{"id":973,"date":"2020-10-12T15:14:54","date_gmt":"2020-10-12T09:44:54","guid":{"rendered":"https:\/\/open.money\/blog\/?p=973"},"modified":"2023-07-05T13:23:18","modified_gmt":"2023-07-05T07:53:18","slug":"all-about-neobank-open-that-caters-to-small-businesses-and-startups","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/all-about-neobank-open-that-caters-to-small-businesses-and-startups\/","title":{"rendered":"All you need to know about Open &#8211; banking that gets your business"},"content":{"rendered":"<span style=\"font-weight: 400;\">It\u2019s a well-known fact that small businesses &amp; startups play a substantial role in contributing to the GDP of the country. But wait, how often have you heard about banking services that are specifically built for them?\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Not very often I guess!\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">There is a huge need for this &amp; that\u2019s why we built Open \u2013 a <a href=\"https:\/\/open.money\/blog\/neobanking-in-india\/\">neobank<\/a> that offers small businesses &amp; startups an online bank account &amp; a credit card that combines banking, payments &amp; accounting in one place.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">We&#8217;re Asia&#8217;s first neobank and our journey started three &amp; a half years ago. However, it&#8217;s only recently that the fintech space has started to warm up to the buzzword \u2013 neobank.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">As a neobank for businesses, we\u2019re here to solve the pain points business owners go through with the current banking system.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">That\u2019s exactly why we&#8217;ve put together these top questions from our users. These will help you gain better clarity on how we cater to <a href=\"https:\/\/open.money\/solutions\/business\">small businesses<\/a> &amp; <a href=\"https:\/\/open.money\/solutions\/startup\">startups<\/a>.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>How does Open\u2019s online bank account help my business?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">If you are a small business, you\u2019d second that while setting up your venture, an online bank account plus a <a href=\"https:\/\/open.money\/products\/cards\">business credit card<\/a> is the need of the hour. Most of all, you need a bank account to start collecting <a href=\"https:\/\/open.money\/products\/payments\">payments<\/a>.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">By signing up on Open, you\u2019re entitled to all of this within two minutes.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">This account enables you to start collecting payments instantly &amp; yes, there is no limit on how much you can collect. You could also start generating invoices &amp; send payment links to your customers.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Post sign up, share a few KYC details and you can unlock powerful features like activating your business credit card, settlements, payouts &amp; more.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">In fact, Open\u2019s <a href=\"https:\/\/open.money\/products\/virtual-account\">online bank account<\/a> is the ONLY account that combines banking, payments &amp; accounting &#8211; all in one place, as a result, saving you time to focus on growing your business. You will no longer need to switch between multiple tools to manage your business finances. In other words, as you collect payments &amp; make payouts, your <a href=\"https:\/\/open.money\/products\/accounting\">accounting<\/a> is fully automated, saving you tons of precious hours.\u00a0<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>How is Founder One card different from other business credit cards?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">The Founder One is a <strong>VISA business card<\/strong> that comes integrated with your Open online bank account. This card is the smartest for a few reasons. They are:<\/span>\r\n<ul>\r\n \t<li>Best debit card alternative<\/li>\r\n \t<li>Integrates your expense management<\/li>\r\n \t<li>Works in both debit &amp; credit mode, allowing you to use it where only credit cards are accepted<\/li>\r\n \t<li>Reward points for services that your business uses<\/li>\r\n<\/ul>\r\n<span style=\"font-weight: 400;\">As a founder, you can use this card for your business expenses. As for your online team expenses, you can simply assign virtual cards (digitally generated cards), to your teammates. You can set limits for each &amp; load them directly from your online bank account.<\/span><b><\/b>\r\n<h2><span style=\"font-size: 24pt;\"><b>How is expense management integrated with banking &amp; accounting on Open?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Managing expenses requires a <a href=\"https:\/\/open.money\/blog\/the-best-credit-card-to-manage-your-startup-expenses\/\">credit card<\/a>, but getting one for your business is no easy task<\/span><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"> You are required to make an upfront deposit &amp; secure a credit card against it. AND, you still end up losing out on almost 10% of the deposit amount.