What is the difference between an Oxygen business account and a personal account?
An Oxygen business account helps first-time entrepreneurs and small business owners hold, access, and manage the money made directly from their businesses.
Oxygen personal accounts help individuals hold, access, and manage their personal funds.
Use a business account for business purposes
You shouldn't use your personal account for business-related purposes because you risk commingling funds, not accurately tracking deductible expenses, and potentially complicating your tax obligations.
We recommend using a business account to ensure you are in the best position to file your business taxes and stay in a good position with the IRS. In addition, a business deposit account usually is required for any type of business financing.
What are the ATM cash withdrawal limits for my Oxygen business account?
Oxygen’s cash withdrawal limits vary based on the type of account:
You can withdraw cash up to three times per calendar day with a maximum limit of $1,000 per calendar day.
You can withdraw cash up to three times per calendar day with a maximum limit of $500 per calendar day.
Out-of-network and International fees apply. Third-party fees may apply.
What kind of information is required when opening an Oxygen business account?
At Oxygen, we focus our services on helping first-time entrepreneurs and small business owners succeed. Our products are designed to assist you with the daily needs and challenges of operating a small business.
Depending on what type of business that is, you will be required to provide some information about your business during the application process for an Oxygen business account.
For instance, sole proprietorships require your name, physical address, date of birth, and Social Security number. Other types of business legal entities require the business name and address, your taxpayer identification number, and proof that the business exists.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a Card Account. What this means for you: When you open a Card Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver’s license or other identifying documents.
What documents are required when opening an Oxygen business account?
There are several documents that might be required to open your business account, including:
Articles of Incorporation
Resolution of Authority
Certificate of Good Standing (Secretary of State office)
Assumed Name Certificate
Articles of Formation
Articles of Organization
What are the business address requirements to open an Oxygen business account?
To open an Oxygen business account at this time, you must reside and operate your business in the U.S.
We are working to accept international business accounts in the future.
Are there certain types of businesses that cannot apply for an Oxygen business account?
There are some types of businesses Oxygen does not support, including:
Insurance businesses and services
Marijuana-related businesses and services
Gambling businesses and services
Additional prohibited businesses may not be listed; determination dependent on application review
Are nonprofits eligible for an Oxygen business account?
Yes, we value working with nonprofits and will review these applications on a case-by-case basis. All requested documentation is required for review.
Do I need a government-issued ID to open an Oxygen business account?
Yes, you will be asked to scan your government-issued passport, driver's license or ID during the application process.
How old does my business have to be to apply for an Oxygen business account?
The age of your business does not matter as long as it is an active business in good standing with your Secretary Of State registry.
What is a business description?
A business description tells us what your company does, the purpose of your business, and what makes your business unique.
What is a certificate of good standing?
A certificate of good standing is issued by your registered Secretary of State office. It shows that your business is active and in good standing with no outstanding fees owed.
Contact your registered Secretary of State office for more information.
What is my Social Security number (SSN) used for in the Oxygen business account application process?
We may ask you for your SSN during the application process. Your SSN is used to comply with “Know Your Customer” U.S. regulatory requirements. Your SSN will not be used to underwrite your account.
What is an Employer Identification Number (EIN)?
An EIN is a 9-digit number (also referred to as a Federal Tax Identification Number) issued by the IRS and used to uniquely identify legal business entities operating in the United States. Think of it as an SSN for your business.
I don’t have an EIN letter from the IRS, yet. What should I do?
During the application process, we may ask for proof of your EIN document(s).
However, if you’ve recently registered with the IRS, there can be a delay before you receive your EIN document(s) by mail. If you have not yet received your EIN document(s) in the mail, then a clear screenshot of your IRS letter online should suffice.
I don't have a company website, yet. Can I leave it blank?
If your business does not have a company website, you can enter your social media page URL or a parked website, if you are still working to build one.
If I have an Oxygen personal account and a business account, can I use the same email address for both accounts?
Yes, you must use the same email address for both your personal and business accounts.
How soon can I start using Oxygen after my business account is approved?
Once your Oxygen business account has been fully approved, you may start using it immediately.
How can I check my application status?
You can check your application status anytime by signing into the Oxygen app or website.
In some cases, you will see a decision immediately after submitting your application. For applications that require further review, please allow five business days to review your application after it has been submitted.
We will contact you by email if additional information is required.
This time frame does not apply to Business Formation applications.
Can I edit my application?
If your application has not yet been submitted, you can go back and edit your application details at any time.
If you have already submitted your application, please reach out to our support team at 866-287-7021, email@example.com, or chat with us on the mobile or web app for help. Please note that your application will be rejected after more than 30 days of no response from you.
How long does it take to pay an invoice from my Oxygen business account?
For regular payouts, it usually takes 2-4 business days (except holidays) from when a recipient pays an invoice to the invoice showing up as “paid” in your Oxygen account.
