Weekend Favs February 29

Weekend Favs February 29 written by John Jantsch read more at Duct Tape Marketing

My weekend blog post routine includes posting links to a handful of tools or great content I ran across during the week.

I don’t go into depth about the finds, but encourage you to check them out if they sound interesting. The photo in the post is a favorite for the week from an online source or one that I took out there on the road.

• Notion – A comprehensive work tool that brings together to-do lists, knowledge base, databases, and notes all in one place.
• How to Design Infographics That Will Impress Your Boss – Visme shares 9 tips to creating an infographic that will capture your audience’s attention by teaching something valuable.
• Tag Snag – Pull all of the video tags your competitors are using on YouTube – great for optimizing video content.

These are my weekend favs, I would love to hear about some of yours – Tweet me @ducttape

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Social shorts: Shopify joins Facebook’s Libra, Snapchat’s advanced AR capabilities, TikTok tests bio URLs

The social media marketing week in review: A round up of news and announcements you may have missed.

Please visit Marketing Land for the full article.

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9 Content Marketing Mistakes That Are Hurting Your Brand

The original version of this blog appeared at: https://smartercx.com/9-content-marketing-mistakes-that-are-hurting-your-brand/

Are your content marketing strategies companies creating value or distaste among consumers? We asked our team of content marketers their biggest pet peeves (as both marketers and consumers) that really set them off and guide them on their own strategies of “things not to do” when creating content.

Mistake #1: Uninspiring subject lines

“Just because I’ve agreed to receive your periodic dispatches doesn’t mean I have the time or desire to read everything you send. Sorry. As a result, the subject line ‘January 2020 newsletter’ probably won’t draw a click unless I really love your organization. You can help me out, however, with a bone in the subject line: Entice me with a teaser and by all means, use active verbs.”

• Kerby Meyers, SmarterCX Contributor

Mistake #2: Quantity over quality

“As a content marketing and SEO expert, my biggest pet peeve is the perception among some executives that crafting successful content is more about quantity than quality, and the lack of understanding all the elements that go into creating a blog post that eventually ranks in the top organic search position.

When content mills were a thing, lots of companies started copying the strategy with their own blogs, thinking that this was ‘content marketing’. With Google and other search engines getting better at understanding the difference between high-quality URLs and thin content, the companies that followed this old approach are now rightfully losing a massive amount of organic traffic.”

• Erik Mathes, SmarterCX Contributor

Mistake #3: Chasing quick wins vs long-term gains

“My biggest — and only — pet peeve in content marketing is when companies chase quick wins rather than long-term gains. We need to treat audiences — and the people tasked with reaching them — as people rather than machines.

One piece of advice that I have for content teams moving into 2020 is to slow down and to focus on quality above quantity. In the digital ecosystem, there tends to be a lot of pressure to emphasize hypergrowth and hyperspeed — to launch campaigns for the sake of launching campaigns.

We need to remember that we’re writing for people, not search engines, campaigns, or robots.”

• Ritika Puri, SmarterCX Contributor

Mistake #4: When email is used by other divisions without asking

“As a customer: when I download something and my email is used by other divisions of the company or for what is often many other uses (I actually think this contravenes GDPR but companies still do it). I recently downloaded something from IG and I was absolutely inundated with emails! I unsubscribed but other products from the same group kept sending me emails. I think they should make it clear where the email will be used and by whom.”

• Timothy Woods, SmarterCX Contributor

Mistake #5: Creating content just to create it

“As a marketer: My biggest content marketing pet peeve is hiring for content, but not strategy. Time and time again, new clients will come to me asking me to audit why their current content isn’t converting. Or, clients will come looking for a writer to tackle topics they’ve come up with themselves (that their audience might not be searching for or interested in!). It’s like throwing spaghetti at a wall to see if it sticks. Pro tip: it sticks because of the starches, not necessarily because it’s finished cooking! Creating content just to create it won’t benefit any business. A well-planned strategy is what attracts an audience and converts them into customers.”

• Erin Ollila, SmarterCX Contributor

Mistake #6: Multiple email follow-ups to unresponded-to pitches

“As a journalist, I get hundreds of pitches from marketers about topics outside of the subjects I typically cover. Most of them I simply ignore, but on occasion I will receive ‘did you see my message?’ or ‘just checking in…again’ emails associated with pitches I didn’t respond to. One of these is bad enough, but two or three demonstrates you don’t know who you’re pitching to, haven’t put in the time to research your market, and guarantees your address will be added to my spam list.”

