GigZter

GigZter Overview

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.

Pros

• 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

Cons

• 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.

Evolution and Design Impact of GigZter

The evolution and design impact of GigZter reflect a journey marked by continuous adaptation and user-centric innovation. Since its inception, GigZter has undergone significant transformations to align with the evolving needs of the gig economy and its participants. Initially launched as a simple platform for connecting freelancers with short-term projects, it has expanded its service offerings to include a wider range of categories, from creative tasks to technical work, adapting to the diverse skill sets of its growing user base. This expansion was driven by feedback loops, incorporating user suggestions into design improvements that enhanced functionality and user experience.

The interface of GigZter has been meticulously refined over the years, focusing on usability, speed, and accessibility, making it easier for users to navigate, find work, or post jobs. These design changes have not only improved user satisfaction but also increased engagement rates, as evidenced by the platform's steady growth in active users and completed projects. The impact of these evolutionary design choices is clear: GigZter has solidified its position in the competitive gig economy market by creating a more inclusive, efficient, and user-friendly platform that responds to the changing dynamics of freelance work.

Bottom Line

GigZter has successfully positioned itself as a formidable player in the niche of business banking for freelancers and small enterprises. With its innovative features, competitive fees, and a user-friendly interface tailored to the unique needs of the gig economy, GigZter provides a compelling banking solution that addresses the financial challenges faced by modern entrepreneurs. Its integration of financial management tools, alongside access to a robust suite of services such as invoicing, expense tracking, and instant payments, makes it an attractive choice for those looking to streamline their business operations.

However, while GigZter shines in its specialty areas, potential users should weigh its offerings against their specific banking needs, considering the platform's current limitations in terms of international banking features and the availability of physical branches. Overall, for freelancers and small business owners seeking a banking platform that understands and caters to the gig economy, GigZter Business Banking emerges as a top contender, offering both innovation and value in a rapidly evolving market.