to monitor your performance on Genome site in order to improve its features, and to manage
our advertising campaign based on the interests of our audience.
By clicking ‘Accept all cookies’ you consent to the site using all necessary and
If you want to modify cookie settings, click on ‘Manage cookies’.
by cookies is used to optimize Genome site for our visitors and deliver targeted information
to Genome users.
Necessary cookies allow the functionality of Genome site. They are always enabled. You can
disable the necessary cookies in your browser settings, but this may affect the accessibility
of Genome site.
Analytical and marketing cookies are used to improve Genome site and Genome services. For
analytical and marketing purposes we may use third-party technologies such as Hotjar,
Amplitude, Google Analytics and Google Ads. We may also advertise our services and products
site to manage advertising campaigns.
To learn more about Genome and third-party cookies read our
By checking the boxes below, you consent to install relevant cookies on your device. Genome
will not place any cookies on your device (except necessary) unless it’s allowed by you.
You can customize or disable cookies at any time following the instructions of our
Bank account for e-commerce businesses – how to choose the right one
Due to the growing popularity of online shopping, the e-commerce industry has become a playfield of ferocious competition. That’s why such companies must ensure they have the most advanced tools and services the financial sphere can provide, including bank accounts.
In this article, Genome’s team explains how to pick the best business bank account for e-commerce and how to use it.
The basis of e-commerce bank accounts
So, if you are about to start a company that will delve into e-commerce, you probably wonder, “do I need a bank account for e-commerce business?”. Yes, you absolutely do. As with any company, you will need a business account, but in this case, this type of account should be e-commerce-oriented.
And, because you are going to accept payments from customers, a merchant account is also a must.
Thus, let’s focus on these two types of e-commerce bank accounts in the article to better understand how they function.
The criteria for e-commerce business bank account
On the surface, a business account is similar to a personal one. How so? Well, that’s because they have a lot of standard banking services in common, such as money transfer options, cards, reports, etc.
But, as the name suggests, business accounts are used for corporate financial operations. For instance, you will need this account to pay contractors and employees, accept transfers from business partners, or even make payouts to clients.
Now, let’s take a look at the main services and features of the best business checking accounts for e-commerce that you need to consider.
First and foremost – the merchant account. Ensure that the bank provides merchant accounts in addition to e-commerce business bank accounts, as it is a must for accepting payments from customers.
The locations and markets. Many e-commerce businesses need to be able to work with clients from different parts of the world, as well as contractors and employees. So, for instance, if you want to target different markets, you need to make sure that the financial institution you plan to open an e-commerce business bank account at can grant you access to said markets;
The currencies you can store money at. Again, you will have to work with specialists around the globe. Thus, you may consider providers that allow you to accept transfers and payments in different currencies.
As mentioned prior, you absolutely must have a merchant account inside your e-commerce bank account. Let’s take a closer look at it.
The difference between business and merchant accounts for e-commerce businesses
Let’s compare business and merchant accounts to get a better grasp of their functionality:
The main purpose
It separates your personal and corporate finances. It is used for basic financial operations.
It is used to collect funds that clients pay for the company’s goods and services.
Does a company need it?
Not necessarily. Only if the company needs to accept payments from customers.
Can an account exist individually?
No, if you have a merchant account, you also need a business account. The reason is that the money from your merchant account needs to be settled into a business account. Otherwise, you cannot use them.
Can you have multiple accounts?
Merchant accounts for e-commerce
Now, let’s get to the main topic – e-commerce merchant accounts. It is crucial to find out as much information as possible about this account before applying for an e-commerce business bank account at a financial institution. The reason is that e-commerce companies need merchant accounts to be advanced, as these accounts allow businesses to accept payments from clients.
This is how a merchant account for e-commerce works:
A merchant creates a website and sets up a checkout page with the help of merchant tools;
Clients use the checkout page – here, they pay with cards or alternative payment methods;
Then the transaction customers make needs to be authorized and moved to the merchant account.
You can’t use the funds you have earned while they are inside your merchant account.
After a certain period of time (usually 3 to 7 days, financial providers set different periods), the funds are moved from a merchant to an e-commerce business bank account, and a business can access them.
