I cannot seem to find a business checking account to allow us to store our business funds and merchant processing services. Our 3 co-founders live in separate states, so some banks are having issues since we aren't all present for account creation. Surely we aren't the only team in this situation.
We had a similar issue.
Assuming all 3 co-founders are American citizens I can think of two banks: Everbank and BofI. If your co-founders are merely living in America but not citizens, BofI is out. Everbank however will still allow you to bank with them but you might have to jump through some hoops.
In our case we have people worldwide. We still don't know a good answer to that question.
I would definitely suggest Silicon Valley Bank. You can take care of most of it remotely, and it's 100% startup friendly. Plus, it's going to be the best bank to have if you ever raise money.
Actually, Stripe is launching a new program where they help startups incorporate, do all the initial paperwork and open up an account for $500. https://stripe.com/atlas