How to Choose the Best Small Business Account for Your Needs
If you are a small business owner, you know how important it is to have a reliable and convenient account to manage your finances. A small business account can help you separate your personal and business expenses, track your income and expenses, pay your taxes, and access various financial services and products.
But with so many options available, how do you choose the best small business account for your needs? Here are some factors to consider when comparing different accounts for small businesses:
- Define your needs. Clarify your business’s financial requirements, considering factors like transaction volume, international dealings, and account accessibility.
- Evaluate fees and charges. Compare account fees, transaction costs, and any additional charges to identify the most cost-effective solution for your business.
- Check eligibility and restrictions. Ensure the chosen account aligns with your business type, size, and location. Some accounts may have specific eligibility criteria or geographical limitations.
- Check nationality and residency requirements. Verify whether the financial institution has specific requirements related to your nationality or residence. Some banking providers may necessitate residency in the country, a crucial consideration for non-EU residents looking to open EU accounts. For instance, at Satchel, business accounts are specifically tailored for non-EU and UK citizens, providing a solution that meets diverse business needs.
- Review account features. Assess the list of features such as online banking, mobile app capabilities, and additional services like credit card options or integrated accounting software.
- Consider tech integration. If this is a vital issue for you, opt for an account that seamlessly integrates with your preferred accounting or financial management software.
- Explore customer support. Evaluate the quality of customer support provided by the banking institution, ensuring you will receive prompt assistance when needed.
- Ensure security measures. Prioritize accounts with robust security measures, safeguarding your business against potential cyber threats.
- Crypto-friendly services. Explore whether the business account offers crypto-friendly services, allowing the conversion of various cryptocurrencies into fiat assets and vice versa. This feature can enhance the flexibility of your financial transactions and accommodate businesses involved in the crypto space.
- Read reviews and recommendations. Seek feedback from other small business owners or read reviews to gain insights into the practical experiences with the chosen account.
Choosing the best small business account involves a thoughtful assessment of your unique needs and the offerings of potential banking partners.
How to Choose the Best Digital-Only Account for Your Business in Europe
If you are a business owner who operates in Europe, you may be looking for a convenient and cost-effective way to manage your finances. A digital-only current account can offer you many benefits, such as:
- Easy online application and verification. You can open a business account online in minutes, without visiting the provider’s office or sending physical documents. You just need to provide some basic information and scan copies of your ID and business documents.
- Accessibility for non-EU residents. Certain online banking providers welcome non-EU residents, offering an opportunity for business owners located outside of Europe to open an EU business account. This inclusivity is subject to specific conditions, and as long as your country is not on the blacklist, you can conveniently manage your European business finances without the need for physical presence.
- Competitive fees. You can save money on initial deposit and banking fees, such as monthly maintenance, transaction, ATM, and wire transfer fees.
- Multi-currency features. You can hold, send, receive, and exchange multiple currencies with your online account, which can help you avoid currency conversion fees and unfavorable exchange rates. The main currencies are usually EUR, GBP, USD, and CHF.
- Online and mobile banking. You can access and manage your account anytime, anywhere, using a web or mobile app. You can check your balance and transactions, transfer money, pay bills, track your expenses, download account statements and transaction receipts, apply for virtual or plastic cards, and more.
- Crypto-friendly services. Some online banking providers cater to the growing trend of crypto asset usage. These platforms allow you to seamlessly convert various cryptocurrencies into EUR or other supported currencies and vice versa. This integration not only provides a convenient way to manage both traditional and digital assets in one place but also opens up opportunities for businesses involved in the crypto space to streamline their financial operations.
- Enhanced security measures. Digital-only neobanks often employ advanced security protocols to safeguard your financial information. This includes encryption technologies, two-factor authentication, and real-time transaction alerts, providing an extra layer of protection against potential cyber threats.
- Additional services and products. You can also benefit from other services and products that digital operators offer, such as payroll programs, business credit cards, embedded finance, Banking as a Service, White label cards, etc.
But with so many banking providers in Europe, how do you choose the best one for your business needs? Below are some factors to consider when comparing different online accounts for businesses.
Coverage and Eligibility
One of the primary considerations when selecting a digital account for your business revolves around coverage and eligibility. It is crucial to ensure that the chosen banking provider operates in the specific country or region relevant to your business and supports your business type. The accessibility of neobanks varies; while some are available across all EU/EEA countries, including the UK, others have more restricted coverage based on specific countries or regions. Additionally, certain fintech companies may impose limitations on the size, industry, or legal structure of the businesses they accept.
For instance, if your business operations are within the European Economic Area (EEA), a strategic choice would be to open an account with an EU-based banking institution. Opting for such a route not only aligns with your business’s geographical focus but also proves efficient in terms of time and cost. Choosing to open a business account online with an EU banking institution, like Satchel.eu based in Vilnius, Lithuania, ensures a seamless experience. Satchel.eu offers online EU business accounts, facilitating SEPA instant transfers in the European market and SWIFT transfers on a global scale — a comprehensive solution that values both your time and financial resources.
Moreover, it’s not just about payments – with Satchel.eu, you gain access to a complete banking infrastructure, including mobile banking with Mastercard payment cards – available in virtual or plastic form, with worldwide shipping. Business accounts from Satchel are versatile and well-suited for payroll programs, adding an extra layer of convenience to your corporate money management.
Features and Benefits
Another factor to consider when choosing an EU account for your business is the features and benefits that it offers. You need to compare the different plans and options that each institution provides and see which one suits your business needs and preferences. Some of the features and benefits that you may want to look for are:
- Account type and number. You need to check if the banking provider offers a full-fledged business account with a local IBAN and bank details or a personal account with a business option (freelancer account).
- Cards and mobile payments. You need to check if the provider offers a physical or virtual debit card that you can use for online or offline purchases, as well as mobile payments. You also need to check the fees and limits that the institution charges for using the card or mobile payments, especially if you use both tools frequently or abroad.
- Currency exchange and transfers. You need to check if the banking provider allows you to hold, send, receive, and exchange multiple currencies with your account, and what are the fees and rates that apply. You also need to check the speed and reliability of the transfers, as well as the options and channels that you can use, such as SEPA Instant and SWIFT.
- Additional services and products. You need to check if the bank offers other services and products that can help you manage and grow your business, such as business credit cards, payroll, tax, and account statements. You also need to check the rates, fees, terms, and conditions that the fintech company / EMI (electronic money institution) offers for these services and products, and compare them with other options.
Customer Service and Support
The last factor to consider when choosing a digital-only account for your business is the customer service and support that comes with it. You need to make sure that the financial institution offers high-quality and responsive live customer service and support. You also need to check the availability and accessibility of customer service and support, such as the hours, channels, and languages that they offer.
For example, Satchel offers online banking for businesses and has fast and friendly live customer support with no chat bots. This way, customers receive premium customer service and support, with a team of experts who are always ready to help and speak English, Italian, Lithuanian, and Ukrainian. The support team is accessible via various channels such as email, phone, and social media.
Choosing the best small business account in Europe can be challenging, but it can also make a big difference in your business’s success. You need to consider the coverage and eligibility, features and benefits, and customer service and support that different digital banking institutions offer, and find the one that matches your business needs and preferences.
To help you with your search, you can use online tools like thebanks.eu that compare and review different online accounts for businesses. You can also visit the websites of different digital banking providers and read their features and benefits, or contact their customer service and support for more information.
Remember, the best digital-only account for your business may not be the best for someone else, so you should do your own research and make an informed decision. Good luck with your search!