When you have a business, you need B2B services. One of these will probably be B2B banking. We’re diving into B2B banking and some of the best fintech options for businesses.
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What Does B2B Stand For?
Let’s start with the basics. In the business world, B2B stands for business to business, while B2C stands for business to consumer. For example, a company that designs new payroll software provides a B2B service. Accounting software that makes it easier for someone to do personal taxes is a B2C product.
Plenty of companies operate in both spaces. For example, PayPal offers its services to the general public, helping consumers send and receive money and making online shopping a breeze. PayPal also offers debit cards and credit cards to consumers. However, the company has a separate platform for businesses. In addition to payment services, it provides invoicing, eCommerce and other POS options, and even small business loans.
What’s B2B Banking Good For?
If you’re a business owner, you’ll want a financial institution or fintech company that specializes in B2B banking.
When you establish a company, whether it’s an LLC or incorporation, one of the first things you’ll need is to separate your personal and business assets. If you’re looking into B2B banking for the first time, it’s probably safe to say that your business is relatively new. You’ll want a company with a high customer satisfaction rate, no fees, and low-interest loan opportunities.
Top 5 B2B Banking Providers
Here are some of our top choices for banks and fintech that serve businesses.
- Divvy – Divvy helps businesses of all sizes manage expenses, build credit, and pay employees. They offer lines of credit, a credit builder tool, and rewards for using their services.
What we like most: Earn 2.25% cash back when you use their services for ad spend with a secured credit line. We also like that they keep you from going over your marketing budget by allowing you to set a spending limit on multiple platforms.
- Relay – Relay focuses on small businesses. Their services include business checking, accounts payable, and easy integration with popular accounting tools.
What we like most: There are no account or overdraft fees and no minimum balance for business checking accounts. You can also utilize up to twenty individual checking accounts and request up to fifty debit cards for business use.
- Novo – Novo offers business checking and integration with several eCommerce platforms, like eBay, Esty, Stripe, and WooCommerce. They also offer perks to customers, like $150 in Snapchat ad credits and 30% off QuickBooks.
What we like most: No fees or minimum balance requirements. They also refund ATM fees.
- BlueVine – BlueVine offers checking, lending, and bill pay services. They aim to be the only banking solution you’ll need for your business, even allowing you to pay vendors that don’t accept credit.
What we like most: Earn 1.5% interest on balances up to $100,000—as long as you meet the monthly activity requirement.
- Bank of America – If you feel more comfortable with a traditional bank rather than a fintech service, Bank of America has excellent options for business owners. They cater to small and large businesses, highlighting different services for each. They do have fees (especially if you have a low balance in your account).
What we like most: They have a good reputation, and you can actually walk into a building and talk to someone if you need to.
Fintech seems to be taking over the B2B banking sector, and we’re okay with that. Choose Divvy, Novo, or BlueVine if you’d like one-stop shopping for your business’s B2B needs. Relay is great if you have employees that need access to a company card. If fintech isn’t your thing, you can always go traditional with Bank of America.