore adheres to strict security rules and regulations.

Features

Works with the mid-market exchange rate for fairness and transparency.
Get a business debit card for better finance management and expenditure control.
Operate across multiple currencies and more than 70 countries; essential for Amazon businesses selling across multiple marketplaces.
Strong security measures like 2-factor authentication and a dedicated fraud and security team.
Integrate your accounting software like QuickBooks, Xero, or Sage.
No monthly account fees or subscription fees; pay a percentage for certain transactions.

2. PayPal for Business

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Information about how PayPal helps with business operations and a man drawing on the right.

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Although your Amazon customers can't pay you directly through PayPal, you might consider using PayPal for Business as another way to manage your finances. PayPal is a reputable solution as a start up business account for those who need to send and receive money on a global scale. And, PayPal's Seller Protection Program makes it extra secure for online retailers.

Features

Get a PayPal debit card that offers 0.5% cashback rewards and use the card to withdraw your PayPal balance from ATMs.
PayPal is recognised and used worldwide by both consumers and retailers.
Get data, analytics, and financial reports for simpler bookkeeping and financial management.
Integrate multiple sales channels with PayPal, like Shopify and WooCommerce, for a multi-channel eCommerce experience.
Risk management tools that are powered by machine learning, along with round-the-clock fraud detection.
Shipping management tools included with business accounts.

3. Payoneer Business Account

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A colourful semi-circle against a white background and a small it of information about Payoneer.

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Payoneer is a diverse payment platform that allows you to connect with 2,000 marketplaces, including Amazon. You can keep track of your Amazon transactions, and send and receive money globally. Receive payouts from more than 190 countries around the world. And, it's a cost-effective and speedy solution that does not incur monthly account fees for your subscription.

Features

Get paid into your traditional bank accounts for free with some currencies.
Get working capital to fund and grow your business without any credit checks. The more you earn, the more funding you can receive.
Withdraw Amazon funds into your Payoneer account with a few clicks.
Connect multiple stores to your one Payoneer account for easy finance management.
Comprehensive tax management services to manage the completion of various US tax forms.
Pay VAT directly through Payoneer for free.

4. Mettle by NatWest

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Information about Mettle and a smartphone with an available balance on the screen.

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Mettle by NatWest high street bank is available for UK-based businesses. Whether you're a sole trader or a limited company, a Mettle business account is an online-only solution for managing business finances. And, there's no monthly account fee to worry about. You can also get a business savings account (a pot) and save money for things like tax bills and business expenses for free.

Features

A completely free business banking solution with no monthly fees or transaction fees.
Users get access to, and can sync data, with FreeAgent; an accounting solution that's worth more than £150/year.
Easy reconciliation of payments to keep records accurate and tidy.
Customise invoice templates with your own branding elements, different VAT rates, and personalised notes.
Set automated payment reminders for your invoices sent to suppliers.
Accurate tax calculations so you can keep on top of how much you owe.

5. Revolut

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Information about Revolut with business credit cards and a black background.

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Revolut is an all-in-one financial application that offers a personal account as well as business accounts. It has a range of high-tech tools that'll help you manage your business's finances and scale your business. Revolut facilitates borderless banking, allowing businesses to access their cash in more than 25 currencies.

Features

Scalable solution with payment plans to suit all business sizes, including a basic free banking option and the option to pay either an annual or monthly account fee.
Open a business savings account to build up your business funds with up to 3.51% AER interest rates that are paid daily.
Get access to expense management tools, like approving expenses, storing receipts, and setting spending limits for cards.
Connects and syncs with your bookkeeping software, as well as a number of eCommerce platforms, including Amazon.
Analytical tools to give you insights into your Amazon business's income and expenditure's.

6. Chase for Business

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How to earn $300 with Chase and two women on the right with one pointing to a computer screen.

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In addition to offering free personal bank accounts, Chase also offers a number of solutions for business banking including business checking accounts. New checking account customers could earn $300 (subject to conditions). Plus, a $750 cashback bonus, along with 1.5% cashback with Ink Business Unlimited credit cards.

Features

Monthly account fee waivers when certain conditions are met. For example, maintaining a minimum daily balance of $2,000.
Get a line of credit for your Amazon business to cover gaps in cash flow and unexpected expenditures.
Link your Chase account online directly with Amazon.
Get multiple ways to send and receive payments online. Plus, Amazon sellers and sole traders that also operate offline can accept payments in-person.
A number of credit card options with varying fees and APRs. They come with introductory offers and rewards.

7. Capital One

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Information about Capital One being a business partner, Capital One's products above two women talking.

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Capital One is an innovative alternative to a high street bank. It facilitates an unlimited number of transactions every month that are free of charge. Additionally, employees can get their hands on free expense cards that allow you to track their spending in real time. Capital One's payment processing for business is powered by Stripe.

Features

Conveniently link your checking account with your savings account to minimise fees and safeguard your cash.
Achieve your business goals with lines of credit of up to $5 million.
A range of online banking tools and banking services like enabling you to deposit checks with your phone, receive daily texts of your balance, and pay bills online.
Smooth mobile app that gives round-the-clock access to your finances and Capital One's banking services.
Free electronic payments and get access to your checking account for free at more than 70,000 ATMs.

8. Skrill Business

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Information about Skrill's secure online payments on the left with a purple background. On the right is a man and a woman walking.

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Skrill is an online business banking solution with products to suit both small businesses and large. Whether you're a sole trader or an Amazon power seller, Skrill allows you access to over 100 local payment methods. These include bank transfer, digital wallet, and even crypto.

