Business Banking Ratings Criteria
Every business needs a checking or savings account, whether you’re in the start-up phase or operating in full swing. Business banking services can heavily impact your ability to pay employees, receive payments, and organize your finances. Because the quality of banking services can make or break a business, we take our reviews and ratings very seriously, following a precise methodology. Here are just some of the reasons readers can trust the Merchant Maverick rating system:
- Merchant Maverick has been reviewing business banking services since 2015.
- Over the years, we’ve evaluated 30+ business banking services, including checking and savings accounts, employee and corporate cards, and more.
- Each review involves 10-15 hours of initial research, followed by 5-10 hours of research for each review update.
- We update our business banking reviews at least every 12 months, though most reviews are updated twice a year, and a few of the platforms most popular with our readers receive quarterly updates.
While we research and compare many options, the reviews displayed on the site have been handpicked based on metrics like overall popularity, availability, and quality. The goal is to provide the most actionable and accurate information to our readers, so while we love to recommend great products, we don’t shy away from pointing out the areas where popular providers fall short.
Our expert writers engage in independent research and testing for each business banking review, evaluating fees, upfront (and hidden) costs, rewards, standard banking features, additional services, business eligibility, availability, and more. When determining the star rating for a vendor, we score the following areas:
- Rates & Fees
- Services
- Rewards
- Features
- Eligibility Requirements
- Application Process
- Sales & Advertising Transparency
- Customer Support
- User Reviews
Each section’s score is weighted differently, with the highest weights going to Rates & Fees, Services, Rewards, and Features. The scores for each section are displayed openly in the review and then combined to create a holistic rating for the product out of 5 stars.
Read on for a more minute explanation of how we determine the individual section ratings.
Rates & Fees
25% of the total star rating
The Rates & Fees section is broken into two parts:
- Pricing (50% of the total section rating)
- Transaction Fees (40% of the total section rating)
- Transparency (10% of the total section rating)
When evaluating this section, our expert reviewer looks at pricing transparency for the banking products available. We also look for the presence of a service fee and evaluate the fairness and price of any other fees. Finally, we check to see whether there is a prepayment penalty.
Services
15% of the total star rating
This Services section is broken into two subsections:
- Banking Services (50% of the total section rating)
- Online Portal & Mobile App (10% of the total section rating)
When rating this section, we research whether the loan marketplace’s partner lenders offer a wide range of services at various price points. Marketplaces that offer SBA loan options score higher than others, as do lenders that make their borrowing ranges transparent. We also check to see whether there is an online payment portal and how well it works.
Rewards
15% of the total star rating
The Rewards section has one component:
- Quality & Value Of Earned Rewards (100% of the total section rating)
In this section, our expert reviewer looks at all the possible rewards offered by the banking service, including a welcome bonus and a competitive APY. Then we look carefully at the terms and rates of any cash back being offered, taking earning limits into account when scoring the bank.
Features
15% of the total star rating
The Features section is divided into five parts:
- Transaction Types Supported (25% of the total section rating)
- Transaction Limits (20% of the total section rating)
- Standard Banking Features (25% of the total section rating)
- Finance Management Features (20% of the total section rating)
- Extras (10% of the total section rating)
When scoring this section, we look at all the transaction types supported, including ingoing and outgoing domestic wires, international wire transfers, and ACH transactions. We’re also looking hard at transaction limits and how transparently those are communicated to the account holder. Then, our expert reviewer checks the number of standard banking features available, such as checks, mobile deposits, cash deposits, virtual cards, digital wallets, and FDIC insurance. Finally, we dive into extras like bill pay management, accounting software integrations, and more.
Eligibility Requirements
10% of the total star rating
This section is comprised of three subsections:
- Eligibility Qualifications (20% of the total section rating)
- Availability (50% of the total section rating)
- Transparency (30% of the total section rating)
To rate this section, we start by looking to see if there are any credit score or credit history requirements to apply for the business banking services–and if so, how flexible and transparent those requirements are. Our reviewer also checks the time in business, revenue, and industry requirements, marking down banks with stringent rules about eligibility. Finally, we verify which states in which the bank or banking services are available, as many banks operate only in certain regions.
Application Process
5% of the total star rating
This Application section is broken into three parts:
- Ease & Transparency Of Application (30% of the total section rating)
- Application Timeline (20% of the total section rating)
- Opening Deposit Requirements (50% of the total section rating)
The rating for this section is heavily dependent on the ease and transparency of the application process itself. Banks that make it simple to find and fill out account applications are rated highly. That said, we place an equal weight on the opening deposit requirements, to ensure that most businesses can meet the minimum balance.
Sales & Advertising Transparency
5% of the total star rating
This section is broken into two sections:
- Sales Practices (60% of the total section rating)
- Web Presence (40% of the total section rating)
Since some banking fees and terms can be predatory to unsuspecting business owners, we take this section very seriously. Our expert reviewer looks into the sales practices the bank uses to advertise, ensuring there are no underhanded or shady tactics at play. We also check to ensure that the bank’s website is up-to-date, clear, and transparent about fees, rates, extra costs, and repayment terms.
Customer Support
5% of the total star rating
The Customer Service score is broken down into two sections.
- Personal Support (50% of the total section rating)
- Self-Service (50% of the total section rating)
When scoring customer service, we pay the most attention to the number of support options available (phone, email, in-person, etc.) and the quality of personal support received.
User Reviews
5% of the total star rating
The Customer Reviews score is comprised of two sections.
- User Feedback (30% of the total section rating)
- Review Site Aggregate (70% of the total section rating)
We scour the internet for user feedback on all the products we review, looking for positive and negative feedback. Merchant Maverick is not a user review platform, so for part of this total rating we rely on aggregate user scores from review sites such as The Better Business Bureau, TrustPilot, and more.