• Benjamin Hunting, SmarterCX Contributor

Mistake #7: Content marketing as advertising

“Clients come to me within a week or month of embarking on a new content marketing strategy, wondering why their numbers are not shooting upwards and towards the right. I’ve lost track of the number of times I’ve had to explain that content marketing is a long game that will reward handsomely in the long run, but only after months of consistently publishing and building trust in your brand. Content marketing is not advertising, period.”

• Daniel Tay, SmarterCX Contributor

Mistake #8: Trying to trick me with the subject line

“My biggest content marketing pet peeve is when company emails try to trick me into thinking it is personalized or even that it is a reply by using “Re:” as the start of the subject. It doesn’t feel genuine, and it makes me not want to read your email when I have figured out your ‘strategy’.”

• Jodi Warner, SmarterCX Editor

Mistake #9: Telling the customer what to do

“My biggest content marketing pet peeve is using commands in messaging and phrases, like ‘companies today need to…’ and ‘to get ahead, you must…’ I’ve seen messages like this used by every tech company I’ve worked with, and it drives me crazy!

As content marketers, we’re not telling our audience what to do. We’re giving them information to make an informed decision. When we take lessons from our favorite literature, movies, etc. and show instead of tell, we set ourselves apart and above the content marketing norm.”

• Mia McPherson, SmarterCX Editor-in-Chief

                                                              

We all learn from our mistakes. Writers learn by writing, rewriting, and editing. Find out “How Content Marketers Always Succeed By Always Failing.”

 

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How to Leverage Data to Create Compelling Customer Experiences

Consumers expect brands to know who they are and create compelling experiences for them. In fact, 63% of consumers said they’d think more positively of a brand if its content was more valuable, interesting or relevant and 59% of customers say that personalization influences their shopping decisions. Furthermore, according to a Forrester Research, Inc. study, 77% of the consumers surveyed stated that they have chosen, recommended, or paid more for a brand that provides a personalized service or experience.

Investing in Loyalty for Data Collection

Brands need to know who their customers are and what they’re interested in. Loyalty programs that capture data across all channels help to form a 360 view of customers. Loyalty programs sit on the front lines of customer data collection and for many brands, particularly CPG companies, that do not have a direct relationship with customers, loyalty programs may be to the only source of data collection.

By leveraging customer data captured in a multichannel loyalty solution, brands can make personalized recommendations, offer relevant promotions, and upsell and cross sell relevant products or services to consumers.

Loyalty Program Tactics and Customer Insights

A benefit to engagement-based loyalty programs is that they provide brands with the opportunity to capture rich sets of transactional and non-transactional data.

By incorporating activities across all channels and touchpoints, brands can collect a great deal of insight into who their customers are.

• Registration

When a customer registers for a loyalty program, the brand can collect foundational customer data such as email address, birthday and location in exchange for points. This information means that the brand can send the customer email communications, target them with location specific offers, and surprise and delight with birthday promotions.

• Content engagement

By incentivizing loyalty members to engage with branded content in exchange for points, brands can gauge which topics resonate best with their customers and target them with promotions related to the product or service they just read about in a blog post or watched in a YouTube video.

• Points for purchase

Brands can incentivize loyalty members to earn points for each transaction. The information captured tells a brand about the products customers purchase across different product categories, at which locations and whether online or in-store. For example, Colorescience Lasting Rewards program provides members with product recommendations based on transaction history combined with profile information.  

• Surveys

Another point earning activity that captures useful customer data is surveys. By asking members to complete surveys based on their personal style, preferences or habits, brands can learn everything about their customers from their skin tone to their favorite color to how often they visit a brand in-store. This information can be used to target the customer with specific products and promotions.

• Event Engagement

Brands can invite loyalty members to member-only events, capture their attendance and invite them to similar future events. The brand can also start to identify whether there is a correlation between members who attend an event and order specific products.

• Social Media Engagement

Brands can incentivize loyalty members to connect their social media accounts to their loyalty program and share brand content in exchange for points. This allows brands to not only track members’ social media presence, but also identify social media influencers and reward those that engage most heavily.

• Refer-a-Friend

When brands incentivize members for referring their friends and family to the brand, this helps expand the membership base and capture the referral’s age, location, and contact information.

• Redemption

Based on how frequently a customer has completed activities as part of the loyalty program, the brand can offer the customer a catalog of rewards from which to redeem. Redemptions can give a better idea of a consumer outside of their purchase history. Rewards such as a sweepstakes or an experiential reward can reveal a consumer’s priorities and interests. For example, Verizon tracks which rewards customers find most appealing, from free coffee to tickets concerts and sporting events to once-in-a-lifetime meet and greets with famous artists and athletes. This gives Verizon deep insight into its customers’ hobbies, interests, likes and dislikes. As Verizon learns what interests their customers, they give them more of what they want.

