What if we tell you an online bank account is essential for SMEs & startups over a regular business current account!
We’re certain that whether you’re a small business owner with an uninterrupted cash flow or an established entrepreneur whose company is in the growth stage — you must’ve faced quite a few challenges while setting up a current account for your startup or small business.
Setting up a current account for your business is difficult, isn’t it?
Business banking is a difficult task as traditional banks have a set infrastructure due to which they can’t provide customized banking services for SMEs & Startups. And let’s be honest, keeping up with the never-ending processes of setting up a current account for your small business or startup takes a lot of your time — causing further inconvenience.
Let’s take a look at all that stands in the way between you and the perfect current account for your small business or startup.
The cons of setting up a business current account
Takes 15-20 days to set up a business current account
Opening a business current account includes excessive paperwork which usually takes around 15-20 days, and requires small businesses to maintain a quarterly minimum balance. This process often pushes businesses towards making use of personal savings accounts to sort business spends.
Strict compliance causes delays
Banks have a standard set of rules & regulations for compliance. For small businesses or startups, the co-founders or business head(s) need to sign an indemnity bond to process salaries or other payments. This often causes delays in rolling out payouts for small businesses.
Requirement of submitting turnover reports etc.
The CEO or the respective decision-makers of the company need to maintain quarterly balance sheets & submit turnover reports while creating a current account for their businesses. The entire practice is time-consuming, to say the least.
Using 3 current accounts seems like the best practice
Companies juggle between multiple business current accounts. One for tracking account payables, the second for receivables, and others for miscellaneous expenses. This routine turns chaotic when it comes to tallying up the finances at the end of tenure.
Need multiple mobile numbers for multiple bank accounts
Can you have multiple current accounts with the same bank? Well yes, you can. But doing so, comes with its own set of challenges.
Teaming up with one partner bank is ideal but requires businesses to have alternate contact details for the different business current accounts. Registering the same number for multiple bank accounts isn’t an option.
This puts especially the finance team in a tough spot as they alternate between phone numbers, making it difficult to track multiple OTPs generated for transactions.
Requirement of adding payee details & additional cooling-off period
With the requirement of adding a beneficiary & waiting during the cooling-off period can take up between 30 minutes to 24 hours (sometimes more based on the bank), making salary or vendor payouts or sending reimbursements a time-consuming and tiring process for small businesses.
Reconciliation for inward & outward payments
The finance teams are seen struggling when it comes to reconciling payments, as companies use different current accounts for businesses. And since there’s no automated way to track payments with UTR numbers, they have to be accounted for manually. Thus, causing further inconvenience in tallying all receivables and payables.
The processes of a business current account sound stressful, don’t they?
Perhaps now is the time to rethink which current account is best for your small business or startup.
Hence we recommend you create an online bank account with
Here’s why Open’s online bank account is the best online bank for SMEs & Startups!
Open is an all-in-one online bank account that simplifies your business banking experience. You can get a VISA business card, auto-reconcile payments, make instant payouts, track all your business spends & do more from ONE account. Basically, instead of using multiple dashboards to manage all your business finances, just rely on Open’s dashboard to do it all.
Set up an online bank account in minutes
Based on your previous banking experience as a small business owner, you are bound to use 2-3 business current accounts for cash management. With Open, you can create an online bank account within minutes and link your existing accounts to it. And you can do all of this without any paperwork.
Track all receivables & payables from one online bank account
Tracking every single transaction & reconciling payments for all of them is a complex yet necessary task.
Get Open’s online bank account, manage all account receivables & payables for your business in one place. Don’t get stressed about tallying up the payments manually when you can track them in real-time with Open.
Do accounting the easy way
With a regular business current account, the process of reconciling payments against business transactions gets messy as there is no method to tag successful payouts or outstanding payments.
However, once you create an online bank account with Open, you can create & send invoices, collect payments, and tag transactions easily. Automate your accounting with Open’s user-friendly dashboard and stay on top of your business expenses.
No more adding beneficiaries & waiting out the cooling-off periods
In today’s digital era, payments need to be sent out and tracked instantly. Now make direct payouts without adding beneficiaries and bid farewell to the cooling-off period. With Open’s online bank account, you can start transacting soon after you sign up and complete the KYC process.
That’s not all!
Manage multiple business current accounts from ONE dashboard
Your overall banking experience is going to be far more superior with Open. And if managing multiple bank accounts for your business is taking a toll on you, get Open’s online bank account to integrate & manage your existing business current accounts from a single dashboard. And get a complete overview of your business cash flow instantly.
Make hassle-free single or bulk payments
We understand that making payouts without hassles is a challenge for SMEs and startups! Your new online bank account is here to change that. Make single or bulk payouts with a simple file upload on Open instead of adding beneficiaries each time. And if this wasn’t a pleasant surprise already, now eliminate the troublesome approval process for making payouts.
Bonus read – learn how this IT services company makes multiple vendor payouts in minutes on Open!
But that’s not all! Like we mentioned earlier, Open’s online bank account has a lot more to offer.
In addition to simplifying your business expenses, you can also set up an e-commerce store via OpenStore available on your Open dashboard.
And if yours is a pre-existing e-commerce portal, you can integrate Open’s developer-friendly APIs & collect payments seamlessly via your website or application. This helps you in reconciling your payments automatically with your Open account.
Now, do you agree there are more pros to creating an online bank account with Open?
Let’s say, if it wasn’t too obvious before, with more and more businesses (and customers) going digital, you need a business current account now more than ever. And with a platform like Open, you can get one that helps manage all your business banking requirements in one place.
So why wait when you can do so much more right now?
Set up Open’s online bank account and welcome a more simplified way of managing your business finances.
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