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">That leaves you wondering what your options are. \ud83e\udd14\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Well, what if there is a game-changer?<\/span>\r\n\r\n<span style=\"font-weight: 400;\">With Open\u2019s Founder One card, you can separate your business AND personal expenses with ease. You can get this card with minimum documentation &amp; no upfront deposit. Even better &#8211; The card has a credit limit up to Rs. 200,000 at interest-free credit for the first 30 days.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">You can even manage your team\u2019s expenses with virtual or expense cards or both.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Use virtual cards for <a href=\"https:\/\/open.money\/blog\/how-to-manage-online-subscriptions-with-business-virtual-cards\/\">online subscriptions<\/a> like Google ads or Facebook ads or AWS bills. Just set limits &amp; load them directly from your online bank account.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Expense cards can be assigned to teammates who step out of the office &amp; have to make card swipes. When the card is swiped, your teammate will receive a Whatsapp message where he\/she can upload the receipt &amp; the expense is filed, just like that.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Cash payments can also be recorded by uploading an image of the payment receipt. Open lets you manage the approval flow &amp; reimbursements too. The best part? All these expenses are automatically recorded in your accounting since your banking &amp; accounting are integrated.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">This is <a href=\"https:\/\/open.money\/blog\/how-open-simplifies-expense-management-for-startups-smes\/\">expense management<\/a>, simplified. <\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>How exactly does Open automate accounting?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Consider this &#8211; you run a dance academy &amp; your course starts from Rs. 3000. You have 7 students who joined your classes by the 5th of the month. You also paid your rent of Rs. 9000 &amp; an electricity bill of Rs. 1500 for the previous month.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Now you want to find the details of all your incomes &amp; expenses. Simply log in to your Open dashboard &amp; this is what it will look like.<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-986 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/10\/Dashboard_Tab-1-1.png\" alt=\"Automated accounting | Open\" width=\"1600\" height=\"1234\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/10\/Dashboard_Tab-1-1.png 1600w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/10\/Dashboard_Tab-1-1-300x231.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/10\/Dashboard_Tab-1-1-1024x790.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/10\/Dashboard_Tab-1-1-768x592.png 768w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/10\/Dashboard_Tab-1-1-1536x1185.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>\r\n\r\n<span style=\"font-weight: 400;\"> Now you know that 4 out of 7 of your students have already paid &amp; all your expenses are being tracked.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Your entries are automatically categorized as income &amp; expense without any manual intervention.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Yep! This is a true time-saver! \ud83d\ude0c<\/span>\r\n\r\n<span style=\"font-weight: 400;\">You can even tag your incomes &amp; expenses, which will give you a better understanding of payments that are due or made already.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">What\u2019s more?<\/span>\r\n\r\n<span style=\"font-weight: 400;\">If you\u2019re already using third-party accounting software like Tally, you can use our plugins to integrate your Tally account with Open too. This way you can initiate all your payables and request payments against invoices directly from your Open dashboard. And just like that, it will automatically reflect on your Tally account too. One thing less to worry about when growing your business.\u00a0<\/span><b><\/b>\r\n<h2><span style=\"font-size: 24pt;\"><b>How can Open simplify payment collection from multiple customers?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">There are a number of ways in which you can simplify payment collection for your customers &amp; yourself depending on the nature of your business.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Let\u2019s take a look at the options you have:<\/span>\r\n\r\n<b>\u00a0 \u00a01. Payment links: <\/b><span style=\"font-weight: 400;\">Say you are the business owner of a music academy. Instead of sharing your account number individually with students where they can transfer fees, you can send <\/span><i><span style=\"font-weight: 400;\">payment links<\/span><\/i><span style=\"font-weight: 400;\"> to all of them at once. Students can click on the link &amp; pay via <\/span><span style=\"font-weight: 400;\">N<\/span><span style=\"font-weight: 400;\">EFT, IMPS, RTGS, debit &amp; credit cards, or even UPI.