Rates and Billing

Discuss setting rates and find billing resources and information.

Forum Sponsor (Advertise with us)
Reply
 
Thread Tools Display Modes
    #1 (permalink)  
Old 04-21-2011
msgofficesolutions's Avatar
Contributing Member
Company name: Ms. G's Office Solutions
 
Join Date: Feb 2011
Posts: 99
Lightbulb Bank Account vs. Prepaid Debit Card
Hello, VAF Forum

I am wondering does everyone use a separate checking account for your business? Has anyone considered using a prepaid debit card? I was just curious about that. Because most banks you have to have at $100 to open account. Whereas a prepaid debit card you can open with any amount. I that prepaid debit card can be used with Paypal and they offer direct deposit.

Does anyone have any feedback about this. Thanks in advance for your feedback.

Last edited by msgofficesolutions; 04-21-2011 at 04:42 PM. Reason: wrong wordage
Reply With Quote
    #2 (permalink)  
Old 04-21-2011
Your Virtual Wizard's Avatar
Community Leader
Company name: Your Virtual Wizard
 
Join Date: Sep 2008
Location: Florida-Gulf Coast
Posts: 2,639
Blog Entries: 8
Send a message via AIM to Your Virtual Wizard Send a message via Yahoo to Your Virtual Wizard Send a message via Skype™ to Your Virtual Wizard
Follow this virtual assistant on Twitter Find this virtual assistant on Facebook Contact this virtual assistant on LinkedIn Find this virtual assistant on Google+
Default Re: Bank Account vs. Prepaid Debit Card
Hi Raeeana,

When I first looked for a business checking account when I opened my business, my personal banks required a minimum balance which I wasn't able to maintain at the time.

So I opened up an Ingdirect.com for my business account. With that account comes a debit card with no minimum balance requirement. I even earn a little interest on the account. Transferring money out of the Ing account to pay an individual is done for no charge via email. In the years I have used Ingdirect.com I have never incurred any additional fees.

I always expected that I would eventually open up a regular merchant account at my local bank when my earnings increased but I never found a reason to do this. All exchange of monies have been electronic.

When a client pays me using PayPal, I transfer the money to my Ingdirect account so I don't use a prepaid card. When I want to use the money from the Ingdirect account I use my debit card which Ing sends when the account is open or I can also use the bill pay feature to pay a vendor. If I want cash from the Ing account, I use a local ATM machine at no charge.

Janine
__________________
VAs! Use RFPs to grow your biz! Do you want to write that Winning Proposal? The RFP Transformation
Reply With Quote
    #3 (permalink)  
Old 04-22-2011
LeeDrozak's Avatar
Community Leader
Company name: Lee Drozak Biz
 
Join Date: Aug 2008
Location: Western Pennsylvania
Posts: 3,304
Blog Entries: 13
Send a message via Skype™ to LeeDrozak
Follow this virtual assistant on Twitter Find this virtual assistant on Facebook Contact this virtual assistant on LinkedIn Find this virtual assistant on Google+ Find this virtual assistant on YouTube
Default Re: Bank Account vs. Prepaid Debit Card
Regeanna,

I have a small business checking account that has no minimum balance. I am allowed up to 150 transactions per month. I try to use PayPal as much as possible when sending payments for expense items. This helps me stay under the transactions limit.

I would try to find a local bank who offers the same type of deal. Janine's option is a good one too and I have used ING in the past, they are a good alternative to brick and mortar banking.
__________________
Lee Drozak
WHY GO IT ALONE?... I am here to help you get unstuck.
Reply With Quote
    #4 (permalink)  
Old 04-22-2011
pjerb's Avatar
Contributing Member
Company name: Common Cents Bookkeeping
 
Join Date: Sep 2010
Location: Willow Street, PA
Posts: 66
Default Re: Bank Account vs. Prepaid Debit Card
As a bookeeper, I would advise you to use a checking account, but using a debit card will work also. The most important thing is to NOT use you personal checking account for business expenses. You should always keep business seperate from personal stuff. Whatever you choose, debit card or checking account, use only that for business expenses! Don't mix use between personal and business accounts.
Lee made a good point, in my area we also have banks that offer no minimum balance and a free dibit card. Check around, there may be one in your area too. It's worth the time because you will need a checking account when your business grows and grows and grows.... LOL. Good luck
__________________
Pamela J Erb, Owner
Common Cents Bookkeeping
Reply With Quote
    #5 (permalink)  
Old 04-22-2011
ClockwiseVA's Avatar
Junior Member
Company name: Clockwise Virtual Assistance
 
