Banking solution helps small businesses easily manage and grow their money, and now pay virtually any business expense
REDWOOD CITY, CALIF. – October 27, 2020 – Bluevine, the leading provider of small business banking solutions, today announced the general availability of Bluevine Business Banking, the industry’s first integrated banking, payments, and lending solution designed specifically for small businesses. Bluevine Business Banking was introduced in October 2019 and offers intuitive online services and tools that help small businesses manage their finances with an easy-to-use dashboard to deposit checks, transfer funds, and now, make bill and vendor payments. The Bluevine Business Checking product has seen rapid adoption among Bluevine’s customers since the beta period and is now available broadly to all small business owners.
“Now more than ever, small businesses need simple, easy-to-use financial solutions, services, and guidance that support – not nickel-and-dime – them on their path to recovery amid the pandemic,” said Eyal Lifshitz, CEO and co-founder, Bluevine. “Over the last year, we have worked tirelessly behind the scenes to innovate and iterate on our Bluevine Business Checking product based on tremendous beta customer reception and feedback. We are thrilled to provide all small business owners with access to sign up for an account today, to help them achieve a better financial tomorrow.”
Rapid Adoption of Bluevine Business Banking
Bluevine Business Banking breaks the mold of the traditionally fragmented and fee-laden banking experience for small business owners so they can spend more time focusing on their business. Bluevine Business Checking currently offers 1.0% interest on balances of $1000 or more (20 times the national average, and beginning next month, Bluevine will offer 1.0% interest with no minimum balances, up to $100,000 enabling even the smallest businesses to earn extra cash.BVSUP-00005
Additional benefits of Bluevine Business Checking includes two free checkbooks, and zero monthly, ATM, NSF, and incoming wire fees. Small businesses can also enjoy unlimited transactions with no balance requirements and fast, reliable customer service. Business owners can apply for an account in as little as 60 seconds by sharing just a few pieces of information about themselves and their business.
Since October 2019, more than 20,000 small business owners have signed up for a Bluevine Business Banking account, including a 15% week-over-week account registration growth since late August 2020. Bluevine Business Banking small business customers vary in maturity, size, and annual revenues, ranging from $50K to over $2M. Since launch, Bluevine Business Checking has gained over $50M in deposits across all checking accounts and processed nearly $40M in payments and debit transactions.
Much of Bluevine Business Banking growth and innovation occurred alongside its historic participation in the Paycheck Protection Program. The company provided $4.5B in funding to more than 155,000 small businesses between April and August 2020, helping save over 470,000 jobs.
“I’ve had some great – and a lot of bad – experiences with business banking. Most banks I’ve worked with do one or several things well but fail to holistically meet the particular needs of my small business clients,” said Beyth Hogue Greenetz, owner of Road West Financials – financial consultancy for other small business owners. “After referring many of my clients to Bluevine’s seamless PPP loan service, I jumped at the opportunity to try Bluevine’s Business Banking. Earning cash on my account balance, combined with Bluevine’s intuitive and streamlined interface, has already led me to recommend the service to several of my clients.”
Introducing Bluevine Payments
Available today as part of Bluevine Business Banking is Bluevine Payments. With this enhanced bill pay feature, small business owners can pay virtually any business vendors or bills – such as leases, utilities, contractors, and more – by bank account, debit card, or credit card (beta). The payment is then sent to vendors either via ACH, wire, or check.
Bluevine Payments enables small business owners to seamlessly pay vendors and bills from a directory of over 40,000 registered payees and common billers or add their own in just a few clicks. Customers also have the flexibility to set up one-time or recurring payments, or schedule for a day in the future, via the Business Banking mobile app.
Bluevine Payments by credit card, which is currently in beta testing, saves business owners time and money by:
- Smoothing their cash flow: Business owners can pay vendors by credit card to any of over 40,000 registered payees, even if they don’t accept cards.
- Building up credit card points & rewards: The Payments feature allows customers to preserve cash and put existing credit to use, so they can keep earning on every purchase.
- Choose how to pay: Small business owners have the option to pay by credit card (2.9%) or their bank account (interest-free). Bluevine sends the funds (check, wire, or ACH) on the small business owners’ behalf. No more writing unnecessary checks.
Using Plaid, Bluevine customers can choose to connect their external bank account in the Bluevine dashboard. In addition, through Plaid Exchange, Bluevine Business Checking is also listed as a supported bank account to all third-party application and banking partners that integrate with Plaid. As a result, Bluevine customers can choose to share account information securely and seamlessly with the various platforms to be more efficient when banking with Bluevine Business Checking. Examples of third-party financial applications include Expensify, Venmo, and Xero.
To learn more about Bluevine Business Checking and to sign up today, visit: https://www.bluevine.com/checking/
Bluevine provides small and medium-sized businesses with fast and simple access to financial services built with them in mind. Bluevine’s advanced online platform is intuitive and offers a convenient solution for business’ banking and working capital needs. Bluevine offers a suite of products designed to meet the diverse financial needs of today’s business owners including Bluevine Business Checking, Payments, Line of Credit, Term Loan, and Invoice Factoring. Based in Redwood City, California, Bluevine has provided small and medium-sized businesses with access to more than $8 billion in financing and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, SVB Capital, Rakuten, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). All lines of credit and term loan products are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC.
Bluevine Business Checking provided by Coastal Community Bank, Member FDIC. Bluevine Business Checking deposits are FDIC insured up to $250,000 through Coastal Community Bank, Member FDIC. Bill pay funds are held by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System.
Head of Communications, Bluevine