15 signs you should switch to an online business account
- •You need to make international payments
- •You want to create global accounts from home
- •You want to monitor your business expenses more closely
- •You need the ease of a mobile app
- •Professionalism is a priority
- •You Need Faster Approval
- •Your Account Costs Are Too High
- •Your Bank Doesn't Meet Your Needs
- •You Want to Bank Completely Online
- •You're Unsatisfied With the Service
- •You Need Access to More Business Products
- •You Need to Connect to Payment Processing Tools
- •Your Want to Earn Higher Interest
- •Your Current Fees Are Getting Too High
- •FDIC Insurance Is a Requirement
- •Set Up Your Online Business Account in seconds
Digital solutions are changing the way we interact with virtually every area of our lives, from ordering takeout to booking flights. And banking isn’t any different.
Most people don’t need to physically go into a bank when everything you’d need is accessible online. In the same way, many businesses are finding that online business accounts are a much easier and more efficient way to manage their finances.
Here we’ll explore some reasons why you might want to switch to an online business account.
You need to make international payments
Whether your business is small or large, public or private, corporate or independent, you’ll likely need to make international transactions.
Sending money abroad is a much longer process through a traditional bank system than it is via an online business account. You’ll save time, stress, and even money due to service fees. With an online business account, you can simply enter in the recipient’s bank information yourself and select the desired currency for your transfer.
You want to create global accounts from home
Say you want to create various bank accounts in different currencies across the globe to expand your business. Visiting physical branches in different countries isn’t the most practical approach, nor is it necessary in today’s world.
Online banking enables you to open a business account from the comfort and convenience of your home country.
You want to monitor your business expenses more closely
It’s much easier to manage and monitor finances through online account access rather than physical branches. And as long as your business is earning and spending money, you should keep a close eye on your finances through routine receipt checks to verify transactions and charges.
You need the ease of a mobile app
Life is often very busy for business owners, whose day-to-day schedules are generally unpredictable. Fortunately, online business accounts typically provide access through a mobile app.
Using a mobile app for banking on the go is extremely convenient for owners with minimal time available to physically stop by a bank. Mobile banking apps will help keep your day running smoothly from start to finish.
Professionalism is a priority
It’s more professional to use an online business account because you can simply do things faster. You can transfer or receive money from a client or customer instantaneously, which also helps your company stay punctual, reliable, and generally on top of it.
Your vendors, for instance, will be so glad you switched from SWIFT transfers and other slow, uncertain methods of delivering payments. This is a huge priority for finance teams at growing companies, where the need to resolve accounts quickly is often thwarted by the tools they use.
And clients will be able to pay via simple payment links you set up in just a few clicks.
The success of a company partially relies on image, and controlling your finances on the spot will better your reputation and credibility.
You Need Faster Approval
You can usually apply for an online business account in minutes if you have all of the required documentation and credentials on hand. Approval application may take up to seven business days, but this is still a lot faster than applying in person.
Physical banks typically require much more paperwork and often have long lines or appointment requirements that hold back your schedule.
Your Account Costs Are Too High
Monthly and yearly costs are important considerations when deciding which bank system works best for your business. Many banks charge fees for services and products such as little account activity, excessive transactions or withdrawals, or regularly depositing cash. These costs can rack up quickly.
Switching to an online business account is beneficial if you’re paying an excessive amount to keep your traditional account intact.
Your Bank Doesn't Meet Your Needs
Most banks have general restrictions on accounts, such as the number of deposits or transactions you’re allowed to make per month. This is a real hassle for many businesses and can halt significant growth.
You know best in terms of what you need and what you don’t to ensure your company runs smoothly. For example, if overdraft protection is vital to your business operations but your physical bank doesn’t provide it, online banking might be the best next step.
You Want to Bank Completely Online
If for some reason you’ve decided to call it quits on traditional banking and want to manage your finances completely online, it’s time to make the switch.
Going into a traditional bank involves commute time, long waits, and general inconvenience that gets old fast. Creating an online business account allows you to access your account anywhere at any time, without moving an inch.
You're Unsatisfied With the Service
Being unsatisfied with your current bank’s customer service is another great reason to switch to an online business account. You won’t have to deal with disrespectful or unknowledgeable employees who may not take your questions seriously when banking through an online business account.
Plus, many online business accounts provide you with a dedicated account manager to handle all of your questions and needs.
You Need Access to More Business Products
Some banks have limited business products, so it’s not uncommon for businesses to outgrow the lack of offerings. Online business accounts tend to provide access to more business products than traditional banks, such as virtual cards, merchant services, loan products, and more.
You Need to Connect to Payment Processing Tools
Online business accounts easily connect with services such as Venmo, PayPal, and other tools that allow you to quickly process payments from or to customers and clients. Other digital banking services available through online business accounts include money accumulation through stock and currency exchange.
Accessing tools like these can help open up new outlets for your business.
Your Want to Earn Higher Interest
Online banking typically offers higher yields on savings accounts than traditional brick-and-mortar banks because of its fewer overhead costs. You can earn interest as your money builds, which could potentially help your business prepare for large purchases or potential expansion later down the road.
Your Current Fees Are Getting Too High
Conventional banks have an array of fees associated with keeping your account active, keeping your account open with a low balance, paying with a debit or credit card, and large cash withdrawals, among much else. Online business accounts are less likely than traditional brick-and-mortar banks to charge you for service or minimum balance fees.
FDIC Insurance Is a Requirement
Many online business accounts are Federal Deposit Insurance Corporation (FDIC)-insured, offering the same coverage you’d get from a traditional bank. You can use the FDIC’s BankFind tool to ensure your bank account is covered. If it is, your depositors are protected and you'll prevent loss, an especially important factor if your deposits are large.
Set Up Your Online Business Account in seconds
If any of the above needs sounded familiar to you, it’s probably time to switch to an online business account.
Airwallex provides foreign currency accounts with no signup fees and zero monthly account fees. You can quickly transfer funds to anywhere in the world with low FX fees and enjoy the ability to schedule payments in bulk.
Sign up today to open an online business account for your company.
Related article: 6 Reasons why your bank transfer might be delayed
Evan Dunn manages the growth of Airwallex's SMB business in the US through marketing avenues. Evan is a generalist with expertise in SEO, paid media, content marketing, performance marketing and social selling. He also enjoys slam poetry and waffle making.
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