Small Business Account

Small business account

When you’re operating a small business, your banking needs can often be the last thing you’re thinking about, especially when your focus is on developing and running your business. Having a good business account offers you value, ease of tracking and a reliable way to help make your business finance tasks smooth and easy. Finding the best small business account for your business takes time, and you should put a reasonable amount of thought into what services you need now and what you may need in the future.

A small business account should work for you and offer services that support your business goals and growth. Have a look at the services on offer from any financial institution and see what they can do for you. You may consider how much experience that particular financial institution has in dealing with small businesses. For example, do they appear to understand the common needs, goals and challenges faced by small businesses during tough times? What other things can they offer your business?

At Prospa, we have been offering small business loans for many years, and in that time, we’ve seen the challenges that many new and existing small businesses face daily. We are removing some of the many obstacles that start-up and mature small businesses face with our small business account. At Prospa, you’ll find that setting up a business account is fast, and you’ll be provided with a card that can be used in any location where Visa is accepted, with Apple Pay and Google Pay coming very soon. There are no foreign exchange fees in our online business account when you make purchases in another currency. This is ideal if you regularly buy stock and use services overseas.

What type of account is most suited for small businesses?

Generally the best type of account for your business is one that works with your objectives and offers excellent value. The relationship with the financial institution providing the account should be transparent, making clear any and all conditions, transactions and fees involved when opening the account, which helps form a trusting partnership and reassurance that you’ve chosen the best financial institution for your needs. When choosing an account for a small business, read all the terms and check what interest they may include on your savings.

When trying to find the best lenders for small businesses, we suggest looking at their history and what services they will provide for you. If you’re a new business or you’ve been operating for only a short time, you may benefit from choosing a no-fee business account that still offers excellent services such as small business loans to help with any investments or purchases. When deciding between online financial institutions and small business lenders that provide the best business account for your business, you can look at what interest rate they offer on their accounts and loans. A small business account may offer a fixed rate on any loan, which will help you pay it off the debt quickly as you’ll know the exact fixed repayment amount and when it’s due.

Another benefit of having a business account from a professional team of small business specialists is that it helps you better calculate any tax obligations, consolidating all your business-related transactions into a single small business account. Our small business account is available 24/7 so you can check your balance or transactions any time that suits you. This type of access is excellent for anyone completing their accounting at late hours.

What is the minimum requirement for a business account?

To be eligible to open a business account, you should be operating a business as an ongoing endeavour. If you’re operating as a registered company, the director or the owner should open the account. You’ll need a valid ABN  and the details of all current directors and associated shareholders (as necessary). You will also need to provide relevant identification  such as a driver’s licence.

At Prospa, you can open a business account online, and we can verify any documents by electronic means; there is no need to visit a branch. You can make any deposits as soon as your account is opened, and it is recommended you take the time to set up any regular repayments. With our small business account, you can check on your balance and easily keep track of your expenses and payments online.

As our small business account is a no-fee business account, you can open it with a minimal deposit. The Prospa card that comes with your account can be used as a debit card, and you can make payments anywhere that accepts Visa, with Apple Pay and Google Pay coming very soon. You’ll have access to your accounts anywhere via the mobile app or web portal, and it is easy to check your financial situation before making a payment.

How to open a business account for small businesses?

At Prospa, we’ve worked with small businesses for many years, and we understand the nuances. We know that time is often at a premium, so we’ve made opening a business account as quick and easy as possible. You can open an account online in only a few minutes, and there are no fees associated or minimum balance requirements

With Prospa, we also offer funding options such as a small business loan. These are helpful for many things, such as purchasing equipment or stock to prepare for significant events. For example, if you’re having a product launch, you may need additional funds to host the event.

Once your business account has been set up online, you should be able to start to deposit funds immediately. Take the time to look around your new online account and set up any recurring deposits and payments. Online access is available 24/7, ideal for busy small business owners. Our small business specialists are only a phone call away if you need any assistance. Our team can take you through your new accounts, and you’ll soon find the advantages of using an online small business account and how it can simplify your business needs.

Talk to a business lending specialist

Talk to a business lending specialist

Talk to a business lending specialist

Talk to a business lending specialist

Talk to a business lending specialist

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No more compromising or missed opportunities with Prospa by your side. With hassle-free application, this time tomorrow you could have access to funds for growth and cash flow support. It’s just what we do.
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Awards, thanks to you

It’s nice to know we’re doing something right

Year Award Category
2024 Great Place to Work Recognised as one of the Top 10 Best Workplaces in Technology
2024 Work180 Recognised by WORK180 as one of Australia’s top 101 workplaces for women
2023 Great Place to Work Recognised as one of the Top 20 Best Workplaces
2023 Great Place to Work Certified
2023 The Adviser Magazine's Product of Choice: Non-Banks Survey Winner, SME under $250K Loan of Choice

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