Business Debit Card | First Fidelity Bank (2024)

FAQs

Can you have a debit card on a business account? ›

Use your business debit card to make business purchases and payments. The transaction amount will be debited from your primary linked business checking account. Business debit cards must be linked to at least one eligible business checking account.

It's much easier to keep track of your spending with a debit card. Finally, debit cards are easy to qualify for. Credit cards usually require credit checks and a long application. Debit cards are often offered when you open a business bank account, and any application you fill out will be short and simple.

Business debit cards are linked to your own account, meaning that purchases that your employees make are subtracted from your balance. Some business debit card answers issues that other cards have by offering features that allow you to set spending controls to prevent unauthorized purchases.

Business vs personal checking accounts

You can use both to make deposits and withdrawals, hold and manage your money, draft checks, pay your expenses, and make purchases using a debit card. However, there are several ways a business account can help your LLC that a personal one cannot.

To put it simply, when you mix your business and personal finances, you're essentially treating your business as a personal piggy bank. 🐷 And while it's not technically against the law to make a personal purchase from your business account, it can lead to major issues with taxes, bookkeeping, and compliance.

A business credit card offers a line of credit to make purchases, which can accrue interest if you don't pay off the balance, whereas a business debit card draws funds directly from your company's bank account with no credit involved.

Business debit cards are designed specifically for businesses. These cards are linked to a business' current account, providing a convenient way to manage expenses, make purchases, and access funds.

Debit card declines happen for lots of different reasons. From technical errors and daily purchase limits to expired cards or suspicious activity, debit card payments can get blocked and cause annoying (and impactful) delays in your business activities.

In summary. No matter the size or scope of your business, you may be eligible for a business credit card. If you don't have an EIN, you can use your Social Security number. As a business owner, you may find that keeping your personal and business expenses separate is helpful.

Does a business debit card have your name on it? ›

Your business card should contain information that you're happy to share and would normally consist of: Your name. Company or business name. Email.

It can be unsafe to carry large amounts of cash to make payments and buy things you need for your business, and a daily trip to the bank with loads of cash can be cumbersome. Having a business debit card and a business credit card can make paying everyday small business expenses a lot easier.

You can open an account with no fees or minimums. And we make it easy to invest starting with just $1.

Minimum account opening amount – GHC50. Minimum operating balance is GHc50. Interest is calculated and paid monthly. No checkbook issued on account.

Most business bank accounts can be opened with $0, but some business checking accounts require an opening deposit, which typically ranges from $25 to $100.

It's not “illegal”. But there can be very bad consequences that could happen if you do so. First off, it's very bad from an accounting perspective. In an audit situation it could result in you needing to prove that all the other expenditures were, in fact, business expenses, and not your personal expenses.

Use your business bank account only for actual business expenses. Then have a dedicated system for your business finances. You can use a tool, such as QuickBooks, or hire a bookkeeper. Be sure to keep business and personal receipts separate as well.