Free guide + directory
Get set up to take money.
A finished product cannot sell anything until the money rails exist: a business bank account, a payment processor, and the legal foundation banks ask for. Here is the order to do it in, and the honest directory of where to go for each piece. No affiliations, no kickbacks.
The order matters
Most founders learn this backwards and lose weeks. Each step unlocks the next.
1
Legal foundation first
Register the business (LLC or similar) and get your free EIN from the IRS. Banks ask for both before they open a business account. The Checklist walks this step by step for your state.
Open the Checklist →2
Business bank account
A separate account for business money, from day one. It keeps your bookkeeping clean, protects the legal separation your LLC exists for, and is where your processor deposits what you earn.
3
Payment processor
The tool that actually takes the card payment on your site or in person, then deposits it into that bank account. A processor is not a bank account; you need both.
4
Connect and test
Wire the processor into your product, run a real test purchase end to end, and confirm the money lands in the bank account. Now you are genuinely open for business.
Payment processors
These take the card payment and deposit it into your business bank account. Standard online card rates run around 2.9 percent plus 30 cents per transaction; in-person rates are a little lower.
Stripe
The default for online businesses and software products. Payment links need no code at all; full checkout when you are ready. Expect identity and business verification before payouts start.
Square
The default for in-person selling: card readers, point of sale, appointments. Also does online payments and invoices. Easy to start with a brand-new business.
PayPal Business
Customers already trust the button, which helps early sales. Good for invoices and simple checkouts; many businesses run it alongside a primary processor.
Wave
Free invoicing and accounting with payments built in. A fit for service businesses that bill by invoice rather than a checkout page.
Online business banking
Built for small businesses, opened from your couch, generally no monthly fee. You will typically need your EIN and formation documents. Deposits are FDIC insured through their partner banks.
Mercury
A favorite for tech and online businesses: clean interface, virtual cards, no monthly fees. Note that it cannot take cash deposits.
Novo
Simple free business checking aimed at small businesses and freelancers, with invoicing built in and integrations for the common tools.
Bluevine
Free business checking that pays interest on balances, plus a line of credit you can apply for later as revenue grows.
Relay
Built for organizing money: multiple checking accounts under one roof (one for taxes, one for payroll, one for operating) without extra fees.
Traditional banks and credit unions
The right call when you handle cash, want a branch and a banker who knows you, or plan to apply for local financing. Bring your EIN, formation documents, and ID.
Chase Business
The biggest branch network in the country. Monthly fee on the basic account, commonly waived by keeping a minimum balance.
Bank of America Business
Full-service business banking with wide branch coverage and a path to business credit as you build history.
Your local credit union
Often the lowest fees and the most patience with brand-new businesses. Use the federal locator to find ones near you, then ask if they offer business checking.
Which setup fits where you are
Brand new, no income yet
EIN, then a free online business bank account, then a processor using payment links (no code needed). You can be able to take money this week.
Selling in person
Same foundation, but start your processor search with the card-reader companies so the register and the online store live in one place.
Service business billing by invoice
Same foundation, and pick a processor or tool with strong invoicing so clients can pay the invoice with a card or bank transfer.
Regulated space (healthcare, finance, and similar)
Expect extra verification from banks and processors. Have your entity documents, EIN, and a plain-language description of what you sell ready before you apply.
General information, not financial or legal advice. Rates and account terms change; confirm details on each company's site before you sign up.
Questions, answered straight
Questions
Good to know.
Is a payment processor the same as a bank account?
No, and mixing them up stalls a lot of launches. The bank account is where your business money lives. The processor is the tool that takes a customer's card payment and deposits it into that account. A finished website needs both before it can sell anything.
What do I need before a bank will open a business account?
Usually your EIN (free from the IRS), your formation documents (like LLC articles of organization), and your ID. Register the business first; the Checklist walks that in the right order for your state.
Can I just use my personal bank account for now?
You can, but you should not. Mixing business and personal money makes taxes painful and can undermine the legal protection your LLC exists to provide. Free business checking exists; there is no reason to skip it.
Which processor is cheapest?
For online card payments the big names price within rounding of each other, around 2.9 percent plus 30 cents. Pick on fit, not fees: online product, start with a payment-link processor; in-person selling, start with a card reader; invoice-based services, start with an invoicing tool.
My business is in a regulated space like healthcare. Anything different?
Expect more verification questions from processors and banks: what you sell, how it is delivered, your entity documents. Have those ready and answer plainly. It is extra steps, not a wall.
Do you get paid by any of these companies?
No. No affiliations, no kickbacks, no sponsored placements. This is the same list we would hand a friend, in the order we would tell them to do it.
The money rails are one piece. We help you build the whole thing.
Inside the platform, Kenny (your AI coach) walks your product, brand, marketing, and sales step by step, including exactly this setup when you reach it. Start free.