Home – New Forums Money matters eCommerce newbie – need help with bank account/payment options

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  • #990588
    AdrianM
    Member
    • Total posts: 6
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    Hi Everyone,

    I have been trawling through all the posts that I can on here to find the answer to my question, but now my head is swimming and I’m starting to panic that I am in way over me head!

    I am starting an eCommerce business selling children’s toys (specific to toys, not children’s lifestyle) with a background in childhood health (I’m a Physiotherapist). The focus is on enhancing children’s movement, development and encouraging creative and imaginative play with a blog that will help along side the eCommerce store.

    I am trying to do my research before getting ready and I am just so confused because I am a complete newbie here and there are so many terms flying around on here that I just don’t understand.

    My question/s are:
    1. I will be using Shopify to initally set up the eCommerce store and was planning on using PayPal to collect payments for products. Is there any other payment option I should consider?
    2. Will I need to open a bank account separate to the business bank account to filter the money from PayPal into it?
    3. Is it going to be difficult to get approval for a business bank account or should I just open a personal one that I can use to track expenses more easily (I am expecting that it will be slow running initially in terms of the number of sales).

    Any suggestions of resources, responses and feedback are greatly appreciated.

    #1177725
    Anonymous
    Guest
    • Total posts: 11,464
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    Hi Adrian,

    Sorry that there was a hold up before your post was published. :(

    It’s here now though, and I have my fingers crossed that some of our resident experts will be able to help you out with some advice.

    Good luck for the new venture,
    Jayne

    #1177726
    James Millar
    Participant
    • Total posts: 1,739
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    AdrianM, post: 206904 wrote:
    Hi Everyone,

    I have been trawling through all the posts that I can on here to find the answer to my question, but now my head is swimming and I’m starting to panic that I am in way over me head!

    I am starting an eCommerce business selling children’s toys (specific to toys, not children’s lifestyle) with a background in childhood health (I’m a Physiotherapist). The focus is on enhancing children’s movement, development and encouraging creative and imaginative play with a blog that will help along side the eCommerce store.

    I am trying to do my research before getting ready and I am just so confused because I am a complete newbie here and there are so many terms flying around on here that I just don’t understand.

    My question/s are:
    1. I will be using Shopify to initally set up the eCommerce store and was planning on using PayPal to collect payments for products. Is there any other payment option I should consider?
    2. Will I need to open a bank account separate to the business bank account to filter the money from PayPal into it?
    3. Is it going to be difficult to get approval for a business bank account or should I just open a personal one that I can use to track expenses more easily (I am expecting that it will be slow running initially in terms of the number of sales).

    Any suggestions of resources, responses and feedback are greatly appreciated.

    Hi Adrian

    You should have no issue getting a business bank account and I would highly recommend that you do over a personal account. Apart from better accounting management the banks all have different (better) service offerings for businesses. You will actually get a direct contact manager which is not something generally available for personal customers.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1177727
    ShellysBookkeeping
    Member
    • Total posts: 89
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    Hi Adrian,
    Some banks offer free business bank accounts so look around before deciding which bank to go for. Applying for a business account is not difficult, you will need an ABN. I would definitely advise that you keep your business and personal monies separate. Money from Paypal can be easily transferred to you business bank account whenever you need it.
    Keep your receipts for any business related-purchases even if your not sure you can claim them. An accountant can later help you with that.

    Shelly

    #1177728
    AdrianM
    Member
    • Total posts: 6
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    Thanks everyone for your feedback, I appreciate your input and time.

    I have since set up a business bank account without any issues. Still waiting on the credit card though!

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