Banking

As a next step in the process, I've opened up a business checking account. I reviewed a number of options, but finally went with SmallBusinessBank. Why them?

I don't anticipate a large number of checks. Consulting tends to bring larger checks spread over time; internet retail tends to be aggregated on a weekly basis. I'm not operating a pizza shop. Starting out, cash flow is a concern so I don't want to tie myself to large minimum deposit. These two conditions basically rule out the large banks -- they don't want to bother with small-fry like me. (They enforce this by charging money for your account every month for the privilege of the account existing.)

There are a few financial outfits catering to businesses like mine, including SBB and the Bank of Albuquerque. The Bank of Albuquerque had a similar offering as SBB but with the advantage of local service. However, since I don't know if Albuquerque will still be local five months from now, that benefit is largely negated. Furthermore, BoAbq requires me to visit them during banking hours to open an account. In comparison, SBB allowed me to file the paperwork at any time of the night and I never need to drive into Kansas to see a banker.

I started the process on the 18th and concluded on the 24th. This is a fair turn-around time since I was only able to reply to their document requests outside of their hours. (It was fortunate I bought a printer/scanner a few months back so I can easily transmit the appropriate paperwork.)

I think SBB is proud of their security, but, like many U.S. bank sites, it's still single-factor. Adding more "stuff you know" to the process does not mean that you gain extra factors. I think U.S. banks need to catch up to their European cousins and add real extra factors -- "stuff you have" and "stuff you are". (Although, for the latter, biometric sensors are still pretty dire.)

Programmatically, the next step will be a domain, business email, and a business website. However, that will have to wait until I get my business card in 10-14 days...