BlueVine is a fintech company that provides online banking solutions to small and medium-sized businesses.
The company aims to improve banking for small business owners with a simplified online experience.
Eyal Lifshitz, BlueVine’s founder, and CEO, originally came up with the concept while observing his business-owning father struggling with cash flow.
The BlueVine business banking platform as a whole consists of a lean set of product offerings, with just one business checking account, business loans, and a payment platform.
BlueVine Business Checking
The BlueVine Business Checking account is BlueVine’s flagship product and provides an easy-to-use, online business bank account that simplifies the banking experience for business owners.
BlueVine Business Checking is a free account with no monthly fees, no non-sufficient funds (NSF) fees, and no incoming wire fees.
When you sign up for a business checking account, you get a BlueVine business debit Mastercard and two free checkbooks.
The account allows for unlimited transactions and doesn’t come with a minimum balance requirement.
There’s no minimum deposit needed to open an account, and you can easily transfer funds to and from your account. You can easily take care of vendors and bill pay with ACH payments, wire transfers, or check payments.
BlueVine Business Checking is also interest-bearing, and account balances of $100,000 or less will earn at an impressive Annual Percentage Yield (APY) of 0.6%, while any funds over $100,000 don’t come with an interest rate.
When it comes to depositing funds into your account, BlueVine makes it easy with mobile check deposits. If you need to make cash deposits, BlueVine has a partnership with GreenDot, so you’ll be able to take advantage of its 90,000 locations in the US.
Overall, the BlueVine Business Checking account is a simple, user-friendly account that allows you to keep tabs on your finances while running your business seamlessly.
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Paycheck Protection Program
Like most lenders, BlueVine has been impacted by the Covid-19 pandemic and has responded by setting up more than 150,000 small businesses with applications for government-backed Paycheck Protection Program (PPP) loans.
The situation is fluid as the US government works its way through the latest stimulus package, but at the moment, BlueVine is assisting small businesses with either first or second draw PPP loans that are potentially 100% forgivable.
Even if you received a first draw PPP loan from another bank, you could get your second through BlueVine.
You’ll get support in determining if you qualify for a loan and in every step of applying.
To learn more about PPP loans, check out the full details on the Small Business Administration’s (SBA) website.
BlueVine is not currently accepting online applications for invoice factoring in an effort to focus on securing PPP loans for small businesses. That said, you can sign up for updates on when it expects to resume.
If you aren’t familiar with invoice factoring, it’s effectively a financing option that allows you to turn unpaid invoices into cash in hand.
Since business owners don’t always get paid for goods or services immediately, invoice factoring allows them to cover expenses while waiting for the payment to come in.
With BlueVine, you get a credit limit that is based on the strength of your customers. As your sales grow over time, you can increase this limit. Customers have the flexibility to decide which invoices to submit and only get funding for what they need.
Interest rates for invoice factoring are as low as 0.25% per week, and you can get approved in as little as 24 hours. Once you submit an invoice, you’ll get 85-90% of the funds upfront, and the rest (minus the BlueVine fee) comes through once the invoice is paid.
Invoice factoring is only available to businesses that have been in operation for at least 3 months with $10,000 in monthly revenue and requires a credit score of at least 530.
Lines of Credit
Unfortunately, just like invoice factoring, new BlueVine lines of credit are on hold due to its focus on PPP loans, but BlueVine provides regular updates on when it expects them to be available.
A line of credit with BlueVine gives you the peace of mind of having funds available for business expenses when you need them.
There are no fees to open or maintain a credit line, and you can access whatever amount with your available credit that you need. As your business grows, so can your credit line.
Interest rates start at 4.8%, and credit lines are available up to $250,000. Application online takes just five minutes, and once you’re approved, you can request funds and receive them in our account within a few hours.
Repayments are easy, and you can choose to make fixed monthly or weekly payments over 6 or 12 months. You also don’t need to wait until your withdrawal is paid off to make another one — as you pay it back, your available credit is automatically replenished and available to withdraw.
A line of credit with BlueVine requires a FICO score of at least 650, two or more years in business, and at least $30,000 in monthly revenue.
BlueVine Payments is an online platform that allows for hassle-free online vendor and bill payments.
It automatically links with your BlueVine Business Checking account, comes with no monthly fees, and gives you the freedom to schedule and complete payments wherever you are.
BlueVine Payments comes with a directory of more than 40,000 registered payees, but you can also add your own.
You can make payments to anyone directly from your bank account vis check ACH or ePayment, and for registered payees, you can opt to use a debit or credit card.
Payments can be executed as a one-off, or you can set up recurring payments or schedule one for the future.
BlueVine is an entirely online platform and doesn’t have any retail locations like traditional banks. All of your banking needs are taken care of on your desktop or mobile phone.
With online banking, you can monitor your account balance, make payments and transfers, schedule recurring payments, and lock your debit card if you need to.
BlueVine’s mobile app allows you to check your balance, deposit checks and set up any transfers right from your phone.
