GigZter 2023 Review
GigZter is a Digital bank with a built-in payment processor built specifically for small business owners.
GigZter offers a digital business bank account with no monthly fees or minimum opening deposit and a host of digital tools that allow you to manage expenses, create invoices, and accept customer payments within a single account.
- No minimum deposit or monthly balance requirement
- Built-in payment processor at a low rate of 1.5% per transaction
- Built-in tools for managing your business's finances
- Built-in invoicing tools
- Deposit checks with your phone with remote check deposit
- Free incoming wires and ACH deposits
- Send unlimited invoices for free
- No physical checkbooks are available
- Certain industries are not eligible to open an account
- Must have a Social Security number, U.S. address, and U.S. cell phone number to open
How Does GigZter Work?
GigZter is a financial technology company that offers a fully digital business checking account with a built-in payment processor. GigZter's banking services are provided by Evolve Bank and Trust and deposits on all accounts are insured up to $250,000 by the Federal Deposit Insurance Corp.
GigZter is designed for freelancers and small business owners who want to open a bank account and immediately start accepting payments. It's an online bank with built-in tools that can make managing your business's finances easier.
You can easily open a bank account online and there's no minimum deposit required to get started. However, you must use your Social Security number (SSN), even if your business has an Employer Identification Number (EIN).
Your GigZter account will also come with a Visa business debit card—but no checks—and has routing and account numbers you can share with clients to set up direct deposits.
How to open a GigZter business account
Once opened, you can open a GigZter bank account online or via the mobile app. To apply, you'll submit the following information:
- Name, mobile phone number, date of birth, and Social Security number.
- Physical mailing address (no P.O. boxes allowed).
After you submit your application, you should receive approval and account access almost instantly. If you apply for an account online, GigZter will send a verification code via text message or email to pair your account to the mobile app.
Regardless of how you sign up for GigZter Business banking, you will use the mobile app to fund your account and manage your expenses. You can fund your account by accepting payments, using direct deposit, ACH transfers, or mobile check deposits, and linking external bank accounts.
Although it can take up to 5 days for your GigZter Visa business debit card to be delivered, you'll be able to use a digital version of your card through the GigZter app. Once you receive your card by mail, you'll need to activate it within the app before using it.
GigZter Business Checking Features
GigZter offers many features that can appeal to all types of business owners.
- Digital Banking: GigZter is a digital-focused bank so that you can do all necessary money tasks while on the go.
- Accepting payments: GigZter is the only bank account with a built-in payment processor. And even better, their processing rates at 1.5% are the lowest in the market.
- Invoicing: GigZter sends digital invoices as PDFs, tracks them for payments, lets you send reminders, and customizes your messaging.
- Instant payments: GigZter is the only business checking account that lets you automatically start taking payments. Accept credit cards, debit cards, wallets, and bank payments, so your customers can pay any way they want online. After your customer pays, the money is funded in your account instantly.
- Debit card access: GigZter gives all its customers a debit card that they can use to make withdrawals and purchases.
GigZter Bank Drawbacks?
GigZter offers many traditional bank functions but does not provide every feature that a full-service bank does. These are the most significant issues that some businesses may face:
- Cannot deposit cash or coins: Since GigZter bank accounts are online only, there are no branches available to deposit cash or coins from customers. You'd need a second account to handle these deposits if you have a cash-intensive business.
- No physical checks: You will not have a checkbook to write checks on the spot.
Frequently Asked Questions
For Whom is GigZter Good?
Whether you call yourself a freelancer, contractor, gig worker, solopreneur, or something else, GigZter takes some of the pain points out of running a small business. Getting paid for your work is essential to running your business. With GigZter, you don't have to worry about signing up with an extra merchant account since the payment processor is already built-in. Separating personal and business transactions are other essential aspects of managing your finances. And the tools that GigZter creates can make this easier.
Is GigZter a Bank Account, or a Prepaid card, or a credit card?
GigZter is not just a bank account, prepaid card, or credit card. It's a Business Checking Account that you can easily open through the app or online, with banking services provided by Evolve Bank & Trust (Member FDIC). GigZter goes beyond the services of a standard bank account.
Offering a comprehensive suite of banking, payment, and daily operational tools needed for your business, GigZter ensures you have everything you need in one place. It includes a GigZter Visa Card for making purchases and cash withdrawals, linked directly to your Business Checking Account. This unique card is not a traditional credit card as it carries no fees or interest, allowing you to spend only the funds available in your checking account.
How can GigZter credit money right a way when others take up to 3 days?
GigZter employs cutting-edge digital and mobile technology to guarantee secure and reliable transactions when customers make payments. Upon successful payment from your customer, GigZter promptly transfers the money from its account into yours. The collection of funds by GigZter may take up to three days. In the belief that digital payments should be as immediate and accessible as cash, GigZter utilizes advanced technology and security measures to streamline your income reception process.
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