Basics: Merchant Account, Bank Account, Small Biz Credit Card

[Stewps]

Hello. As I set up shop, I have not been able to find a resource that compares benefits/ranks/recommends the best:
- Merchant Bank Account
- Small Business Bank Account
- Small Business Credit Card

There are simply too many options out there (and fragmented to say the least) for me to conduct an accurate assessment by myself.

Anyone have recommendations for a site that compares these (like bankrate.com does for consumer banking offerings) or personal recommendations based on your research?

Many thanks.

[Stewps]

I think I should have posted this inquiry in the Automation section, not the Elimination. What can I say? Newbie. Thx for any recommendations.

[Stewps]

Hi. So far, I've found some info comparing the small business credit cards:

http://www.creditcards.com/credit-card-news/small-business-credit-card-comparison-chart-1269.php

It looks like this info is from January 2009. Not bad, not great. Anyone have more up to date info?

[kamakiri]

There are simply too many options out there (and fragmented to say the least) for me to conduct an accurate assessment by myself.

They are essentially all the same, which means you shouldn't waste time comparing them. It is not important. Even if you chose the worst bank on the planet to deal with, but had the best business banker assigned to your account, it would be better.

Make an appointment (or just walk in) to 5-6 local banks and talk to a business banker there. Have some questions, not the mechanics kind (most accounts have worked the same way since the colonial days), the human kind. Don't focus on the minutiae of credit card fees from the start. A 2-3% change isn't going to break you at all, so no sense in short selling yourself in the important aspect while ignoring the overall picture.

[Loc]

What kind of business are you running? I've helped my parents set up the regular brick & mortar system (like what you're talking about) and recently, started using Square (https://squareup.com/) for my own business and it's so much better. Fees are less. Set up is a breeze (you only set up an acct w/ Square - no one else). Even takes signatures. There's a month plus wait for the actual device though - but it's well worth it.

[Stewps]

Great advice.

1/ Heard very good things about Square and am not surprised they are backlogged. It even offers an iPhone adapter to take physical credit cards. If I were going bricks & mortar, would def look into it.

2/ Kamakari - You were right. I was letting "perfect" get in the way of "good." Instead of analysis paralysis, I walked over to my local NYC branch of Chase with my LLC documentation in tow. They offer all three accounts (checking, merch, biz cc) with good benefits/rates. Later I may optimize but for now, definitely good enough to get onto the business of building my business.

Thank you both.