First Tennessee small business owners who open a new Basic BizEssentials Checking account, BizEssentials Savings account, or a Visa Small Business Card by 10.31.2012 will receive a $150 gift card. Basic BizEssentials Checking customers must open their account with at least $500, and BizEssentials Savings customers must open their account with at least $1,000 in order to receive the gift card. Click here for more information.
Comerica is giving employees of small business Comerica customers $100 when they open a new Comerica personal checking account, register for this offer, and complete other requirements. Comerica will also give the company $50 for each employee who registers their new account. New Comerica business customers who open a business checking account and make a $5,000 deposit will receive a credit of $200. Click here for more information.
The new U.S. Bank Business Visa Charge Card is designed for small businesses to build their business credit. Benefits of the new card include no interest charges or revolving balances because customers pay in full each month, no monthly or annual fees, minimum 25-day monthly grace period, and up to 1% cash back on purchases. Click here for more information.
Square introduced a new pricing structure geared towards small businesses. This new structure eradicates the processing fee per transaction, leaving the merchant to pay a flat monthly fee of $275. There are no additional hidden fees or contracts to sign with the new offer. Square provides sellers with free credit card readers for the iPhone, iPad, and Android devices. Click here for more information.
Bank of America is offering two new products called the Platinum Business Interest Maximizer and the Personal Money Market Savings to all states where they have branches except California. The Platinum Business Interest Maximizer is a business money market savings product available to customers with a valid business checking account and at least $50,000 in total small business deposits. It has tiered rates and no monthly maintenance fee. The Personal Money Market Savings also offers tiered rates but there is a monthly maintenance fee of $12 that can be avoided with a $2,500 minimum daily balance or by linking to a checking account.
PayPal announced the launch of PayPal Here, a mobile payments solution that allows small businesses to process credit and debit card payments and send invoices. The new service includes a free app and fully encrypted thumb-sized card reader, compatible with any iPhone, and soon Android smartphones. PayPal Here offers a competitive fee structure with no monthly account or set-up fees; merchants pay a simple flat rate of 2.7% for card swipes and PayPal payments. PayPal Here is currently available to select merchants and will be available to the general public next month. Click here for more information.