"Please make cheques payable to Stacie Vaughan."
I used to have that on all my invoices because my bank told me they couldn't cash cheques made out to "Simply Stacie". I did all my banking for my blog through my personal bank account and credit card. In a perfect world, everyone would read the invoice and I'd be golden. However, as we know, life isn't perfect.
It seemed it was happening more and more that cheques came to me made out to my blog name. Some of them were in large sums and they were useless to me. The bank wouldn't cash them.
It was SUCH a pain. I'd hold my breath when I opened the mail and breathe a sigh of relief when the cheque was made out to me. If it wasn't, I'd groan and feel a flash of annoyance. I'd get on my email and inform the person that I needed another cheque and explain why I couldn't cash it.
Sometimes, they'd have me tear up the cheque and email a photo of it and then they'd issue another. Other times, I'd have to mail back the original cheque so a new one could be written. I'm in Canada so it was a huge inconvenience to have to mail back an American cheque and then wait. Often, I'd have already been waiting months to get paid.
I decided no more. I was done with this time-wasting game. I did a little research to see what was needed to get a bank account opened in my blog name. It turns out, not much!
I had to get a business license from the province of Ontario, where I live. I think it was around $60 and it was good for 5 years. You can buy a business license from whatever province you live in, if in Canada. I'm not sure what American banks require, unfortunately.
Then, I booked an appointment to see someone at my bank to set up a new business account. I brought in my business license and that was all they needed to see!
He walked me through the various types of business bank accounts and I decided on a No Monthly Fee eAccount. I got a bank card, ordered some business cheques and a couple months later, they even gave me a business credit card. If I knew it was this easy, I would have done it years ago and saved myself the stress.
The main advantage for me is that I can now receive cheques to "Simply Stacie". I just deposit them into my business account. I can also receive cheques in there to my personal name as well. I've updated all my invoices to reflect the change. I feel so professional now 🙂
Another advantage of having a business account is that you are keeping personal and business separate. It will make your accountant's life easier. I know because that was my old job before blogging!
Now, when the mail comes, I don't worry about who the cheque is made out. I'm covered. Believe me, it's worth it to get a business account just for that reason alone. You'll have access to your money much faster and won't have to fool around with mailing back cheques you can't cash.
If you are interested in a business account, first get your business license and then set up an appointment at your local bank branch. They can help guide you to find the best account that fits your needs.
What's holding you back from getting a business bank account?
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