Where Startups do their banking
This summer, a number of students are spending their summer camped out near Stanford’s Center for Entrepreneurial Studies as they start their own companies.
When asked where startups should do their banking, here’s what the community had to say:
PayPal – You can do a lot with a PayPal account and one of their debit cards
Wells Fargo and Bank of America – have extensive online support
Silicon Valley Bank – focused on funded or soon-to-be-funded startups, perhaps not a great fit for $1000 LLC checking account
When asked about software to manage finances:
Outright.com – only for Single Member LLCs, Self-Employed, and Schedule C filers, but very slick
Quickbooks – packaged software
Quickbooks Online – subscription service required
Xero – leading small business solution in AU/NZ/UK, not full featured in the US
NetSuite Finance – tremendous overkill for a small startup, but may be relevant if anyone on this list is spending the summer at a company with dozens of employees
Thanks to Alvin, Gus, Brendan, and Zak for their thoughts on this,
Feel free to chime in below if you have more info, thanks!
