Opening a bank account in the USA for businesses is a crucial step. It is extremely important to separate personal and professional finances for entrepreneurs in the USA. Businesses can do so through having a bank account in Mercury and that too without EIN. In this article, you will get to know about the important steps to open bank account in Mercury.
Stepwise Process to open bank account in Mercury without EIN
1. Determine Your Eligibility
If you have sole proprietorship business registration in the USA, you can open a bank account in Mercury without EIN. However, if your business is structured as a partnership, LLC, or corporation, an EIN is generally necessary.
2. Gather Necessary Documents
The next step is to provide personal identification documents. This includes a passport or a U.S. government-issued ID.
Furthermore, You will also need to provide proof of your business’s existence and operation. This includes business licences, trade name registration, or contracts showing business activities.
For non-EIN holders, you will need to provide documents such as tax returns in your business name. This will help establish the legitimacy of your business operations.
3. Choose the Right Bank Account Type
Mercury offers various types of business accounts. For instance, checking accounts, savings accounts, and merchant services accounts. Thus, you need to determine which account best suits your business needs. You can decide any type of business account based on your transaction volume, saving goals, and payment processing requirements.
4. Apply Online on Mercury Website
Visit the Mercury website. Fill out the easy application form with your personal and business details. If you need any assistance or have any doubts in the application process, you can consult a professional from our team.
5. Review and get Confirmation from Mercury
Review all the information provided in your application for accuracy and completeness. Lastly, after completing the application process you have to wait for feedback from Mercury. The bank may request additional documentation and if it doesn’t and your application process is done correctly, you will get the account details and you can access it in Mercury’s portal.
6. Set Up Your Bank Account Features
Once your application is approved, follow the steps provided by Mercury to set up your account fully. This may include setting up online banking, ordering checks, and understanding the features and limits of your new business bank account.
What if my business structure requires an EIN?
If your business structure requires an EIN, you will need to obtain one to open a business bank account. This can typically be done online through the IRS website.
How long does it take to open a business bank account online in USA?
The time varies depending on the bank and the completeness of your application. Generally, it can take anywhere from a few days to a few weeks.
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Moreover, If you want any other guidance relating to opening a bank account in USA or USA Company Registration, please feel free to talk to our business advisors at 8881-069-069.
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