That said, current BlueVine customers seem to have mixed at best feelings about the app’s functionality.
The banking app has a relatively limited number of reviews, so take this with a grain of salt, but it hasn’t fared particularly well so far — it currently holds a rating of just 2.7 stars (out of 5) in the Google Play Store and 2.2 stars (out of 5) in the App Store.
38,000 Free ATMs
BlueVine is part of the MoneyPass network, so customers have fee-free access to its 38,000+ ATMs throughout the US.
Like the platform as a whole, BlueVine’s pricing model is simple and lean. There are no monthly service fees, overdraft fees, incoming wire fees, or minimum balance requirements.
That being said, there are still a few potential fees that you could run into while banking with BlueVine. Take a look at some that might pop up.
- ATM Fees: If you need to use an out-of-network ATM, you might pay an ATM fee charged by the owner. BlueVine doesn’t reimburse for these fees, so your best bet is to find an ATM within the MoneyPass network.
- Outgoing Wire Transfer: While incoming wires are always free, outgoing wire transfers will cost you $15.
- Credit Card Payment Fee: With BlueVine payments, you have the option to pay registered payees with a credit card. The downside is that it’ll cost you a fee of 2.9% for each credit card payment (which is pretty standard).
- GreenDot Fee: If you use GreenDot to deposit cash into your BlueVine account, there’s a fee of $4.95 per deposit. Therefore, if you frequently need to deposit cash, you might be better off with a traditional bank.
Signing up for a BlueVine Busines Checking account couldn’t be much easier. You can apply for and open an account online in as little as one minute.
To apply for an account, you’ll need your business information, social security number, contact information, DOB, and an ID. Once you complete your application, you’ll be able to activate your account and fund it.
For loans or lines of credit, the process is a little more involved, and there are more qualifiers within the applications.
But generally speaking, you should have an answer about your application in as little as 24 hours.
Unfortunately, there are currently no active BlueVine promotions. Check out these bonus offers instead:
|PNC Virtual Wallet® with Performance Select||$400||February 28, 2022||
|Chase Chase Total Checking®||$225||April 20, 2022||
|Citi Citi Priority Account||$1500||July 17, 2022||
BlueVine has a comprehensive set of security measures in place for its online banking platform to make sure that you and your information are secure.
All communications and processing go through Secure Socket Layer (SSL) encryption, and there are physical, electronic, and managerial procedures in place to help prevent unauthorized account access.
BlueVine’s online Help Center is filled with articles and FAQs that cover a wide variety of subjects and should help you get the answers you need.
If you have an urgent issue and need support, the customer service phone line (888-216-9619) is available Monday through Friday from 8 am to 8 pm Eastern time.
BlueVine can solve less urgent problems over email or by submitting a request on the website.
Unlike its mobile app, BlueVine’s customer service has garnered a ton of positive reviews. It’s rating on TrustPilot currently sits at 4.2 stars (out of 5).
Pros & Cons
- Very few fees overall
- High-yield APY on deposits
- Well-rated customer service
- In-house payment platform
- Mobile app could be better
- No business credit card options
- No physical locations
- Fees for depositing cash
Alternatives to BlueVine
Is BlueVine legit?
Yes, BlueVine is a legitimate platform for online banking and loans. As of 2019, the bank had provided $2.5 billion in financing (since its inception in 2013).
What bank does BlueVine use?
BlueVine’s accounts are provided by The Bancorp Bank, an FDIC-insured financial institution based out of Wilmington, Delaware.
Is BlueVine SBA approved?
Yes, BlueVine has been approved by the SBA as a direct non-bank lender, specifically to issue loans within the Paycheck Protection Program (PPP).
What is the best business checking account?
The best business checking account is the one that allows you to run your business smoothly while ensuring that the financial side is taken care of. That might seem like a non-answer, but it truly depends.
Generally speaking, the best business checking accounts provide low-cost flexibility and tools that enable you to grow your business over time.
Every business is different, so the features that work for one might not apply to another.
The best place to start is with a list of what you need from a bank to run your business effectively. Once you have it nailed down, the best account should be easy to find.
Is BlueVine Right For You?
BlueVine takes a modern approach to business banking and comes flush with online tools that allow you to run your business with as little financial strain as possible.
Between strong online functionality, quick access to cash when you need it, and a built-in payment platform, there’s a lot to like.
Add in the lack of monthly maintenance fees and a high interest rate on deposits, and BlueVine business checking emerges as one of the most interesting accounts out there for entrepreneurs.
That said, there are a few things to consider. BlueVine has just one account option and doesn’t offer a savings account or business credit card.
The mobile app seems like it could use some work, and some of its already limited product offerings are on hiatus due to the pandemic.
As you move toward a decision on the best banking partner for your business, be sure to take all of these factors into consideration.
No matter who you go with, the tools are out there to ensure that your bank helps your business flourish. Here’s to making your business the best it can be.