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Online Banking: The Easiest Business Bank Account to Open?

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Online Banking: The Easiest Business Bank Account to Open?

Opening a banking account is an essential part of the starting process for any kind of business, large or small. A bank account for small businesses will separate the sole proprietor’s business finance from his personal expenses. A corporate business account is simply a must for normal accounting and business operations.

Currently, modern accounts for businesses provide all required financial operations required: sending and receiving payments, collecting the funds from sales, accumulate funds for future salaries, and keep the business’ income in a safe place, sometimes even with a small interest. The banking software reports all transactions in detail and provides a comfortable overlook over the financial health of the business, which is almost impossible with cash.

Why Open a Business Bank Account Online?

Time is very valuable, especially when you run a business. Traditional banks still rely on personal contact and doing physical paperwork, and applying for a bank account can take an entire day. If you are a sole proprietor or run a small business, an entire day spent away from work can lead do a considerable loss. Additionally, traditional banks have more customers to deal with, and they can review your application for way too long.

With an online banking service provider, the company bank account opening will only take a few days, if not hours, and your electronic paperwork will take u no longer than an hour. In a nutshell, you will only be required to provide the basic documents:

  1. The incorporation documents, such as the incorporation certificate, operation agreement or any other document that certifies the creation of a business in your country;
  2. Your company’s tax number, according to your local laws;
  3. Proof of address and a mailing address to verify your location and address for correspondence;
  4. Your ID to prove that you have a right to open a banking account on behalf of your business.

These requirements for a corporate business account may vary from company to company and from state to state, but in general, the list is much smaller than that of a traditional bank, and everything can be applied electronically.

How to Find the Best Bank to Open Bank Account With

There are a lot of banks and banking providers that offer to open a business bank account online. Those are not necessarily banks, either. Currently, similar services can be provided by specially licensed electronic money institutions (EMIs), that can handle banking accounts for you. They often are generally better than banks, as they provide less unnecessary and obsolete services, hence those services you are looking for may be of better quality.

Banks or not banks, there are a few things you should consider before opening a bank account for small business with any of them:

  • What is the minimum and maximum allowed turnover?
  • What is the fee schedule?
  • Are all features accessible through one mobile or web application?
  • What are the additional functions apart from sending and receiving transactions?

As a rule, the companies that offer the easiest business bank account to open provide the most extended list of features at better prices, as they put the comfort of their customers at top priority.

Why Satchel?

To date, Satchel provides companies with the easiest business bank account to open. If your business needs an account, it will be ready within just a few days after the form application. Satchel only requires to submit the basic information that is obliged by the law, and nothing extra. All fees are completely transparent, and there are no hidden commissions.

Additionally to the account itself, your business will benefit from a lot more features, included in the price: a prepaid MasterCard for your everyday business expenses, a unique IBAN for work with over 20 currencies apart from euro, salary project for your employees, competitive currency exchange prices, e-invoicing, payments through a large number of payment options, including the most used SEPA and SWIFT transfers, the latest security features, and much more.

Apply for an online business banking account with Satchel today and make your business benefit from it already tomorrow!

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