Looking for added flexibility and convenience in your business? A virtual mailbox service may be precisely what you need. It lets you keep up with correspondence from anywhere and eliminates the need to maintain a physical address, allowing you to work from home, run a business from a different state, and even travel while still keeping up with vital communication.
However, the question on many business owners' minds is, "Can I use these solutions for accounting and banking purposes?"
We’ll explore these questions below and highlight some of the best virtual mailbox solutions for handling your accounting and banking needs.
A virtual mailbox is a digital service that receives physical mail on your behalf and forwards it to you, scans it, or shreds it, depending on your requirements.
When you sign up with one, you receive a virtual address — an actual mailing address, much like a physical street address managed by your virtual mailbox provider. You can use the address to register your business, communicate with stakeholders like suppliers, and even receive tax correspondence from entities like the IRS.
With the average cost of renting an office space ranging between $10 to $60 per square foot (depending on office class), a virtual mailing address is a more cost-effective solution for startups and small businesses looking to manage their overhead expenses.
Is a virtual mailbox worthwhile beyond the affordability aspect? Definitely! Let’s look at some of the top benefits of using a virtual address for banking.
Banks typically require a physical business address when opening an account, as it helps them comply with requirements like Know Your Customer (KYC) and mitigate risks associated with fraud. This means you need a local presence in whichever state you plan to open your business.
However, as mentioned earlier, physical spaces don't come cheap, which can be restrictive for startups and small businesses. That's where virtual mailboxes come into play. They can provide you with a virtual address that serves as a physical presence and, as such, can help you meet most banks' requirements.
Virtual mailboxes are a safer solution than the physical mailboxes (which have no built-in protections) available in homes and offices. Reliable service providers have on-site security measures as well as virtual security measures like encryption to protect your mail. This added layer of security limits the risk of banking and accounting information falling into unauthorized hands.
Waiting for your bank to deliver your mail to your service provider and for your provider to forward the mail to you can take a lot of time. And, with banking correspondence often being time-sensitive, there's a good chance you could miss some deadlines.
However, virtual mailbox providers like Stable eliminate this risk by providing scanning services. This means seeing and responding to banking notices on time.
Say your bank sends an overdraft notification to your service provider; they'll scan it and send it to you, allowing you to transfer money immediately to avoid an overdraft penalty. Regardless of your location, whether at home, out of state, or even out of the country, you never have to worry about delays.
Further, some mailbox providers offer check deposit services, which can save you regular trips to the bank and allow you to close accounting books faster!
The answer to this question isn't straightforward. Yes, some banks accept virtual mailboxes, but others don't.
Virtual mailboxes are great for the reasons discussed above and are sometimes necessary if you're traveling or if you work from home and don't want to use your home address. However, some virtual mailbox services get flagged as commercial mail receiving agencies (CMRA) — businesses that accept mail on behalf of their customers.
If this happens, your address may be subject to additional scrutiny, and your bank may even deny your account application. This is because such mailboxes can cause verification difficulties and make it difficult for banks to comply with KYC requirements.
The good news is that not all virtual mailbox services are flagged as CMRAs. You can use your virtual address to open a bank account, but only if you confirm its status first.
Some entrepreneurs assume that shopping around for high-quality services ends when they find a good bank for startups. However, this is just part of the battle.
You also need to shop around for the right virtual mailbox service, as this determines how easy it is to open your business account and how effectively you handle banking and accounting correspondence. Remember, the address you provide when opening your account will act as your billing address, so this is also where merchants may choose to mail your invoices and receipts.
How do you choose the right one? Here are some factors to consider:
Don't have the time to vet all the virtual mailbox options available for your business? Don't worry — we've got you! Here are some of the best service providers:
Stable is a virtual mailbox provider with addresses in different locations, including New York, California, Texas, Delaware, and Florida. With Stable, you get a permanent virtual address, so you never have to worry about updating it every few months or years.
The Stable platform is built to ensure convenience for all users, as it shows you all your mail in a centralized location. You can even deposit checks from anywhere with a single click, meaning you can handle your banking needs on the go. Beyond that, you also enjoy a wide range of features, such as:
Pricing
Stable offers three mailbox plans at $49/month for the Growth plan, $89/month for the Scale plan, and custom pricing for businesses with specialized requirements.
Anytime Mailbox is a virtual provider with addresses in major cities worldwide, making it a suitable option if you're an expat or have a global presence. Its platform mimics email programs, which positions it as a popular tool. Other features that have landed this provider on this list include:
Limitations
Pricing
Pricing starts at $5.99+ per month, but it varies based on location and your chosen package. The better your location and services, the higher the pricing will be.
Legal Zoom Virtual Mail, formerly Earth Class Mail, offers both individuals and businesses virtual addresses across the U.S. It's one of the most widely known options because of features like:
Limitations
Pricing
Charges $29, $39, and $79 per month for its Starter, Essentials, and Premium plans.
iPostal1 offers addresses in all major U.S. states and numerous cities worldwide. It's on this list because it provides streamlined mail management, allowing digital nomads to handle their correspondence seamlessly from anywhere. Key features include:
Limitations
Pricing
Charges $9.99, $14.99, $24.99, and $39.99 monthly for Green, Blue, Silver, and Gold plans.
Virtual Post Mail offers digital mailbox services in Delaware, Nevada, California, and Florida. It provides unlimited storage space, allowing you to store digital mail for as long as necessary. Other features include:
Limitations
Pricing
Charges $20, $35, $60, and $90 per month for Starter, Plus, Business, and Premium plans.
Using virtual mailbox services for banking and accounting can enhance your mail security and allow you to respond to correspondence quickly from anywhere. To enjoy such benefits, find a reputable, reliable, non-CMRA-flagged service provider like Stable.
With Stable, you can say goodbye to inefficiencies in your mail management processes. We offer same-day mail processing, digitize all your correspondence, and send notifications, ensuring you never miss vital banking communication no matter where you are. Further, you can deposit checks through the Stable platform, allowing for easy reconciliations.
Create a Stable address today for seamless bank account opening, check depositing, and business correspondence management!