Join Date: Apr 2011
Location: Vancouver, WA
Posts: 489
Blog Entries: 1
Follow this virtual assistant on Twitter Find this virtual assistant on Facebook Contact this virtual assistant on LinkedIn
Default Re: Bank Account vs. Prepaid Debit Card
Have you checked out your local credit unions? My local one offers a basic but free, non-divided bearing business checking account with no monthly fee and unlimited transactions.
__________________
Linda
Clockwise Virtual Assistance
Reply With Quote
    #6 (permalink)  
Old 04-22-2011
New Member
 
Join Date: Mar 2011
Posts: 26
Default Re: Bank Account vs. Prepaid Debit Card
I set up an e-checking account for my business that I have linked to my regular checking and savings account. It came with a debit card and I can transfer to my other accounts and it does not require a monthly minimum or fees. I do have limited transactions per month. However, I just transfer the funds to my other accounts to minimize my monthly transactions.
Reply With Quote
    #7 (permalink)  
Old 04-22-2011
The Perfect Word's Avatar
Community Leader
Company name: The Perfect Word
 
Join Date: Jan 2010
Location: Richmond, Virginia
Posts: 1,026
Blog Entries: 1
Find this virtual assistant on Facebook Contact this virtual assistant on LinkedIn Find this virtual assistant on Google+
Default Re: Bank Account vs. Prepaid Debit Card
I have a small business checking account at a local bank. I've never paid a fee and there's no minimum balance. I also have a debit card with that account. If there is a monthly transaction limit, I've never exceeded it because I've never been charged a fee. Although I do have a personal account at a credit union due to past state employment, they do not allow business checking accounts.

Since 99% of my client payments are by check I feel I have to have a business checking account. I also have a personal account at the same bank and just transfer money from the business to the personal account, leaving only enough in the business account to pay business expenses, quarterly taxes, etc.
__________________
Pam Deyerle - Transcriptionist in Richmond, Virginia (18 years)
The Perfect Word Transcription Service
Reply With Quote
    #8 (permalink)  
Old 08-01-2011
New Member
Company name: Virtual Office Essentials
 
Join Date: Jul 2011
Posts: 28
Send a message via Skype™ to VOELLC
Default Re: Bank Account vs. Prepaid Debit Card
This is all great information thank you very much!
Reply With Quote
    #9 (permalink)  
Old 03-18-2012
New Member
 
Join Date: Mar 2012
Posts: 33
Default Re: Bank Account vs. Prepaid Debit Card
Janine,
I have heard of ING but never tried them....one quick question, do any of your clients pay by check? And if so, how would you cash it?
Reply With Quote
    #10 (permalink)  
Old 03-18-2012
Your Virtual Wizard's Avatar
Community Leader
Company name: Your Virtual Wizard
 
Join Date: Sep 2008
Location: Florida-Gulf Coast
Posts: 2,639
Blog Entries: 8
Send a message via AIM to Your Virtual Wizard Send a message via Yahoo to Your Virtual Wizard Send a message via Skype™ to Your Virtual Wizard
Follow this virtual assistant on Twitter Find this virtual assistant on Facebook Contact this virtual assistant on LinkedIn Find this virtual assistant on Google+
Default Re: Bank Account vs. Prepaid Debit Card
Hello AKH,

I don't advertise that I accept checks so no one has ever asked me if they can send a check for payment. I just haven't wanted to wait for a check to clear or
the possibility of a check bouncing.

Since PayPal doesn't require the sender to have a PayPal account, I have always used PayPal.

No one has ever questioned it or asked for payment any other way so I only use what is most convenient, which is PayPal.

However, if I had a check that needs to be deposited in my Ing account I would just use the ATM to make the deposit.

Better yet, I have clients who have an Ing account, so they just transfer money right into my account at no charge.

Janine
__________________
VAs! Use RFPs to grow your biz! Do you want to write that Winning Proposal? The RFP Transformation
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any feedback regarding PrePaid Legal? Tess Business Taxes and Legal Issues 5 12-31-2009 06:28 AM
Business bank account Layah Business Planning and Development 4 09-17-2009 05:10 AM
Automatic Debit for Services? stepfanie Rates and Billing 3 06-24-2009 05:54 AM


All times are GMT -7. The time now is 06:16 AM.

Virtual Assistant Forums Advertising
Virtual Assistant Directory
Work from Home | Become A Virtual Assistant
Create a Professional New Client Welcome Packet
Virtual Assistant Forums Advertising

© Virtual Assistant Forums 2014 Content and images protected under copyright law.
Google+ - Facebook