U.S. Bank’s Latest Account Offers Businesses Valuable Card-Payment Acceptance Capabilities

Small business owners have many irons on the fire at any one time, and keeping their business’s cash flow at a healthy level is often at or near the top of their priorities. Collecting customer payments in a timely manner can help businesses ensure that their cash inflows exceed their money outflows.

A new account from U.S. Bank, known as U.S. Bank Business Essentials®, offers small businesses the capability to not only accept card payments from their customers, but to receive same-day access to those funds at no cost. U.S. Bank does not charge a monthly maintenance fee for Business Essentials. 

The account also comes with a free Ingenico Moby/5500 card reader for business customers that apply for a new Business Essentials account via U.S. Bank’s online application.

Small businesses are an integral part of the U.S. economy. More than 34 million small businesses operate in the country, and they employ 45.9% of all American workers, according to data from the U.S. Small Business Administration. U.S. Bank small business clients number more than 1.4 million.

A report from PYMNTS released earlier this month highlights how valuable it can be for small businesses to receive faster access to card-based sales. The report reveals that half of all small and medium-sized businesses in the U.S. rely on daily sales “just to keep the lights on.”

Shruti Patel, U.S. Bank’s Chief Product Officer for Business Banking, said in a press release announcing the new account that Business Essentials will make it easier for business owners to run their companies.  

“By enabling small business owners to manage their cash flow in one place — with no monthly maintenance fee — we are helping our clients save time and money, lessening their operational burden, and giving them access to improved business insights,” Patel said.

The value that Business Essentials introduces to companies is something small businesses are looking for from their financial institution. U.S. Bank’s press release cites a 2024 survey the bank conducted that indicates that 80% of business owners “say they prefer providers who can bundle the banking, payments, and operations digital tools they need.”

Other features of the Business Essentials account include:

• Unlimited digital transactions, such as ATM transactions, debit card purchases, electronic deposits — including deposits of mobile checks — and withdrawals, and electronic transfers.
• Up to 25 complimentary teller and paper transactions each statement cycle. 
• A U.S. Bank Business Visa® Debit Card. Businesses can use the card at more than 13,000 fee-free U.S. Bank ATMs and add it to their digital wallet.
• Access to mobile and online banking platforms that allow business owners to stay on top of their company’s cash flow, pay bills, and transfer funds.

The account also comes with around-the-clock support from a live U.S. Bank representative.

“This product exemplifies how the breadth of business offerings under the U.S. Bank umbrella can interconnect to create real value for our clients,” Arijit Roy, Head of Consumer and Business Banking Products for U.S. Bank, said in the company’s press release. 

“When we make it easier for our small business clients to run their business and have quicker access to their funds, we are playing a central role in their growth story,” Roy added.