There’s a new online banking service. It is geared toward small businesses. As a result, it offers no monthly fees and only 1.00% interest on checking.
BlueVine Business Banking is the new service from BlueVine. It providesa variety of services. For example, a dashboard and BlueVine Business Debit Mastercard. SMBs can open an account in 60 seconds.
Small Business Trends contacted Eyal Lifshitz, CEO at BlueVine to find out more. He started by highlighting the need.
Overlooked and Underserved
“Small businesses are often overlooked and underserved by traditional banks,” he wrote. “Their products fall short in serving small business customers. Here’s a fact. Just 9% of small business owners report their current bank meets their needs.”
The fintech developed the service to have flexibility. Lifshitz explains:
“The checking account is built to serve the needs of SMB with multiple payment options (wire, ACH) out of the gate,” he writes. “And the ability to transact on the go with a mobile app. Over time, we will allow SMBs to access all the services they need. Both online and on the go with the simplicity of a few clicks of a button.”
Integrated Lending and Instant Funding
Integrated lending and instant funding are other features that will catch the small business owners’ eye. There’s even a physical aspect to BlueVine Business Banking.
“Customers can access their account information from an online dashboard and mobile application. BlueVine has also partnered with MoneyPass to provide access to a network of more than 38,000 fee-free ATMs and GreenDot to deposit cash at one of 90,000+ retailers and financial service centers nationwide.”
There’s security on the BlueVine Business Debit Mastercard too. Like Federal Deposit Insurance Corporation (FDIC) deposit insurance up to $250,000 and a lock on the card if it’s lost.
Falling Through The Net
The service is for small businesses that are falling through the net when it comes to financing.
“BlueVine Business Banking is ideal for “Main Street” small businesses,” Lifshitz says. “These are small businesses that are falling through the cracks of current business banking services including commercial client offerings.”
And he offers some advice for SMBs that deal in a lot of cash.
“While we want to make sure cash withdrawal and deposits are part of the banking offering, we don’t plan to initially target cash-heavy businesses. The maximum amount you can deposit in cash at Green Dot locations is $500. “
They’ve got some great ideas for the future when it comes to small business financing. That includes adding and refining features like ones for deposit and payments, software and integration as well as financing and credit.
BlueVine Business Banking will be on the market early next year. Interested small businesses can join a waiting list by following this link www.bluevine.com/banking.
BlueVine is an online platform focusing on the financing needs of small businesses. They have provided SMBs access to more than $2 billion in financing. BlueVine is based in Redwood City, California.