BlueVine announces general availability of Business Banking

Provider of small business banking solutions BlueVine  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 online services and tools that help small businesses manage their finances with a dashboard to deposit checks, transfer funds, and now, make bill and vendor payments.

“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. 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.” – CEO and co-founder, BlueVine, Eyal Lifshitz.

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. 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.

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 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.

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 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.