Overcoming the Banking Challenges of E-commerce With Winden

Banking Challenges

No matter the type of e-commerce site you have, you will need a banking solution. However, for some online businesses, getting a banking solution tends to be easier said than done. There are challenges such as high fees, most of which aren’t disclosed right away, and a challenging application process. 

Winden is here to help online businesses overcome those banking challenges. 

The Challenge: Credit Checks

Depending on the operational history of your business or your personal credit history, the fact that most banking solutions require a credit check may be enough to make it next-to-impossible to find a solution. 

The Solution: No Credit Checks 

Winden doesn’t require a credit check. 

Winden understands that extenuating circumstances occur and doesn’t think you should be penalized for them. Instead of running a credit check, Winden pays attention to other factors. 

The Challenge: High Fees

One of the biggest banking challenges as an e-commerce business is the high fees. Traditional bank solution providers know that e-commerce merchants need a bank account, and they take advantage by charging high fees. You have no choice but to pay them as their competitors offer similarly high fees or lack the features you need. 

The Solution: Zero Fees

Winden is here to challenge the idea that high fees are necessary for banking. In fact, it has zero fees. Winden relies on other methods to make money, not squeezing funds out of its clients with unnecessary fees. 

This means there are no fees for opening an account, keeping an account open, depositing, transactions, or transferring. There aren’t any minimum balance fees either. Winden wants to help you earn money, not take your hard-earned money. 

The Challenge: Waiting for Payouts

Most payment processors and platforms take days, if not longer, to pay you the money you earned. This poses all sorts of challenges. 

To start, it limits your cash flow, making it harder to make important business decisions

Long payout periods also mean that you can’t balance your books right away. You have to wait for the funds to appear in your account to do so. 

The Solution: Instant Payment

Instant Payouts is just one feature from Winden. This feature eliminates the need to wait up to five business days for your payouts. Instead, you get your revenue from payment processors and other major platforms early. Balance your books and keep your cash flow moving. 

The Bonus Solution: Invoicing

You can also completely avoid the platforms that will hold your funds via Winden’s invoicing feature. This will put the funds in your account instantly. 

The Challenge: Only Having One Card

It would be nice if your e-commerce business only needed a single card, but that is only possible for small, self-run businesses. If you have employees, they may occasionally need access to a card. 

You may also want to use separate cards to make it easier to track spending. For example, maybe you’ll use one card for ad spend and another for overhead costs or materials. 

The Solution: Unlimited Virtual Cards

Some banks will offer one or two virtual cards, but Winden takes this further with unlimited virtual cards. This gives you the flexibility to give other members of your team virtual cards if needed. 

The Challenge: Security of Your Cards and Funds 

If you do manage to get multiple cards from your bank, you have to worry about security. What if an employee spends more than they are supposed to? Or what if you need to cancel a card because you think its information was compromised? 

The Solution: Winden’s Card Controls

Not only do you get unlimited virtual cards with Winden, but you also get complete control of them. You can start by customizing each card’s daily and monthly spending limits. 

Thanks to the ability to manage all of the transactions right in your dashboard, you will know what you or your employees spent money on. 

You can also terminate the cards at any time. That’s useful for preventing fraud or ensuring you manage your funds properly. 

The Bonus Solution: FDIC Insurance

Thanks to Blue Ridge Bank, your deposits at Winden are FDIC-insured for up to $250,000. 

The Challenge: Budgeting for Expenses and More

With so many transactions that go into running an e-commerce site, it can be challenging to manage all of the funds you need, including for upcoming expenses such as taxes. 

The Solution: Cash Management

The cash management system in your Winden dashboard lets you create sub-accounts for your main account. Use this to allocate funds for major expenses, vendor payments, or payroll. 

The Bonus Solution: Tax Automation

While you could make a sub-account to save for your taxes, this isn’t necessary. Winden offers tax automation. This will automatically put a percentage of all incoming deposits into a separate reserve account. That way, your funds are ready come tax season. 

The Challenge: Few Rewards

Most banking solutions don’t offer rewards or only have minimal rewards for e-commerce companies. While this shouldn’t be a requirement, it means that you are missing out on opportunities to earn rewards. That is essentially the same as leaving money on the table. 

The Solution: Unlimited Cashback

With Winden, you get unlimited cashback. This includes an instant 1% cashback on all your advertisement expenditures using your Winden card. Given the amount that most e-commerce companies spend on advertising, this can quickly add up.  

To help you accumulate cashback quickly, you will receive a 3% cashback on the first $10,000 of ad spend. 

The Challenge: Navigating E-commerce

As an e-commerce company, not all of your challenges are necessarily related to banking challenges. You may feel overwhelmed or unsure about how to market, grow your business, get financing, or complete other essential tasks. 

The Solution: Free One-on-One Coaching With Experts

Remember that the goal at Winden is to help you make money. It knows that you have to understand all aspects of marketing and have the necessary resources at your disposal for that to happen. That’s why Winden offers free one-on-one coaching with experts in growth, finance, marketing, and more. Specific topics covered include sales, digital marketing, and SEO. 

You don’t have to leave your office (or home office) to take advantage of this coaching either, as it is all done over video chat. To ensure that the coaching sessions fit your schedule, they come in 15- or 30-minute duration. 

The Bonus Solution: Connect With Tools

Your method of managing e-commerce likely relies on various other tools. Winden lets you easily connect your account with more than 5,000 financial apps using the Plaid network. That way, you can use your preferred solutions. 

The Bottom Line

Winden offers a range of solutions for e-commerce companies looking to overcome the challenges of working with most banks. You eliminate high transaction fees, have unlimited virtual cards, and receive one-on-one coaching. You don’t even have to pass a credit check to open an account. 

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