Choosing the right bank account for your business is not always easy. Every company has different specifics, and thus also slightly different needs. In this article, you will learn how to choose a business account suited to your business.
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Why do you need a business account
There is no doubt that every company must have a business account. The company account is used for settlements with contractors and to pay various types of tax liabilities. Larger enterprises have even dozen current accounts or additional sub-accounts that perform various functions.
Therefore, when choosing a banking service provider, it is worth carefully analysing the costs of maintaining a bank account to select the best offer. You should consider not only basic fees, such as the monthly cost of maintaining an account, but also the cost of transfers or the issuance and maintenance of debit cards.
Entrepreneurs are usually very busy people, and do not have time to constantly keep track of their bank account expenses. The decision on how to choose a business account is not made too often, so it is even more important doing it wisely. A company account must meet the basic needs of the company, and at the same time not burden the company’s budget.
How to choose a business account tailored to your needs
Banks are also well aware that a small, sometimes one-person company has completely different needs than an international corporation. Large companies can count on the bank’s individual approach and on special conditions. Offers for smaller businesses tend to be different, and also divided into several categories.
Services offered to enterprises by financial institutions are divided into several categories, depending on the size or organizational structure of the company. That is why the banks’ offer includes special products for both Sole Traders and micro and medium-sized companies.
Thanks to this, we do not have to familiarize ourselves with all the services offered by the bank, but we can focus on the segment of company accounts that applies to us. Check how to choose a company account in your target group.
How to open a business account
Currently, in most banks, we can open a company account online, without the need to visit a bank branch. This solution saves time and money.
One of the most valuable “things” an entrepreneur has at his disposal is time. There is complete equality in the world in this regard. Each of us has the same specific amount of time and can use it as we see fit.
A journey to a bank location a few kilometres from the company’s headquarters is not the best way to spend the day. At the same time, you can do many other, more useful things that bring real financial benefit to the company.
Therefore, if you need to open a business account, it’s best to do it online. How to choose a business account online? Banks provide several different ways to verify the applicant’s data and sign a distance contract.
The first step, however, will be choosing a bank and an offer. In this article, you’ll learn how to choose a business account, but it’s up to you to make the final decision. Follow cool calculation and pragmatism. In the further part of the text, I will show you how you can gain additional benefits by creating a company account in a special offer.
How to choose a business account, ways of signing a contract
Thanks to the development of modern technologies, we can conclude a bank account agreement online without leaving home or office. If you have already decided on a specific offer, go to the website of the selected bank.
It literally takes minutes to fill out a simple application. Then you choose the method of confirming your identity and concluding the contract. In selected banks, it is possible to verify identity during a video conversation with a bank consultant. However, if your selected bank does not yet provide this type of service, you can sign the contract in the presence of the courier sent by the bank.
It is also a very comfortable form of setting up a bank account remotely. The courier will meet you at a convenient time and place. Another option is to visit the bank only to sign a previously prepared contract. As you can see, there are many possibilities and options to choose from. But that’s not all.
Bank account in the mobile application
You can also open a company account in the banking mobile application. One of the banks that offer such a facility is Revolut. As with other banking applications, the verification of the customer’s identity involves sending a photograph of the applicant’s ID and face.
Using the banking application is the fastest way to open a business account online. Your account will be active immediately after completing the verification process and confirming your willingness to conclude the contract. In this case, it is necessary to have an active mobile phone to which the bank will send a special activation code.
Your phone will also be used in the future to receive transfer authorization codes and to manage the banking application. Operating the program installed on a smartphone is very simple and intuitive. However, the phone should have the appropriate operating system. Most banks provide an application for the Android and IOS platform.
How to choose a business account and earn extra money on it
We associate opening a bank account with the costs that we have to bear. So how to choose a business account to earn money on it? Take advantage of the special offer. Each new client is a very valuable asset for the bank. This applies especially to business clients who usually deal with large funds.
Being aware of the benefits that can be achieved by running a company account, banks tempt customers with attractive promotions and bonuses. A new customer, setting up a business account, can count on receiving money from the bank, for just opening the account. Sometimes additional conditions must be met, but usually they are not too high.
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