Segmenting Customers to Improve Relevancy

Based on the data gleaned from these loyalty program activities, brands can begin to start segmenting their customers. Segmentation allows brands to group customers based on where they fall in the product life cycle and how they engage with the brand. Brands can group customers based on all known data to deliver personalized activities, rewards, and brand experiences.

Using Data to Drive Personalized Brand Experiences

Through data capture and segmentation, brands can start to provide compelling brand experiences for their customers through meaningful communications, relevant promotions and personalized rewards.

                                                  

Data might be key to your campaigns, but are you managing it correctly? Drawing the proper insights and taking the proper actions on it? Find out how to “Go Further with Data Management.”   

 

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Coach vs. consultant

Coach vs. consultant written by John Jantsch read more at Duct Tape Marketing

Are you a coach or a consultant – does your business hire coaches or consultants?

The answers to the question above seems to spark a bit of passion in entrepreneurial circles depending upon the definition one uses of each.

To me, a coach is charged with holding a client accountable to stated actions, goals and courses while a consultant is more likely to feel empowered to set the course of action. In my mind, there probably is no pure definition because a marketing coach or a marketing consultant, for instance, doing the best they can for a customer, will likely fall into a hybrid service to get the ball moving forward in any way possible.

Whatever you call it, there is no doubt that having a trusted adviser, one that calls BS when it needs calling, is one of the most valuable assets an entrepreneur can obtain.

While I am on the subject this might be a good place to invite you to join my live Discovery call and learn about the opportunity to become a member of the Duct Tape Marketing Consultant Network. You can find all the details here. 

So, what’s your definition of coach of a consultant – or do we do a disservice to both trying to label and define the practice?

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Stories are coming to LinkedIn

The platform is finally giving in to the trends of its social counterparts.

Please visit Marketing Land for the full article.

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Valimail to offer free DMARC monitoring solution to domain owners

DMARC is a required industry-standard for brands that want to implement the new BIMI standard.

Please visit Marketing Land for the full article.

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Build relationships for marketing success at MarTech

Don’t miss your chance to meet with and learn from those driving real transformation in their organizations.

Please visit Marketing Land for the full article.

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What are analytics experts looking to in 2020 with data and privacy?

Logan Gordon, Simo Ahava, Astrid Illum, Abby Matchett and Sayf Sharif share insights to help you gain executive buy-in about privacy policy issues this year.

Please visit Marketing Land for the full article.

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Best Credit Cards for Startups in 2020

Getting a business credit card is one of the first things you should do when launching a startup.

In most cases, this credit card will be the primary method of paying company expenses. From daily purchases like ink or paper to flights, hotels, and your phone subscription, charging a credit card is your best option.

That’s because the best business credit cards offer exceptional benefits like cash back, rewards points, and travel miles.

Some company credit cards can provide purchase insurance as well as supplementary coverage for car rentals. You can even use a low-interest credit card to finance purchases if struggling to qualify for a small business loan.

With so many business credit cards to choose from, it can be tough to find the best option for your startup, which is what inspired me to create this guide.

The 8 Best Credit Cards For Startups in 2020

In a market flooded with hundreds of business credit cards, there are eight that I would recommend for startup companies.

• Chase Ink Business Cash
• Chase Ink Business Unlimited
• Capital One Spark Cash Select
• Capital One Spark Miles
• Capital One Spark Classic
• American Express Blue Business Plus
• American Express Blue Business Cash
• US Bank Business Platinum

I’ll highlight the top benefits, introductory offers, costs, and notable terms for each one as we continue below.

Best Startup Business Credit Card Reviews

Chase Ink Business Cash

Chase Ink Business Cash is the best overall credit card for startup companies. It has exceptional rewards, benefits, and an enticing sign up bonus.

• No annual fee
• $500 sign up bonus after spending $3,000 in first the three months

I like the Chase Ink Business Cash card because of the way its reward program is structured. You’ll get the most cash back for common startup expenses.

Chase gives you 5% cash back each year on office supplies, internet, phone services, and cable on the first $25,000 spent in those categories. You’ll also get 2% cash back at gas stations and restaurants on the first $25,000 in combined spending each year.

All other purchases earn 1% cash back with no limit.

Additional features and benefits of the Chase Ink Business Cash card include:

• Fraud protection
• Free employee cards with individual spending limits
• Travel and emergency assistance services
• Extended warranty protection
• Zero liability for unauthorized charges
• Purchase protection (covers new purchases against theft or damage for 120 days)
• Auto rental collision waiver

Between these benefits, the cash back program, sign up bonus, and no annual fee, Chase Ink Business Cash should be a top consideration for any startup company.

