How to Get a Debit Card for an Online Business Bank Account?10 min read
Reading Time: 4 minutesWhether you’re a new solopreneur or a burgeoning small business owner, financial life can seem like a full-time job. From bill payment and vendor payments to expenses, managing money entering and exiting the system quickly gets complex.
That’s why getting a debit card for your online business bank account comes in handy. The benefit of a business debit card is that you’ll be able to purchase items, withdraw cash, and pay employees with a swipe of your balance. But before you head out and apply, here are some things to consider first.
Let’s see exactly how you get a debit card for your online business account.
Can I Get a Debit Card with an Online Business Bank Account?
In short, yes, most business banking websites now integrate debit cards into their platforms. A business debit card functions the same way as a personal card but is attached to your company’s bank account.
This helps you make purchases with ease, without the need to transfer funds from account to account. Simply swipe or insert the card and the amount is automatically taken from your account.
One of the best cases is The Kingdom Bank, a digital bank that offers business debit cards for its online business customers.
Through a service such as The Kingdom Bank, you open an account online and request a card to start buying right away – no branch necessary. We want to make financial transactions easier for businesses who do most of their business online.
What Documents are Required to Obtain a Debit Card for an Online Business Account?
The majority of online banks will ask you to upload some simple documents when you create your online business bank account to get a business debit card.
This helps make your business identity and accounts legitimately commercial.
Common documents needed may include:
- Corporate documents – Documents proving your company registration, such as articles of incorporation, certificate of organization or certificate of formation. This proves that your business is legitimate.
- Personal identification – A government photo ID such as driver’s licence or passport of the owner of the company. This helps verify identities.
- A business address verification– A utility bill, lease or other document that confirms your business physical address. Having a confirmed business address is a standard requirement in commercial banking.
When your business bank account online is set up and re-opened, it is simply a matter of asking for a debit card. Your business debit card will be mailed to your registered address within 5-10 business days.
What are the Transaction Limits on a Business Debit Card?
Once you have a debit card plugged into your online business bank account, it’s worth understanding what your spending and withdrawal limits are.
They tend to be less flexible than regular cards, to minimize risk for company cash.
Common transaction limits include:
- Daily purchase limit of $2,000 – $5,000
- Monthly purchase limit of $5,000 – $15,000
- $300 – $500 cash withdrawals per day max.
- Cash out limit $1,000 – $3,000 per month (in cash)
- International transaction fees of 2-3% for foreign purchases
Keep track of these pre-set levels and notify your bank if larger future payments need to be lowered. Any transactions exceeding the caps may result in declined payments. The sooner you plan the better off you’ll be.
Can I Use My Business Debit Card for Online Purchases?
Yes, online or e-commerce purchase is one of the major benefits of a business debit card. You can simply input your business debit card details when shopping online at merchant websites, whether you want to purchase supplies, services, or make payments to merchants.
In contrast to credit cards, debit card payments are deducted instantly from your business bank account balance. So keep an eye on your balance and leave enough money in reserve so as not to get rejected.
Alternatively, you should also let your bank know ahead of time if you are going to make frequent or large-value purchases online on the debit card. This will prevent potentially fraudulent payments from being mistakenly declined by security protocols.
Several online shops accept debit cards as a quicker alternative to bank wires. So feel free to spend your business debit card safely at retailers such as Amazon, eBay, web hosting providers, software vendors, etc. Just keep in mind the usual purchase caps.
How Do I Manage My Business Debit Card Settings Online?
Fortunately, most online business banks have robust account dashboards that allow you to access your debit card from your computer or smartphone. As a business owner, staying on top of things is vital.
Some common management features include:
- Keeping transaction histories together.
- Enabling or deactivating purchase controls such as spending limits or location restrictions.
- Report a lost or stolen card and instantly suspend it.
- Modifying your card security PIN without contacting customer support
- Signing up for purchase alerts via text or email.
Using digital tools such as these, made available by The Kingdom Bank, you’ll be fully in control and transparent about how you use your card at all times, everywhere.
You can make modifications at a glance or get an aerial view of the money coming in and out of your account.
Having a debit card in your online business bank account makes it simple to pay for products and services any time you’re given a card.
Once you submit the verification documents in advance, you can qualify for a card to spend immediately from a company such as The Kingdom Bank.
Watch out for normal transaction limits to avoid overdrafts, but use your card comfortably for online shopping as well. And leverage strong online account management capabilities to monitor card balances, adjust controls as you need them, and receive immediate remote support.
A digital business debit card is a must-have financial planning device.
Then go out there and get your card now to start making purchases straight from your online business bank account!
