Simple Business Banking

I’ve been using Found.com for about 2 years now. It was quite simple to set up. I submitted my trade name certificate from the state, which gives me the ability to receive payments in the name of my business name. I can receive payments as my personal name or as my business name.

One handy feature is what they call pockets. Each pocket has a separate account number, but it’s very simple to transfer funds from one to the next. When you log in it shows all the balances, and the total balance. You can make as many virtual debit cards as you want, and assign each too a pocket. Payroll, autopay expenses, retained earnings. Each can get it’s own pocket. When money comes in, you can allocate it manually or automatically, a dollar amount or a percentage to each pocket.

You can send invoices straight from found. You can require all your customers to pay by direct back transfer. But I want to make it easier for my customers, so I add credit cards and debit cards as a payment option. Stripe integration means Found can handle credit card payments automatically.

If you’re with a client and they just want to pay right there, you can just accept tap to pay. They tap their card on your phone, and you’re good to go.

One handy feature it the option to pay a $1 fee, and they mail a check for you. The way I figure, I’d have to buy the envelope, I’d have to buy the stamp, and I’d have to buy the checks. So I know I’m saving time, and I’m probably saving money too. I have a very small office, so I don’t really have a place for a check printer. So I just pay Found to mail a check when I need to.

Like most banking apps, Found offers mobile deposits. Just scan the front and back of the check, and they put the money in your account… after 7 days. That part is frustrating, especially after being with them for several years. They still put a 7 day hold on mobile deposits.

But in my previous business experience, if you have a brick-and-mortar location and you’re doing a lot of volume with a physical credit card terminal, I have found that it often works best just to go to your local bank, set up a business account, and just get set up with the card reader they issue. That can often be the best way. You get good rates, you get the money quicker.

We’ve considered Clover. We’ve considered Square. We’ve tried traveling businessmen that come and want to set you up. They promise lower rates and they’re lower for a while and then they start going up. It can work very well just to use your local bank.

But if you’re just getting started with online payments or with a service like what I do, then Found banking is a great way to get up and running quickly. LLC, EIN and all that stuff can come later, when you have some serious cash flow. Till then, just start offering to work for money and see where the adventure takes you.

Let’s go build something!

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