Bank Account - Credit Cards
The next step in my journey has to with financial stuff. Once you have your EIN number and fictitious name paperwork (if you need it) - start calling your local banks to find the best business bank account. Many banks nowadays have small business accounts with no fee as long as you have under 200 transactions a month. I figured out that if I have sales everyday through Square - they only deposit once a day so that's 30. Paypal I can accumulate money in there and only take it out when needed so that's let's say 4 at 1 a week. Etsy deposits once a week so there's another 4 - that leaves me with 162 more transactions in a month. For a small business that's alot.
I need to make a very important note here - DO NOT USE YOUR OWN PERSONAL ACCOUNT FOR A BUSINESS!!!!!!! I cannot emphasize this enough. If you should ever get audited - co-mingling your personal and business funds will create such headaches for you and the IRS gets testy when you do this.
Now as far as business checks - I do not get the checks from the bank. For about the same amount of money you can get 4 times the number of checks from a check place like Artistic Checks and I have never had any problem with them.
If you are not going to do trade shows but only sell online you don't really need a credit card processor - you can get away with just using Paypal and other payment processors like it (such as Google Wallet, Braintree, Stripe etc.).
If you are doing trade shows there are many credit card places out there that are inexpensive.
I have been using Square since they came out - at 2.75% they are very competitive and easy to use. I also have a