For instant payouts, it can take up to 1 business day for the funds to appear in your business account.
My client paid their invoice, why haven’t I received the funds in my Oxygen business account?
For regular payouts, it takes 2-4 business days (except holidays) for an invoice payment to be posted to your account.
For instant payouts, it can take up to 1 business day for the funds to appear in your business account.
If it is past the expected time frame, please contact customer support at 866-287-7021, firstname.lastname@example.org, or chat with us on the mobile or web app for help.
How many invoices can be created or sent per month?
You can send up to 10,000 invoices per month from your Oxygen business account.
Can an invoice only be paid with a debit or credit card?
Yes, Oxygen business account invoicing is set up using Stripe, which only accepts debit and credit cards. You can also manually mark an invoice as paid, if the payer uses another accepted method such as P2P with Oxygen, PayPal, etc.
Can I have my Oxygen Visa Debit Card shipped to an international address?
No, not at this time. Your card can only be shipped to the physical U.S. address we have on file for your account.
You cannot use a P.O. Box for your address.
Can I reapply for an Oxygen business account?
Once your application for an Oxygen business account has been denied, you may not reapply for the same business. We only accept one application per business at this time.
We are currently working to enhance the application process to allow the capability of reapplying using a different entity or business.
If you would like to make revisions to your already submitted application, we might be able to update the application on a case-by-case basis. We may require additional or updated information in order to do so.
Can I reapply if I originally applied more than a year ago?
No, you currently can apply for an Oxygen business account only once.
How can I withdraw my business account application?
If you have not yet submitted your application, you may leave your application as is and resume it at a later date using the same sign-in information.
If you have already submitted your application and would like to withdraw it, please reach out to our support team at 866-287-7021, email@example.com, or chat with us on the mobile or web app to have your application withdrawn.
How do I form a new business with Oxygen’s partner CorpNet, Inc.?
If you’re currently only registered as a sole proprietor and would like to form a business, such as an LLC, S Corp, or C Corp, start by selecting “New business” within the Oxygen App or website.
Please note that there are fees involved in forming an LLC or corporation. These fees consist of a $199.20 formation fee, along with an additional state filing fee that varies depending on your state of residence.
You have the option to pay these formation fees either by deducting them from your Oxygen personal account or by using an external credit or debit card.
We strongly advise consulting with a CPA, tax advisor or attorney to determine whether creating an LLC or corporation aligns with your specific needs and circumstances. They can provide you with expert guidance tailored to your situation.
How does Oxygen work with CorpNet?
Oxygen partners with CorpNet to help first-time entrepreneurs and small business owners incorporate their businesses.
How it works
Oxygen has formed a partnership with CorpNet to provide valuable assistance to those who are seeking to incorporate their businesses.
How the Oxygen–CorpNet collaboration works:
Apply for a new business
As you progress through the application process on the Oxygen app or website, you have the option to apply for a new business entity.
Form your business entity with CorpNet
If your business has not been incorporated, yet, you can conveniently utilize the services offered by CorpNet to complete the necessary steps for business formation.
Why should I open a business account through Oxygen?
There are several benefits to opening your business (LLC/S Corp/C Corp) with Oxygen:
You can quickly and easily do the whole process through the app.
You’ll get business-focused financial insights from us through the app.
Your formation documents will be emailed to you. You will also receive hard copies in the mail.
How does the business formation and existing business application process work?
First, download the Oxygen mobile app and create a login by providing your email address and password.
If you already have an existing business, an Oxygen personal account is not required. However, if you would like to form an LLC/S Corp/C Corp with our partner CorpNet, you will need to apply for an Oxygen personal account first.
If you’re applying for a new LLC/S Corp/C Corp, our team will need your EIN for the formation documents. If your LLC/S Corp/C Corp application is rejected for any reason, we will refund your LLC/S Corp/C Corp formation and state filing fees within 3–5 days after review.
Once you have created your login, you’ll be asked to scan your ID and agree to the terms and conditions, including the agreements and summary of fees.
Next, you will be asked to provide the location of your business, the industry, and your role in the business. You may also be asked to provide supporting documentation depending on the business entity.
You should be notified of the outcome of your application for existing businesses within five business days. For LLC formations, it can take between 2-4 weeks. If you have any questions or concerns about the outcome of your application, please contact your state government entity.
How do I know if my business creation application was approved by Oxygen?
You should be notified of the outcome of your application for existing businesses within five business days. For LLC/S Corp/C Corp formations, it can take between 2–4 weeks (Timing varies by state, so some applications may take more or less time.).
If you have any questions or concerns about the outcome of your application, please contact your state government entity. To learn more about the benefits of creating a business, as well as helpful tips and tricks to help you throughout the life of your business, check out our blog.
Is Oxygen available internationally?
No, Oxygen is only available in the U.S. at this time.