Chase Ink Business Unlimited

Chase Ink Business Unlimited is nearly identical to the Ink Business Cash card. The card offers the exact same benefits from fraud protection to the auto rental collision waiver in the bullet list above.

• No annual fee
• $500 sign up bonus after spending $3,000 in the first three months

While the benefits and card terms are the same between these two cards, the rewards structure is not.

Instead of offering various cash back percentages for different categories, Chase Ink Business Unlimited gives you 1.5% cash on everything. This is a better option for those of you who don’t want limitations or restrictions on the amount of cash back you can earn.

It all depends on the type of business you have.

For example, let’s say you’re planning to use a credit card to purchase things like inventory or other expenses that don’t fall into the Ink Business Cash rewards categories. In this scenario, Chase Ink Business Unlimited would be a better option for you.

Capital One Spark Cash Select

Capital One Spark Cash Select is another great option for earning cash rewards for all of your business expenses. The card offers unlimited 1.5% cash back on everything you buy.

• No annual fee
• $200 sign up bonus after spending $3,000 in the first three months

The card is very similar to the Chase Ink Business Unlimited credit card. Chase does offer a better sign up bonus ($200 vs. $500) for spending the same amount in three months.

With that said, the Capital One Spark Cash Select card has its fair share of benefits.

• Dedicated business customer support
• Fraud alerts
• Free employee cards
• Payment flexibility (pick your monthly due date)
• Transaction details
• Itemized year-end summary
• Download purchase records into formats for QuickBooks and Quicken

For startup company credit cards, I typically lean towards cards with no annual fee.

But if you want more than 1.5% cash back, consider applying for the Capital One Spark Cash card instead. This gives you unlimited 2% cash back, but comes with a $95 annual fee (waived the first year).

Startups charging less money on their cards will be fine with the Spark Cash Select card.

Capital One Spark Miles

Some people would rather earn travel rewards instead of cash back. So if you’ll be traveling frequently for your startup company, Capital One Spark Miles is a top credit card to consider.

• $95 annual fee (waived the first year)
• 50,000 mile sign up bonus after spending $4,500 in first three months

As I mentioned earlier, I normally don’t recommend cards with annual fees to startup companies. But this one is easy to justify if you travel often.

50,000 miles is equal to $500 in travel. Considering that the annual fee is waived the first year, the sign up bonus alone makes up for the first six years using the card.

You’ll also earn unlimited 2x miles on all purchases. There are no blackout dates, seat restrictions, or minimums for redemption.

Other top benefits of the Capital One Spark Miles Card include:

• $100 credit for TSA PreCheck or Global Entry
• Earn 5x miles on hotels and car rentals booked through Capital One Travel
• $0 fraud liability
• No foreign transaction fees
• Card lock

If you’re launching a startup that requires lots of business travel, this is the best card for you.

Capital One Spark Classic

To qualify for the best business credit cards, you’ll need to have excellent credit. But that’s not reasonable for all small business owners.

If you have a low credit score but still want access to credit card rewards, the Capital One Spark Classic will be your best option.

• No annual fee
• Unlimited 1% cash back on all purchases

While the card doesn’t come with a sign up bonus or low interest rates, you’ll still have access to some of Capital One’s top card benefits.

• No foreign transaction fees
• Download purchase records to Quicken and QuickBooks formats
• Auto rental damage waiver
• Extended purchase protection (90 days for eligible items)
• Fraud coverage and alerts
• Free employee cards

Overall, this is a no-frills business credit card. But it’s a great way to build your credit by using the card responsibly. Plus, you’ll still get 1% cash back on everything.

I’d apply for the Capital One Spark Classic if you can’t get approved for other business credit cards.

American Express Blue Business Plus

American Express has one of the best reputations in the credit card industry. For both personal credit cards and business credit cards, Amex is known for exceptional customer service.

If you’re launching a startup, your company should consider the American Express Blue Business Plus card as a top option.

The Amex Blue Business Plus card is great for those of you who want to earn rewards points, as opposed to cash back or travel miles.

You’ll get 2x membership rewards points on purchases in any category for your first $50,000 spent each year. After that, you can earn unlimited 1x points.

Amex gives you expanded buying power, with the ability to make business purchases above your spending limits without a penalty, although restrictions apply.

The card comes with account alerts, online statements, a detailed year-end summary, free employee cards, and one of the best business credit card mobile apps on the market today.

