Business Banking Accounts – there are many factors that we should all consider before we try and drive to the nearest bank for services that we can simply perform on our own without physical contact with a teller.
Online business banking super-seeds physical banking and has more that 80% of the functionalities and requirements that we need.
- You can perform speedy transfers, unlike physical contact.
- Monitoring of all transactions is instant and easy to understand.
- There are no forms and papers to fill out.
- Most of this online business banking account in South Africa can integrate with accounting applications, centralizing all you needs in one platform.
- Traditional banking is more expensive unlike online business banking accounts.
Let us observe some to the top online business banking accounts in South Africa that one can opt for.
In this reading, we will provide you with factors that will help choose the right banking account and help you evaluate which one is best for you and your business.
But most importantly, we want you to look at different benefits as opposed to just comparing the best online business banking accounts in South Africa.
Business Banking Accounts
Many people are not aware that there are online banks which don’t pay any rent in a mall or have an actual physical address where the customer can have a physical contact with a teller.
Unlike a physical bank, this online bank operates only online and does not render same services at the banks that we are used to, meaning that everything is conducted virtually.
Although this type of banks are not really as advanced as physical banks, meaning that they have limited services.
But, unlike a physical bank, registering and using an online bank is lot more easier than registering account with a physical bank.
It wise to carefully jot down important factors before making your decision between choosing business banking via an online-only bank and choosing the actual physical and located bank.
For South Africans, internet banks mostly target other countries like United Kingdom, Europe etc, but offers limited services and benefits for people who are located in South Africa.
How can Physical Banks Help You?
Physical banks are also legible to offer you digital banking although with limited functionality to some services that you might need.
The only downside with physical banks is the fact that their processes are lengthy and time consuming, for example, there is lot of paper work that is generally done.
Some of the process like replacing a lost card or credit card can involve 2 step process, where you have to get to the bank, go home and come back for collection.
If you want to open an online banking account, this is lot more easier than opening an account with a physical bank, all that you need is valid details that you can confirm and your good to go.
Best Online Business Banking Accounts in South Africa
FNB Business Banking
With FNB business banking, there are mainly four(4) transactional accounts for businesses that you can choose from.
Factors that will mostly contribute to which account is suitable for you will all rest upon on the turnover that you make at the end of your financial year.
If you have turnover of less than 5 million at the end of your financial year, then your most likely to sign up for Gold Business Account and First Business Zero Account.
First National Bank is one the best banks in South Africa that makes it for everyone to simply access their products, to open a business account, you can simply do this online by visiting their website.
ABSA Business Banking
With ABSA Business Banking, if you have a turnover lower than R10 million at the end of your financial year, you can choose from one of their great four business accounts.
ABSA has great digital banking platform that will enable you to simply apply for a business account online via their website.
Benefits of ABSA Business Banking
- Trust Accounts qualification.
- Shari’ah compliancy
- Free transactions
Benefits of FNB Business Banking
- Roadside assistance.
- PayPal functionality.
- Great security.
- Free transaction statements.
- Great online accounting platform to help you know how your business is performing.
- All types of notifications.
- Easy CIPC registration if you don’t have a registered business as yet.
Standard Bank Business Online
If you choose to open your business banking account with Standard Bank, you can choose from one of the two options that they have.
Biz Launch Account is an account that is specially designed for start-ups who have just started their business.
To apply for Standard Bank business online, you can simply visit their website www.standardbank.co.za
Benefits of Standard Bank Business Banking
- Business loans
- Revolving credit
- A business overdraft
- Collection solutions
- International business support
Capitec Business Account
If you choose a business banking account with Capitec, they offer an option called Mercantile Bank, it comes with 2 options.
For entrepreneurs who makes a turnover of up to R75 million, they can apply for a Business Banking account.
For businesses that have annual turnover of above R75 million, they can apply for a commercial banking account with ABSA.
Benefits of Capitec Business Account
- Insurance
- Rental financing
- Business loans
- Investment services
- Treasury products
PayPal
PayPal is one of the biggest and most popular online-only bank that has been around for many years. To sign up for PayPal account all that you need is an email address and other valid contact details to use it.
Benefits of PayPal Account
- Accept PayPal payments on your website
- Easy intergration with website frameworks like WordPress
- Receive and send safe transactions across the globe.
Choosing Best Online Account for Your Business
One of the important factors that you need to remember when thinking of your business banking accounts is that the bank that you have personal account with might not be right for you online business banking services.
You might find that you current banking institution might have great benefits when it comes to personal savings accounts but not great for business. Ensure that you do thorough research especially when it comes to all the benefits.
Remember that an online business banking account can be an incredibly beneficial for you business instead of using your personal account.
