a Business Banking Account
When you are starting your
own business, it is very important to open your own business account,
or at the very least, have a separate personal account which you use only
for business expenses.
Unless you do, you could easily
spend too much of your personal money for business reasons, or spend too
much of your business income on frivolous items because suddenly you have
"extra money" even when that money should have been put back
into the business, or a savings account. A separate account also makes
it much easier to tell if and when your business begins turning a profit,
or if it is bleeding you dry.
You will want to use this account
for everything business related - all your expenses, and any income you
generate. If you use your personal credit card for anything business related,
be sure to write a check or do a bank transfer from your business account
to cover that credit card transaction.
If you accept payments through
PayPal, you can set up a separate PayPal account just for business transactions
- that way you don't have to keep track of personal transactions for the
clothes you bought or sold of your kids, and the ones you bought or sold
for your business. And as a bonus, the first $500 you receive through
PayPal with your new bank account will not have any transaction fees.
And PayPal will transfer your balance (or amount you choose) right into
your Canadian bank account.
If you accept eBay payments
through Billpoint, Billpoint it also capable of sending your payments
directly to you Canadian bank account at the end of each day.