American Express customer service and dispute resolution are second to none. So if you prioritize great customer support, this card is perfect for you.

American Express Blue Business Cash

If you prefer cash back instead of reward points, consider applying for the American Express Blue Business Cash credit card.

The card terms are basically identical to the Amex Blue Business Plus card. The rewards structure is the biggest difference between the two cards.

With the Amex Blue Business Cash card, you can earn 2% cash back on your first $50,000 in purchases per year. After that, you’ll receive unlimited 1% cash back on everything else.

Other top benefits include:

• Expanded buying power
• Car rental loss and damage insurance
• Global hotline assistance
• Free employee cards
• Account manager access
• Amex Business mobile app
• Account alerts
• Vender pay via Bill.com
• Extended warranty protection for eligible purchases
• Purchase protection for eligible purchases

Overall, the American Express Blue Business Cash card is arguably the best free cash back business credit card on the market today.

US Bank Business Platinum

Sometimes a startup company needs to get creative with financing purchases. Certain small business loans have restrictions for what you can spend the funds on.

Credit card financing has become an alternative solution for small business owners. But to consider this, you’ll need to find a card with low-interest rates.

That’s when the US Bank Business Platinum card comes in handy.

The card definitely lacks quality rewards benefits. So I’d only consider it as an alternative financing method.

How to Choose the Best Credit Card For Your Startup Business

There are certain factors that must be taken into consideration when you’re evaluating business credit cards for your startup. This is the methodology that we used to come up with this guide.

Annual Fee

Most startup companies should look for credit cards with no annual fee. It’s crucial to save money everywhere possible when you’re first starting a business.

Seven of the eight cards on the list above are free. The only one you have to pay for is the Capital One Spark Miles card. But the fee is just $95 per year, waived in year one, and easy to justify for frequent travelers.

Exclusive business credit card fees can range above $500. While you may consider those down the road, I’d steer clear of them in the early stages of your business.

Interest Rates

You should always aim to pay your credit card balance in-full each month. But sometimes cash is tight for startups, so you might have to finance a few purchases.

Look for a credit card offering 0% APR for purchases in your first year. Aim to pay those off before you start incurring additional interest fees.

A low-interest credit card might have cheaper rates than certain business loans. So take that into consideration before making large purchases.

Credit Score

When launching a startup, your personal credit score will be used when you apply for a credit card. That’s because new businesses don’t have any credit records on file.

A high score will give you access to better cards with lower interest rates and top rewards.

However, not everyone falls into this category. If your credit score is below average, there are certain cards that you should be applying for instead. The Capital One Spark Classic is a great example.

Rewards

Credit card rewards usually come in one of the following three formats:

• Cash back
• Membership points
• Miles

I’d recommend cash back rewards cards for most startup companies. The cards on this list range from 1% to 5%. Some have restrictions on how much cash back you can earn, while others are unlimited for all purchases.

A rewards program with miles is ideal if you need to travel often for business purposes. Otherwise, cash back is just fine.

Benefits

Every credit card has a wide range of perks and benefits.

From a sign up bonus to purchase protection and fraud alerts, the list varies by card type and card company. You’ll just have to figure out which benefits are best for your spending habits.

For example, no foreign transaction fees and auto rental waiver insurance shouldn’t win you over if you never rent a car and don’t make purchases in foreign currencies.

Conclusion

Startup companies have unique needs compared to well-established businesses. There are certain credit cards that are ideal for newer small businesses.

Here’s a recap of the top eight that I’d recommend.

• Chase Ink Business Cash
• Chase Ink Business Unlimited
• Capital One Spark Cash Select
• Capital One Spark Miles
• Capital One Spark Classic
• American Express Blue Business Plus
• American Express Blue Business Cash
• US Bank Business Platinum

All of these cards come with a wide range of benefits for different startup types and spending habits. I’m confident that you can find exactly what you’re looking for on this list.

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Best Online Business Banking for 2020

What makes a great bank for business purposes?

In today’s day and age, your bank needs to have online banking capabilities. There are online-only banks as well as physical branches offering online banking services.

While most banks today have some type of online portal, not all of these are created equal.

The best business checking accounts have dozens of online features, like mobile deposits, digital bill pay, and fraud alerts.

You’ll also need to consider other banking products that you can access online. I’m referring to things like business savings accounts, merchant services, credit cards, and small business loans.

Whether you run a startup or a multi-million dollar well-established corporation, I’ll show you the best online business banking solutions to fit your needs.

