Home Small business financing NorthOne Bank Review: Small Business Mobile Banking

NorthOne Bank Review: Small Business Mobile Banking

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Quick setting: NorthOne Bank is a financial technology company that partners with The Bancorp Bank to provide financial services to small businesses. Over 190,000 businesses currently use NorthOne Bank for their small business banking needs.

  • Payment options
  • E-commerce
  • Budgeting options
  • Costs

How did we calculate this?

Advantages

  • Consolidate payment options including paper checks, ACH deposits and wire transfers
  • Get a debit card for all team members
  • Benefit from ATMs at no extra charge with MoneyPass, a network of 37,000 ATMs
  • Use built-in budgeting tools

The inconvenients

  • $ 10 per month fee
  • Does not have physical branches

About NorthOne Bank

NorthOne Bank is a digital banking service for small businesses. It’s not a bank itself, but a browser-based, app-based fintech service that allows small business professionals to integrate multiple financial services.

These include both a host of payroll and payment options as well as e-commerce platforms. With mostly mobile functionality, NorthOne simplifies financial processes for small teams and freelancers on the go.

Features of NorthOne Bank

NorthOne Bank offers versatile functionality for banking services to small businesses in their deposit accounts.

Mobile verification

NorthOne Bank offers all the mobile banking features one would expect from a digital financial service. You can deposit checks directly from personal or business devices through the app.

Additionally, users can send paper checks through the app. When used with the wire transfer and ACH payment features, NorthOne Bank’s mobile verification options allow customers and vendors to be paid using a variety of methods.

Advantages

  • Control payments from the app on the go
  • Pay customers and suppliers the way they want directly from your mobile checking account

The inconvenients

  • Verification is primarily mobile
  • No physical NorthOne location, although you can make cash deposits to your checking account through MoneyPass ATMs.

Team Debit Cards

For everyone authorized to make purchases and payments within your team, NorthOne Bank provides Mastercard debit cards. This means there is no tedious shuffling of checkbooks or waiting periods for a single authorized user to make payments.

Advantages

  • Add your entire team to one account
  • No waiting for a single authorized cardholder

The inconvenients

  • Everyone must coordinate to avoid overdrafts

Envelope budgeting

The NorthOne Bank app integrates a budgeting system based on the idea of ​​budgeting physical “envelopes”. Users can automatically segment a percentage of their NorthOne Bank income into specific envelopes for business and personal expenses.

Advantages

  • Automatically calculate tax payments from each income payment
  • Automatically segment pension, rent and other defined costs

The inconvenients

  • Combining personal budgeting into a business account can be difficult for some professionals

Connect business applications

For small businesses using a variety of business and e-commerce applications, being able to connect them directly to their banking department is essential for smooth cash flow. NorthOne Bank allows users to log into their preferred e-commerce platforms so that payments can be transferred directly to their bank account.

Available platforms include

Associated costs

Users who want to open a deposit account to access mobile verification, e-commerce platform, and available payroll and budgeting integration options can sign up for $ 10 per month.

When sending or receiving domestic wire transfers, a fee of $ 15 is charged.

How to open an account

Reaching NorthOne Bank only takes three minutes. Users may need documents such as personal identifiers, business licenses, and government business documents, among others, to open a business account.

NorthOne Banking Security

With so many accounts connected, security is a major concern at NorthOne Bank. Access to the account can be controlled by biometric settings on individual devices. Regular fraud monitoring detects problems before they turn into disasters. If issues arise, such as a lost debit card, users can freeze their account and request a new card.

Partner of NorthOne Bank Bancorp Bank is a member of the Federal Deposit Insurance Corporation. Accounts have FDIC insurance with a minimum value of $ 250,000.

Customer Service at NorthOne Bank

Customers can reach NorthOne Bank customer service by email and phone. Calls can be scheduled in the app or by email for an appointment.

Competitors

There are a variety of mobile banking options aimed at freelancers and small businesses. Here are a few options similar to NorthOne Bank that you can consider.

Lili

Lili is another digital banking service designed for the self-employed. Lili can automatically calculate taxes, mark purchases as business expenses for tax purposes, get a business debit card, and send and receive invoices right in the app.

Unlike NorthOne Bank, Lili does not allow sending payments by ACH or wire transfer. It also does not connect to the payroll software.

Wells Fargo Small Business Audit

For small businesses interested in a physical small business checking account, Wells Fargo could be an alternative to NorthOne Bank. It offers point-of-sale solutions through Clover, allowing businesses to accept many forms of payment, including digital payment like ApplePay.

Users can also get chequing, savings, and credit accounts for their small business. Wells Fargo may be a better option for small businesses in need of real estate financing or financial services.

Small businesses have specific needs

Banks that cater to small businesses need specific tools for small teams and freelancers. Individuals and small teams can benefit from the services of companies like NorthOne Bank to save time. Freelancers particularly benefit from the fact that business and personal expenses are budgeted in the same account.

Is NorthOne Bank Right For You?

If you’re a small business owner or manager looking for a way to connect your bank to your payroll software and e-commerce platforms, NorthOne Bank may be right for you. NorthOne offers services that allow its clients to concentrate on business tasks while condensing some of their banking tasks.

You will need to determine if the time saved by integrating e-commerce applications and payroll options is worth the $ 120 annual fee. For small businesses with few workers and many moving parts, offloading tedious financial processes can be worth the cost.

About the Author

Emily Cahill is a writer with over three years of experience creating digital content. Previously she worked as a freelance editor while attending Trinity College for English / Rhetoric.
She specializes in SEO-driven content that highlights the unique properties of a product or service while making them digitally ‘findable’, particularly for the finance, geek culture and business niches. lifestyle.


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