Finding the right online business account for your business can sometimes be challenging. At Prospa, we can provide you with an account that is easy and convenient to use, and with 24/7 access, you can access your account at a time that suits your schedule. There are no monthly fees or minimum balance requirements.
An online business account makes it easy for small businesses to manage accounts as the current balance can be checked at any time, payments can be created, and recurring transactions can be set up to help make sure repayments aren’t missed. For an online financial management tool that supports your business, you can rely on a Prospa business account to provide what you need. (With more time-saving features being released soon.)
How does a business account work?
An online business account is similar to a standard personal account. However, business accounts are often in the name of the business and are used to help the directors or owners keep track of their business income and expenses. Using a personal account for business purposes can make it challenging to tell exactly what was a business-related expense and what was for personal use – which provides added complexities when you hit tax time!
When you open your online business account in the name of your business, it provides separation and make things a lot easier. The owner(s) or director(s) will need to open a small business account, and a valid, registered ABN and identifying document like your driver’s licence.
At Prospa, you can open a business account online and provide all your documents electronically, either as scanned documents or by providing a clear photograph. When you provide the information required, we can open your online account in only a few minutes, subject to meeting all eligibility criteria and approval. Our business account does not have any monthly fees or a minimum balance requirement.
You can opt to open a business account without a deposit first and then make your first deposit after you have familiarised yourself with your new account. At Prospa, we have been working to help small businesses grow and prosper by providing small business loans for many years. During this time, we’ve learnt that a no-fee business account is an ideal and preferred option for a new business and many established small businesses.
What factors should I consider when choosing a business account?
When you’re looking for business accounts online, there are many factors to consider. The best online financial institutions will be upfront about fees and charges and what services they can provide to help your business. Have a look at several accounts and narrow down your selection to four or five possible options. After you’ve got your top few financial institutions, carefully read through their terms and conditions. Most of the information about online transactions can generally be found on those particular financial institutions’ websites.
If you already have an online business account, but you are thinking of changing, you may be able to switch to another provider easily. You’ll need to open the new account and update all your invoices and any recurring payments. If you have anyone making regular payments, make sure they are fully aware you’ve opened a new account and that your details have changed. Allow a few months where both accounts are open to ensure that all your payments are going into your new account, and then you can close your old business account. Changing banks can take a little effort, but if your current banking provider does not offer you the best features and services, it is best to consider changing to a new provider that tailors their services to suit your small business banking needs.
How much does it cost to open a business account?
There may be some costs associated with opening a start-up business account or a small business account. You may pay an opening account fee in some financial institutions, but this will be stated before you open the account. You’ll often only find fees to open an account on a specialised corporate account where you have a lot of transactions, or they offer high-interest rates to secure your business.
For most small to medium operations, you’ll benefit the most from looking at the best online financial institutions and opening an online business account. All the fees and charges should be noted when setting up a business account. Associated charges for opening the account will usually be stated at that time and there should be clear reasons for applying that charge. In some instances, it could be a charge linked to credit cards or in-person transactions.
At Prospa we don’t charge you anything to open a business account – and there are no monthly fees or minimum deposit required. We feel that having the best business account means that you offer services without adding in extra fees and charges. For most new and existing small businesses, all your financial transactions can be done electronically, eliminating the need for individual branches. If you ever need assistance, our support staff are only a phone call away.