Top 10 Online Business Banking Accounts For 2020

There are hundreds of different online business bank accounts on the market today. But these are the top ten that I recommend:

• Novo
• Axos Bank
• Chase Bank
• TIAA Bank
• US Bank
• Navy Federal Credit Union
• Azlo
• Radius Bank
• Citizens Bank
• First Internet Bank

I’ll highlight the type of online accounts offered, prices, benefits, and other online banking solutions for each one below.

The Best Online Business Banking Reviews

Novo

If you’re a small business owner, freelancer, or entrepreneur seeking an online-only business banking solution, look no further than Novo.

Novo is a modern and simple way to handle your business banking needs. Here’s an overview of top features and benefits of this online bank:

• No monthly service fees
• Refunds at all ATMs
• Free incoming and outgoing ACH transfers
• Free domestic and foreign wires
• Free mailed bank checks
• No minimum balance requirement

It takes less than ten minutes to apply for a Novo online business bank account. You need just $50 to open an account.

Novo has an outstanding mobile app that lets you handle all of your business banking needs on the go. It integrates with business tools that you’re already using, like Slack, Xero, and Zapier.

You’ll also benefit from discounts on business tools like HubSpot, Salesforce, Zendesk, Google Cloud, and Stripe.

Overall, Novo is a basic online-only bank for business owners seeking simplicity. But it does lack other banking tools beyond a checking account.

Axos Bank

Axos Bank is another top online-exclusive business bank. But unlike Novo, Axos features a suite of business banking solutions, including multiple account types and additional services.

• Basic Business Checking
• Business Interest Checking
• Business Premium Savings
• Business Money Market
• Business Savings
• Business Certificate of Deposit (CDs)
• Certificate of Deposit and Registry Service (CDARS)

Axos also offers treasury management solutions to streamline your payment processing. They provide additional merchant services like POS terminals, mobile commerce, and PCI compliance.

You’ll need at least $1,000 to open an Axos business checking account.

Your account comes with 200 free transactions per month. There are no monthly maintenance fees, and you’ll have access to a surcharge-free ATM network.

Axos has everything you’d expect from an online business banking solution, including a mobile app with remote check deposit capabilities.

But like any online-only bank, this isn’t for businesses that need to deposit cash.

Chase Bank

Chase Bank has some of the best business banking solutions on the market today. They have physical bank branches in addition to the online banking services.

Here’s an overview of the three different business checking accounts offered by Chase. All three of these can be opened and managed online.

Chase Total Business Checking

• $15 monthly service fee
• Unlimited electronic deposits
• $5,000 free cash deposits per billing cycle
• 100 free transactions per month

The $15 service fee is waived if you maintain a daily balance of $1,500. If you link a personal Chase checking account to your business account, the combined balance counts towards this minimum.

Chase Performance Business Checking

• $30 monthly service fee
• Unlimited incoming wires and electronic deposits
• 250 free transactions per month
• $20,000 free cash deposits per billing cycle
• Two free outgoing domestic wires per cycle

The $30 service fee is waived by maintaining a $35,000 minimum daily balance in qualifying business deposit accounts.

Chase Platinum Business Checking

• $95 monthly service fee
• 500 free transactions per month
• $25,000 free cash deposits per billing cycle
• Four free outgoing wires per cycle (your most expensive ones)

Chase will waive the $95 service fee if you maintain a daily balance of $100,000 or more between qualifying business deposit accounts.

As you can see, Chase has an online business checking account for businesses of all different shapes and sizes. It’s easy to determine which Chase business account is best for you based on the minimum balance requirements and free cash deposits per month.

In addition to checking accounts, Chase also has some of the best business credit cards on the market today. You’ll also benefit from merchant services and online business lending solutions if you need them.

TIAA Bank

TIAA Bank is a top option for those of you looking for an online-exclusive business banking solution. They offer checking accounts and treasury services for commercial businesses, small businesses, and nonprofit organizations.

If you’re a single-owner LLC or sole proprietor, you can get a high-yield small business checking account. As of February 2020, the intro APY rate is 1.21% for the first year.

Here’s a quick overview of the key features for each TIAA Business Checking account:

Business Checking

• $1,500 minimum to open
• 200 free transactions per month
• Ten free online bill payments per month
• $14.95 monthly maintenance fee (waived with $5,000 daily balance)

Small Business Checking

• $1,500 minimum to open
• No monthly maintenance fee
• Free ATM reimbursements up to $15 per month (unlimited with $5,000 daily balance)
• High yield on all balances

Nonprofit Checking

• $1,500 opening deposit minimum
• Interest-bearing checking
• Overdraft protection
• $14.95 monthly maintenance fee (waived with $5,000 minimum daily balance)

Analysis Checking

• Two different types of accounts available
• Interest-bearing checking
• $1,500 minimum opening deposit
• Offset fees with earnings credit rate

While TIAA Bank does offer a wide range of checking account types, I wish the nonprofit monthly maintenance fee was waived regardless of the balance.