Features

Manage your cash in more than 40 currencies and facilitate cross border payments.
Skrill is partnered with all the major shopping carts so you can manage your multi-channel eCommerce business payments from one account.
Offers multi-lingual customer support for customers around the globe.
Skrill 1-Tap allows customers to checkout with just one touch of a button without having to type in their details time and again.
The Skrill app has a smooth and intuitive interface for a pleasant money management experience.

9. Tide Business

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A blue background with information about Tide's banking on the left and a man smiling on the right.

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Tide offers free business bank accounts with a generous selection of business-boosting features. Sign up for a free current account, savings account, or both, to enjoy free banking with Tide. If you're a UK-based business (sole trader or limited company), are over 18, and can verify your identity, you might be eligible for a free business account.

Features

A generous 4.33% AER variable for your savings. There are also no withdrawal fees or deposit limits for savings accounts.
Create and send invoices for free straight from the Tide application. Easily match payments to its respective invoice to keep track of who's paid what.
Tide's analytical tools help you to track performance and scale your business.
Automatically calculate business expenditure and VAT for your HMRC self-assessments and VAT returns.
Connect Tide with both your accounting software and local bank account.
Facilitates free electronic payments through sending clickable payment links or setting up direct debits.

10. Starling Bank

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Information about Starling Bank on the left. On the right is both a smartphone and a tablet screen with Starling Bank account details on them.

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UK businesses can get a free digital business bank account with Starling Bank. Although this banking organisation is not one of the traditional banks you'll come across on the high street, it is fully regulated and FCSC protected. Plus, up to £85,000 of your business cash is protected by the financial services compensation scheme.

Features

24/7 support through multiple contact methods, including the app, phone, and email.
Free ATM withdrawals and UK bank transfers.
The optional Business Tool Kit costs just £7/month and enables you to send invoices, calculate your taxes, and submit your MTD VAT return through the platform.
Create spaces for different finances. For example, taxes and emergency cash.
Integrate Starling with accounting software like QuickBooks, Xero, and FreeAgent.
You can deposit cash into Startling bank accounts through Post Office branches.

What Must Amazon Sellers Consider When Opening a Business Bank Account?

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The word 'WHAT' spelled out over four colourful dice.

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When it comes to opening a business account for Amazon business banking, there are number of things you need to consider. Let's go through some of the considerations that'll help you choose the best bank accounts for your business:

International Capabilities

Because Amazon businesses very often operate on an international scale, choosing a business account with international capabilities will help with financial management. Consider the different currencies your chosen account can accept. And, what countries you can send and receive money to and from.

Locality

Some business accounts are especially for UK businesses while others are more suited to U.S businesses. Choosing the appropriate bank accounts means they're more likely to be compatible with your high street banks, in addition to being subject to local rules and regulations.

Cost

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Piles of Euros and mini books on top of a receipt.

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Consider the cost of your chosen business account and whether your budget can cover it. Look at exchange rates, transaction fees, wire transfer fees, and monthly account fees. Even if there's no monthly fee, the other fees associated with the online banking solution might be enough to tip the scales.

Also research any fees that might not be so readily available, such as fees for international payments or cash withdrawals. Free electronic payments, for example, might be a deciding factor when it comes to picking the right bank account for you, especially for very small Amazon businesses and sole traders.

Features and Tools

As we've seen in this guide, each business account comes with its own unique set of features and tools. Some offer in-depth analytics while others give you access to expense management and invoicing tools. The best bank accounts will enable mobile banking, which should be included in its monthly fee.

You might decide to opt for a business account that offers a line of credit or you might be happy with the simple inclusion of a debit card. Another important consideration for Amazon sellers is the ability to receive international payments and credit card payments.

Tax and VAT

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An income tax book and file on top of tax documents and reciepts.

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Does your chosen business account help you manage your taxes and your VAT on amazon seller fees? Payaneer, for example, allows you to submit your VAT returns directly through the software. On the other hand, Starling Bank gives you access to tax reports.

If you're in the UK, you also need to consider to what extent your business account help you remain MTD-compliant.

Connections and Integrations

Finally, consider what integrations your business banking solution has. Revolut business accounts, for example, can connect with QuickBooks, Xero, and Sage, amongst other bookkeeping solutions. It also connects with Amazon. Payoneer, on the other hand, connects with a whopping 2,000 marketplaces.

You might also want to consider whether you can connect your business account with your personal account and savings account.

How Link My Books Can Help With Amazon Accounting

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Information about a Xero Amazon integration on the left and a flow chart on the right showing how Link My Books turns raw data into clean summaries.

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Opening business banking accounts is just one piece of the puzzle when it comes to managing Amazon finances. Link My Books has a range of tools and features to automate your bookkeeping.

Additionally, our powerful analytical features will give you the tools you need to make wise business decisions and take your business to new heights.

Which Business Bank Account Will You go For?

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It's super important to keep your Amazon business finances separate from your personal finances, even for those small businesses just starting out. Today, we've gone through ten organisations that offer reliable and feature-packed business bank accounts.

Before honing in on the right bank account for you, consider the different banking services it offers, such as international transfers, multi-currency account capabilities, and whether the account includes a credit or debit card. You must also consider its monthly fees and individual transaction fees.

If you're looking to simplify your accounting tasks, Link My Books lets you put your accounting on autopilot. It sits comfortably between your accounting solution and Amazon account, and automatically transfers your critical financial data. Our Amazon bookkeeping software keeps it simple for both sellers and accountants.

Link My Books has helped thousands of Amazon businesses keep on top of their books and pay the correct amount of tax every single time.

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