When selecting a merchant account attached to an e-commerce bank account, please ensure that:
It works with major card brands;
It has many local payment methods;
It can accept different currencies;
It provides payment pages that are suitable for you (hosted payment pages, host-to-host, mobile SDK, etc.);
It allows you to customize the checkout page;
The financial provider follows major regulations – 3DS2 and PCI DSS;
It has integrations for Shopify and other e-commerce platforms (if you use them for e-commerce).
Get the best business bank account for e-commerce at Genome!
If you are looking for an account for your e-commerce company, Genome has all you need and more! We are an Electronic Money Institution that provides both business and merchant accounts for e-commerce entities.
Our business wallet allows you to hold up to 15 accounts inside of it in different currencies – EUR, USD, and GBP. You can make corporate transfers using Faster Payments, SWIFT, SEPA, and Genome’s internal transfers.
Not only that, but you can send up to 500 transfers at once using our mass payout feature. You can also run your business wallet together with employees by securely giving access to it via the shared account tool. And speaking of security, Genome also provides a security token to additionally authorized each outgoing transaction.
As for merchant accounts, at Genome, you can open as much as your business requires! We provide host-to-host, hosted payment pages, as well as mobile SDK. Using the latter, you can easily customize your payment page inside the mobile app.
With Genome, you can accept payments from your customers in over 20 currencies, they can use Visa, Mastercard, and a plethora of local payment methods.
Not only that, but we also have plugins for Shopify, WooCommerce, Magento, Drupal, PrestaShop, and many other e-commerce platforms.
Do you need a business bank account for e-commerce?
As a business of any kind, you need a business account for corporate financial operations. It especially goes for e-commerce companies, as they work with multiple clients, as well as business partners, contractors, delivery services, etc. For all these things – business and merchant accounts are in place.
What are the benefits of a bank account for e-commerce?
It is a more suitable type of account for e-commerce companies. The best business checking accounts for e-commerce offer merchant accounts that allow companies to accept payments globally and have a diverse range of payment methods and currencies.
Which bank account is best for e-commerce business?
There are many options for e-commerce business bank accounts on the market. The best option for a company is to carefully assess all the features banks and financial providers offer and choose the most suitable type of account for them.
On that note, we cannot recommend Genome enough. Not only do we provide a business wallet with up to 15 multi-currency accounts inside it, but we also have merchant accounts that are perfect for e-commerce businesses. We provided more information regarding our business and merchant services above.
Are merchant accounts the same as e-commerce bank accounts?
No, they are different, as they provide various services. A business account is necessary for basic financial operations like money transfers, accounting, and withdrawals.
Meanwhile, merchant accounts can only be used for companies to accept payments from their clients. After a certain period, the money earned will be transferred from your merchant account to a business. So, it would be best if you had both a business and a merchant account for your e-commerce company.
Multiple companies around the world give 110% of their hard work, passion, and dedication for their business to succeed. But sometimes, saving money for businesses means you need to work smart, not hard. And Genome has some tips on how to do so. In this article, we will share some ways companies can save money by different means. So, if you need money-saving ideas for companies, this blog is for you! 5 business cost-saving ideas Start from within – optimize all about your company One of the best cost-cutting ideas is actually a simple one: analyze all parts of your
There are many aspects to financial services for companies that sell their goods or services. One such thing is a payment gateway. Unfortunately, only a few merchants dive into the nitty-gritty of how the right payment gateway can improve your conversions. Genome is here to fix that! In this article, our team will explain how to choose a payment gateway for your e-commerce store and other types of business. We will also uncover the difference between payment gateways and payment processors, as some people consider them the same thing. What is a payment gateway? Before learning how to choose the
If you read Genome’s blog, you likely come across terms such as traditional banking and online banking and understand how they differ. But what about alternative banking – what is this term even about? Well, today, you have a chance to find out! Our team will explain what alternative financial institutions are and why you may want to use them. Alternative banking: the definition Traditional brick-and-mortar banks have been around for decades upon decades. By now, people are aware of them and which services they provide. But the way we function and run our day-to-day errands, and the world, as
Finances are one of the most integral parts for businesses to operate properly. That’s why companies must be aware of all the financial risks they can potentially encounter. Let Genome explain what you need to look out for! Find out the primer financial risks for businesses and how to deal with them! What is a financial risk? As the name suggests, it is a type of risk associated with certain financial operations, as well as internal and external changes that can result in money and capital loss. Financial risks are something that experienced companies know all too well about. Some