The best account here is the high-interest checking account for sole proprietors and single-member LLCs.

US Bank

US Bank is a national chain with 3,000+ branches and more than 4,800 ATMs throughout the country. In addition its online banking solutions, you’ll be able to do some in-person banking if your business needs to make cash deposits.

There are four different business checking accounts offered by US Bank. All of which have online banking capabilities.

Silver

• No monthly fee
• $5 paper statement fee
• 125 free transactions per month ($0.50 per transaction after)
• 25 free units of cash deposits per month

The US Bank Silver business checking account is simple and made for startups and small businesses.

Gold

• $20 monthly fee (waived with qualified balances)
• Free paper statements
• 300 free transactions per month ($0.45 per transaction after)
• 100 free units of cash deposits per month
• Interest-bearing

The Gold business checking account is for small to mid-sized businesses with moderate transaction volumes.

Platinum

• $30 monthly fee (waived with qualified balances)
• 500 free transactions per month ($0.40 per transaction after)
• 200 free units of cash deposits per month

US Bank’s Platinum business checking account rewards business owners with higher balances.

Premium

The Premium account is unique. It’s an analyzed account; meaning fees can be offset by credits from your account activity. It’s unclear on the website what those fees, credits, and activity would be. But the account is made for larger organizations with high checking balances and lots of activity. You’ll need to contact US Bank directly for more information.

In addition to these four online checking accounts, US Bank also provides small business loans, credit cards, and merchant services. You’ll have access to everything you’d expect from a national bank.

Navy Federal Credit Union

Navy Federal is another national chain with physical branches in addition to online business banking. Business owners with ties to the US Armed Forces, National Guard, and DoD can open an online checking account with Navy Federal Credit Union.

They offer business checking, business savings, and CDs. Here’s an overview of Navy Federal’s three business checking accounts:

Business Checking

• Best for new businesses with limited cash flow activity
• No monthly maintenance fee
• Two signers
• 30 free non-electronic transactions per month ($0.25 per transaction after)

Business Plus Checking

• Best for growing businesses with multiple owners
• $8 monthly service fee (can’t be waived)
• Accommodates steady banking activity
• 50 free non-electronic transactions per month ($0.25 per transaction after)

Business Premium Checking

• Best for large businesses with high deposit balances
• $20 monthly fee (waived with average daily balance of $5,000)
• Great for large transaction volumes
• 100 free non-electronic transactions per month ($0.25 per transaction after)
• Up to 0.45% APY (based on balance)

I’d recommend Navy Federal online banking to business owners who are seeking a small business loan. Navy Federal has some of the best interest rates and approval rates on the market today. So you can get your checking account and loan from the same bank while managing everything online.

Azlo

If you’re a freelancer or launching a startup, Azlo is a top online-exclusive business bank to consider. It’s only a viable option if you’re not accepting cash.

Highlights of an Azlo business banking account include:

• No monthly fees
• No overdraft fees
• No minimum balance requirements
• Unlimited transactions
• No incoming wire fees

Azlo integrates with business tools like Square, Stripe, and QuickBooks.

You can deposit checks remotely with Azlo’s intuitive mobile app. You’ll also be able to create, send, and manage digital invoices to your clients through the Azlo platform. This is ideal for clients who want to pay via bank transfer.

If you’re looking for an online bank that offers loans, savings accounts, and other banking services, Azlo is not for you.

Radius Bank

Radius Bank has a wide range of online business banking solutions. Here’s a quick list of the online services you’ll have access to with a Radius business account:

• Four different business checking accounts
• Money market savings
• CDs and CDARS
• Statement savings accounts
• SBA loans
• Commercial real estate loans
• Equipment financing
• Credit cards
• Escrow services
• Nonprofit services

As you can see, Radius offers everything you could possibly need and more from an online business bank.

One standout is the Tailored Checking account, which is made for growing businesses. Tailored accounts come with:

• Unlimited transactions
• 0.75% APY for balances above $5,000
• Unlimited transactions
• $10 monthly fee (waived with balances over $5,000)
• No minimum balance requirements ($100 to open)
• Free ATM network worldwide

You can apply online in less than ten minutes without uploading any documents. Between the online services and mobile banking tools, Radius Bank is a top choice to consider.

