Business banking services are essential for entrepreneurs, but large-scale banks can make setting up an account a major hurdle and often mean ongoing costs. Today, thanks to the emergence of the FinTech sector, there are faster, easier and more profitable alternatives.
Entrepreneurs looking for a more convenient and less expensive business account should look to the Cashplus business account from Cashplus, an online banking company that claims to offer business banking services, but without the usual barriers.
âSpeaking with entrepreneurs, we found that the main obstacle when it comes to starting with a limited liability company is setting up a business bank account,â says Cashplus Commercial Director Nick Biggam. âOur solution is quick and easy to set up and requires minimal effort to manage from an entrepreneur’s perspective. ”
Breaking down the obstacles posed by the big banks
Problems when trying to incorporate as an entrepreneur are usually rare. Accountants can usually set up an entrepreneur’s limited liability company within 12 hours, but the big banks are always dragging their feet, as Biggam points out:
âIn many cases, the difficult part of starting a business is getting new customer contracts and securing financing, which often comes first. As a result, contractors often tend to leave the organization of business banking services to the last minute, at which point they find it is not as quick and easy as they thought.
Biggam notes that unlike Cashplus and the Cashplus corporate account, many large banks still operate long-running paper systems. In addition, scrupulous monitoring practices often see entrepreneurs evaluated for things that are not of concern to them, such as credit rating.
“At the end of the day, entrepreneurs just need a place to transact and deposit their money, and yet they and their businesses end up with a credit check.”
Open a professional current account in four minutes
With Cashplus, this arduous process should no longer be a concern for entrepreneurs. Biggam explains that Cashplus only asks entrepreneurs for the essential information required from a regulatory perspective to open an account.
âDuring the account opening stage, the entrepreneur won’t need credit, so we don’t need to include a credit score. It’s part of how we make setting up a business account an immediate process.
âIn addition, we are fully online and we have been successful in automating many of the regulatory checks that we need to perform. Therefore, we have made the whole process as easy and quick as possible. ”
The result is a business checking account that entrepreneurs can use within four minutes of starting the request. Provided the automated verification checks are positive, entrepreneurs are given an account number and sort code at the end, with a business debit card arriving in the mail three to five days later.
More transparency and ease of use
Unlike a conventional bank, Cashplus does not supplement the low annual fees it charges users with account management or purchase transaction fees. Biggam notes that this is a testament to Cashplus’ commitment to providing a more transparent service than the big banks.
âWith other banks, it is possible to get free business banking services, in theory, for a while. But this is often very ambiguous because in some cases these free banking services depend on the account holder having a certain minimum balance on the account.
He adds, âAlso, once this free banking period is over, the entrepreneur will likely be subject to considerably higher fees. But at this point, it’s harder for businesses to switch accounts and therefore they’re less likely to do so.
FinTech powers on-the-go banking
Cashplus claims its solutions are proof that you don’t need a bank, and that seems like a fair statement to make when you have all the banking information you need right at your fingertips. In addition to improving efficiency, Cashplus’ FinTech solution allows contractors to access all their interactions online or via mobile, on the go and at work.
âOur typical client – who in many cases will be an entrepreneur – will want to be able to access all of their banking services on the go and online, which we allow them to do,â comments Biggam.
There is also virtually no effort required on the part of the entrepreneur when it comes to managing the account. The online system of the Cashplus company account makes it possible to send transaction data directly to the accountant of the entrepreneur on a daily basis. These data can be downloaded directly into the accountant’s accounting software which is also accessible by the contractor.
âWe work in partnership with many accounting firms across the UK,â Biggam explains. “We are working closely with them to ensure that they can receive all the transactional data they need to help contractors manage their accounts, and in turn, they will recommend our product to contractors who want to to form a company. ”
âThis therefore means that the entrepreneur does not need to go into his account, take out a statement and send it to his accountant on request, because the information is already available. It couldn’t be easier.
Get your own Cashplus business account now
Biggam concludes: âA lot of entrepreneurs come to us with the intention of moving to a big bank in a few years. But in reality, they find that our account gives them everything they need with less hassle and at a low cost.