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">The problem with sharing your account number is that you have to manually check UTR numbers to track who has paid you &amp; who hasn\u2019t. With Open, all you need to do is send out a payment link &amp; simply login to your Open dashboard &amp; track the payments. The payment received will automatically be categorized as income with the student\u2019s name in your accounting.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">You can even set this as a recurring feature to avoid sending out links at the end of every month.\u00a0<\/span>\r\n\r\n<b>\u00a0 \u00a02. Payment gateway API:<\/b><span style=\"font-weight: 400;\"> Here, you can integrate Open\u2019s <\/span><i><span style=\"font-weight: 400;\">payment gateway <\/span><\/i><span style=\"font-weight: 400;\">API to your website where customers can pay during the checkout process.<\/span>\r\n\r\n<b>\u00a0 \u00a03. Android &amp; iOS SDKs:<\/b> <span style=\"font-weight: 400;\">In case you have a mobile app where your customers&#8217; shop, you can integrate the payment gateway on your app with the help of our Android &amp; iOS SDKs.<\/span>\r\n\r\n<b>\u00a0 \u00a04. Seamless checkout:<\/b><span style=\"font-weight: 400;\"> Create a better checkout experience for your customers. When a customer checks out, instead of getting redirected to another page, they will remain on your website while making a payment.\u00a0<\/span>\r\n\r\n<b>\u00a0 \u00a05. Payment plugins:<\/b><span style=\"font-weight: 400;\"> If you\u2019re using an e-commerce platform like Magento or Woocommerce, you can integrate our plugins to your website for payment collection.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">But can you guess what\u2019s the best part?<\/span>\r\n\r\n<span style=\"font-weight: 400;\">All the above payment options can be used along with our automated accounting that ultimately eliminates the need for manual entries for every payment received. Thus, saving you a ton of time to focus on what\u2019s essential &#8211; growing your business.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>Does Open offer vendor payments, customer refunds &amp; disbursement of loans?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Oh, yes! Open offers bulk <a href=\"https:\/\/open.money\/products\/payout\">payout<\/a> APIs for vendor payments<\/span><span style=\"font-weight: 400;\">, customer refunds &amp; loan disbursements.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">For example &#8211; You can make instant payments to all your vendors using Open&#8217;s payout APIs and that too without adding beneficiaries. There&#8217;s no limit on the amount for the first-time transfer either. So don&#8217;t worry about transferring a limited amount to that vendor you onboarded only a few minutes ago. \ud83d\ude45\ud83c\udffb\u200d\u2640\ufe0f<\/span>\r\n\r\n<span style=\"font-weight: 400;\">You can also choose to make instant <a href=\"https:\/\/open.money\/blog\/how-to-make-instant-vendor-payments-on-open\/\">vendor payments<\/a> the non API way. You don\u2019t need tech bandwidth to start using this. Simply upload recipient details &amp; send multiple payments at the same time.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>How can I start using the salary payouts feature of Open?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Salary payouts is an otherwise tedious task that is made super simple on Open\u2019s platform.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">The steps in making salary payouts via traditional options include adding a beneficiary, filling in long excel sheets (details pertaining to employees), &amp; recording these payouts as journal entries on your accounting software.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">With Open, there is no need to add a beneficiary &amp; wait for the next couple of hours to make a payout. You can simply upload an excel sheet with minimal details of employees &amp; send out the salary of employees with a single API hit.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">What\u2019s even better? Salary payouts are auto-categorized as expenses in your accounting as and when they\u2019re made.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Make instant <a href=\"https:\/\/open.money\/blog\/how-to-make-salary-payments-to-employees-in-minutes\/\">salary payouts<\/a> whenever you need to. You don\u2019t need to pause because of a bank holiday or the weekend or even if it is after business hours.\u00a0<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>What kind of APIs are available for AEPS merchants?<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">In India, Aadhar Enabled Payment System (AEPS) is a bank-led model that pushes for financial inclusion.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">AEPS merchants equip small-town retailers to collect payments from their customers &amp; also send payments to their vendors online by integrating APIs.