With the rise in technological advancements and shifting customer preferences, online clothing stores are growing in the U.S. Many people are now purchasing from clothing store websites. The fashion e-commerce industry in the U.S. accounts for 20 percent of total online retail sales. When you own an online clothing store, handling vendors, customers, and operational payments is very crucial. Therefore, it will be better to open separate business checking accounts for each business need. You may easily open a business checking account from Zil US, the Bank Novo Alternative, for managing your business payments.
Why an Online Clothing Store Needs Separate Business Checking Accounts?
- Online clothing stores usually have to handle expenses like vendor payments for buying apparel stock and fabrics. They may also have to purchase raw materials for in-house clothing production.
- Online marketing and advertising are very important for business promotion, so online clothing stores may have to allot funds for that.
- Other expenses that they may incur are operational and administrative costs. This can include payments for shipping companies, warehousing, subscription software, employee wages, office rents, etc.
All these expenses need to be handled separately to budget accurately. Therefore, a dedicated business checking account for each of these expenses will be the best option. Opening a business checking account in a traditional financial institution can be a hassle for online clothing stores. This is because they have to visit these financial institutions in person to do a transaction. Also, they will require a lot of paperwork and other charges. With Zil US, they can easily open multiple business checking accounts online to handle these expenses.
Simplify Transactions with Fee-Free Checking Accounts
Traditional business checking accounts often require minimum balance, minimum deposits, monthly maintenance fees, and many other additional charges. These fees can be low, but together, they can affect your finances badly, especially if you have just started the business. To eliminate these hassles, you can open a fee-free checking account from Zil US. The platform is a savior for small businesses with unstable income because there is no minimum balance or maintenance fees. Also, the cloud-based platform does not have any hidden charges or initial fees.
Multiple Payment Methods for Easy Financial Operations
To run their business smoothly, an online clothing store has to make payments to vendors, shipping companies, and employees on time. With Zil US, they can make payments using a wide range of payment methods. This includes
ACH Payments
Most of the business transactions are carried out using the ACH network. As the funds are directly deposited into the recipient’s checking account, ACH is an efficient way to transfer funds. You can send payments utilizing the cloud-based platform’s ACH transfers. The platform offers one-time or recurring payments depending on your needs. For businesses sending payments on a regular basis, setting up recurring ACH transfers will be a great option to consider. NACHA is the regulatory body monitoring the ACH transfers, and the platform is an official member of it. Therefore, businesses can do transactions securely. For quicker transactions, you may use the same-day ACH feature of the platform.
Wire Transfers
An online clothing store may purchase apparel from many countries to stay relevant in the fashion world. When purchasing internationally, you may have to handle large vendor payments. Utilizing traditional international payment methods can delay your payments, resulting in shipping delays. This can affect your business operations. With the cloud-based platform, you can use wire transfers to carry out international payments smoothly. Thereby, you can easily manage cross-border transfers with a few clicks. The platform also offers domestic wire transfers for urgently making payments within the country.
Virtual Cards
To manage various business expenses easily, online clothing stores can provide virtual cards to their employees. Virtual cards function just like physical cards but are more convenient. As there is no real card, you can eliminate the risk of your card getting lost or stolen. They also have built-in security features to prevent suspicious activities. If you detect any, you can immediately block or freeze the cards. You can get unlimited virtual cards on a single account with Zil US. These cards can be shared with your employees by setting spending limits for each one. This way, you can monitor your business expenses effectively.
Check by Mail
Sometimes, your vendors or employees only accept check payments. This can be due to checks’ reliability, global acceptance, and familiarity. However, physically mailing checks can take up a lot of time for businesses as it usually requires visiting a post office. With Zil US, you can easily mail checks online with a few clicks. This can help businesses like online clothing stores to easily make check payments without wasting their precious time in the post office.
Conclusion
Online clothing stores can utilize Zil US, the Bank Novo Alternative for opening a fee-free checking account. They can open multiple checking accounts on the platform to handle their expenses efficiently. The account comes with no opening costs, minimum balance, and maintenance fee. Also, the platform offers multiple payment methods like ACH, wire transfer, virtual cards, and check by mail.