Citizens Bank

Citizens Bank is a top choice for business owners that want access to lots of different online banking solutions. Furthermore, Citizens has 1,100+ branches and 3,100+ ATMs (mostly on the east coast). So it’s a good option for those of you with in-person banking needs as well.

Let’s take a closer look at the company’s business checking accounts:

Clearly Better Business Checking

• Best for small businesses with moderate account activity
• No monthly fee
• No minimum opening deposit
• 200 free transactions per billing cycle ($0.50 per transaction after)

Business Advisor Checking

• Best for businesses with higher account activity
• $25 monthly fee (waived with $10,000 average daily balance)
• No minimum opening deposit
• 500 free transactions per billing cycle ($0.30 per transaction after)

Citizens Analysis Business Checking

• Best for large businesses that need ACH, transfers, wires, and cash management
• $20 monthly fee (can’t be waived, but can be offset with earnings credits)
• No minimum opening deposit
• Custom transactions (must speak to a representative for details)

In addition to these checking accounts, Citizen offers credit cards, investing options, business benefits, healthcare banking, and a wide variety of business resources. Large organizations will have access to commercial banking solutions as well.

First Internet Bank

As the name implies, First Internet Bank is an online-only bank. There are three different types of banking solutions offered by this bank.

• Small business checking
• Commercial checking
• Business savings and CDs

Overall, the commercial checking accounts stand out the most.

Lots of online-only banks on the market today are geared towards startups and small business owners. But First Internet Bank has a wide range of banking services for large organizations and enterprises.

Businesses opening a commercial checking account will benefit from features like:

• Dedicated business banking experts
• Treasury management services
• Merchant services
• Sweep services
• Wire services
• Zero balance accounts

Contact First Internet Bank to ask about a custom business banking solution to meet the needs of your large organization.

How to Find the Best Online Business Bank Account For You

All of the online banks on our list won’t be a viable solution for your business. You’ll need to narrow down your options based on certain factors. This is the methodology that we use here at Quick Sprout to find the best online bank for you.

Business Type

You can start by narrowing down your choices based on the size and structure of your organization. Some online banking accounts are geared towards startups, sole proprietors, and freelancers. Others are designed for small businesses to mid-sized and larger organizations.

For example, if you have a small business with three locations and 30 employees, you can immediately eliminate the accounts designed for freelancers and single-member LLCs.

Fees

Lots of online business bank accounts come with monthly fees. Some banks do offer free banking, and others let you waive the monthly fee by maintaining a minimum daily balance.

Unlike personal checking accounts, business accounts typically come with monthly transaction limits. You might have to pay up to $0.50 per transaction once you exceed those limits.

Regardless of your situation, you can find a way to avoid these fees by finding an account that falls within your banking activity.

Checking Accounts and Banking Solutions

What do you want to get out of your online bank? You’ll need a checking account, at a minimum.

But the day might come when you’ll need access to other banking solutions.

• Business savings accounts
• Business CDs and CDARS
• Merchant services
• Business loans
• Business credit cards

It’s easier to get all of this under one roof, as opposed to searching for another bank at a later time.

In-Person Banking Availability

Online-exclusive banking isn’t for everyone. If you have physical store locations that accept cash, you’ll need the ability to deposit those funds at a branch.

Banks like Chase, US Bank, Citizens Bank, and Navy Federal Credit Union all have branches for in-person business banking. Just verify that there is a branch in your area.

Mobile Accessibility

Part of being a great online bank means having an excellent mobile app. The majority of your online banking activity can be done from the palm of your hand.

Mobile apps are used for things like remote check deposits. But you’ll want an app that goes beyond this basic feature. All of the banks on our list have modern and efficient mobile apps for your business banking needs.

Conclusion

Here’s a recap of the ten best online business banking solutions on the market today:

• Novo — Simple online-only business checking account with no hidden fees.
• Axos Bank — Online-exclusive bank with interest-bearing checking solutions.
• Chase Bank — Best online business checking accounts for businesses of all sizes.
• TIAA Bank — Best high-interest checking for sole proprietors and single member LLCs.
• US Bank — National bank with four online checking accounts and banking services.
• Navy Federal Credit Union — Best online banking for business owners with ties to the Armed Forces, National Guard, and DoD.
• Azlo — Best online-only business bank for freelancers.
• Radius Bank — Best online banking solution for growing businesses.
• Citizens Bank — No minimum balance requirements and free checking available.
• First Internet Bank — Best online commercial checking account for complex business banking needs and high transaction volumes.

I purposely included banks for all types of businesses on here. From freelancers to enterprises, and everything in between, I know you can find what you’re looking for on this list.

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