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Open helps create E-wallets, in other words, unique <a href=\"https:\/\/open.money\/products\/virtual-account\">virtual accounts<\/a><\/span><span style=\"font-weight: 400;\">\u00a0for each payer via APIs. A virtual account is a digitally generated account issued by a physical bank. Retailers can send out payment links through which customers can pay using UPI or other modes such as NEFT, IMPS, or RTGS.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">The best part? You can easily track who paid you how much &amp; when as it automatically gets updated at the backend through reconciliation.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Retailers can make single &amp; bulk payments at the same time. They can also make instant payments to their vendors without spending time on adding beneficiaries by using Open&#8217;s payout APIs.\u00a0<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>Open <span style=\"font-weight: 400;\">\u2013<\/span> the all-in-one bank account built for your business<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">With Open, banking becomes way simpler for businesses like yours as we enable plug-and-play solutions that cater to your banking needs. <em>Now manage your banking, payments, expenses, accounting &amp; a whole lot more from just ONE account.<\/em><\/span>\r\n\r\n<span style=\"font-weight: 400;\">So what&#8217;s the wait for? Make a choice to finally focus on growing your business<\/span><span style=\"font-weight: 400;\">. \ud83d\ude0e\u00a0<\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/app.open.money\/login?utm_source=wordpress&amp;utm_medium=blog&amp;utm_campaign=all_about_open\"> Sign up<\/a> for your Open online bank account today!<\/span>\r\n\r\n&nbsp;\r\n\r\nRelated Articles &#8211;\r\n\r\n<a href=\"https:\/\/open.money\/blog\/why-neobanks-are-winning-over-businesses\/\">Decoding neobanking: Why neobanks are winning over businesses<\/a>\r\n\r\n<a href=\"https:\/\/open.money\/blog\/neobanking-for-smes-a-lawyers-take-on-fintech\/\">Neobanking for SMEs: A lawyer\u2019s take on fintech<\/a>\r\n\r\n<a href=\"https:\/\/open.money\/blog\/how-neobanks-are-disrupting-the-banking-space\/\">How neobanks are disrupting the banking space<\/a>\r\n\r\n<a href=\"https:\/\/open.money\/blog\/baas-will-lead-the-evolving-fintech-paradigm\/\">The evolving fintech paradigm \u2013 BAAS will lead the way<\/a>\r\n\r\n<a href=\"https:\/\/open.money\/blog\/all-about-neobank-open-that-caters-to-small-businesses-and-startups\/\">All you need to know about Open \u2013 banking that gets your business<\/a>\r\n\r\n<a href=\"https:\/\/open.money\/blog\/why-do-you-need-to-open-a-business-account\/\">Why you need a business account, now more than ever<\/a>\r\n\r\n&nbsp;\r\n\r\n\r\n\r\n<style type=\"text\/css\">\r\n.simple-subscription-form {<br \/>  background: #f2f5f8;<br \/>  color: #222;<br \/>  padding: 1rem;<br \/>  border-radius: 0;<br \/>}<br \/>.simple-subscription-form .button {<br \/>  border-radius: 25px;<br \/>  padding: 10px 20px;<br \/>  background-color: #663399;<br \/>  color: #fefefe;<br \/>  border: none;<br \/>  font-size   : 100%;<br \/>}<br \/>.input-group-field{<br \/>  padding: 10px;<br \/>  margin: 8px;<br \/>  border: 3px;<br \/>}<br \/>input[type=email], select {<br \/>    padding: 12px 20px;<br \/>    display: inline-block;<br \/>    border-radius: 4px;<br \/>    box-sizing: border-box;<br \/>    font-size   : 100%;<br \/>}<br \/><\/style>\r\n<div class=\"simple-subscription-form\"><form>\r\n<h3>Subscribe via Email<\/h3>\r\nLiked this article? Subscribe to our monthly newsletter. We don&#8217;t spam. Promise! \ud83d\ude0a\r\n<div class=\"input-group\"><input id=\"input-email\" class=\"input-group-field\" required=\"required\" type=\"email\" placeholder=\"Email\" \/><button class=\"button\">Subscribe Now!<\/button><\/div>\r\n<div id=\"thankyoumsg\" hidden=\"\">Thank you for subscribing. \ud83d\ude0a<\/div>\r\n<\/form><script>\r\n  function sendClevertap(e) {\r\n      e.preventDefault();\r\n    var email = document.getElementById('input-email').value;\r\n    console.log(email);\r\n    console.log(clevertap.getCleverTapID())\r\n    document.getElementById('thankyoumsg').hidden = false;\r\n    clevertap.onUserLogin.push({\r\n     \"Site\": {\r\n       \"Email\": email,\r\n       \"blog subscribed\": true\r\n     }\r\n    })\r\n  } \r\n<\/script>\r\n\r\n<\/div><!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"It\u2019s a well-known fact that small businesses &amp; startups play a substantial role in contributing to the GDP&hellip;","protected":false},"author":56,"featured_media":977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","footnotes":""},"categories":[447],"tags":[],"class_list":{"0":"post-973","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-archive","8":"cs-entry"},"_links":{"self":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/comments?post=973"}],"version-history":[{"count":0,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media\/977"}],"wp:attachment":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media?parent=973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/categories?post=973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/tags?post=973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}