If your business is a small and medium-sized business, you can manage the financial needs of your business in the most efficient way by opening an online business banking account, one of the digital banking solutions.
If you consider managing your business with a personal bank account, you may miss out on services such as business credit cards, low transaction fees, and global payment options.
If you have established a limited company or a joint stock company, there may be a legal obligation.
- It may be a necessary application for receiving non-cash payments.
- Can offer a safe place to keep your money
- Can provide additional features or benefits to businesses
Small business owners should learn about the benefits banking services provide to their business.
Here's an overview of account types, services, how to compare different accounts, and what you'll need to open a business bank account.
Why is a Business Banking Account Important for Businesses?
Digital business banking accounts are crucial for businesses. Financial institutions that issue business bank accounts may also give you a business loan, loan, or credit card.
These types of business loans can help you manage your business's finances.
But always be careful when borrowing money. Before taking out a loan, make a plan on how you can use the loan effectively and repay the debt.
Opening a business bank account may be a requirement to receive non-cash payments, including debit and credit cards. The bank where you opened an account can provide you with the necessary setup to accept cards.
However, it may be better to compare your options to determine which business service provider will offer you the lowest rates.
What Transactions Can Be Done with a Business Banking Account?
Business banking accounts provide services in many areas, especially commercial transactions. Some important transactions come first among these services.
Although each application among banking transactions is implemented for different tasks, they unite around the same purpose.
So, what are these transactions covered by business banking accounts?
Let’s examine the most common business banking transactions as follows:
- Deposit
- Credits received
- Funds provided using capital market instruments
- Borrowing related transactions
- Banks' capital and requirements
You can carry out all insurance transactions such as commercial transactions, deposit and investment transactions, compulsory traffic insurance, earthquake insurance, complementary health insurance, foreign exchange, gold and Euro transactions, housing loans, consumer loans, and motor vehicle tax.
In addition, you can perform many other transactions such as SME loans, vehicle loans, and credit card transactions, and all the calculations related to these transactions quickly and securely with a digital business banking account offered by Jetonbank.
At Jetonbank, we offer the most reliable business bank accounts for small and medium-sized businesses, completely digitally.
By contacting Jetonbank, you can access the fastest and most secure banking services for your business. You can open your business bank account online in minutes through Jetonbank.
Can International Transfers Be Made with a Business Banking Account?
International transfers such as cross-border payments are easily completed thanks to digital business bank accounts offered by digital banking platforms.
Whether you own a small or large business, you can increase the number of potential customers by expanding your financial needs to a global scale.
You can access not only the local customer network but also the opportunity to work on a global scale by accepting payments in different currencies through business banking accounts.
You can't speak to a banker in person or get in-branch services like easy deposits or exchanges that many business owners need.
However, if your business does not require such services, an online business banking account may be suitable for you.
You can also use both account types to benefit from lower fees and a higher interest rate. You can also open a current account with a suitable branch-based bank and a savings account based on online banking.
What is the Difference Between Corporate Banking and a Business Banking Account?
While corporate business accounts have identified large-scale companies as their customer base, business banking is generally for small and medium-sized businesses.
Differences in financial needs for institutions and individuals have had multiple reflections on the banking sector. The most notable of these is the provision of priority customer service for corporate customers.
For companies, it is vital for the institution in question to immediately resolve any errors or confusion in online banking transactions. This situation on internet banking reflects that institutions benefit from wider customer support rights in Internet branches.
For example, if a company owner encounters a suspicious transaction in his account transactions, he is directed to the online emergency support team regarding this situation, while he is directed to a separate support team for changing and updating corporate information.
In addition, corporate banking account customers benefit from the benefits of Internet banking in the preparation of reports such as balance sheets and cash flow statements. In addition, there is a personal authorization option for companies in Internet banking.
In other words, the company owner can authorize a small number of employees, such as accounting and finance managers, on Internet banking platforms. However, this cannot be the case for individual users.
Corporate banking customers are more comfortable with Internet banking for transactions such as credit score inquiries and check inquiries.
For individual customers, Findex records and subscriptions are required for these queries. Corporate customers can easily make these inquiries with a few clicks in internet banking.
Why is a Business Banking Account Useful for Businesses?
Business banking accounts are pretty beneficial for businesses. Because they offer various financial services in just one account.
In addition to this service support, these accounts offer multi-currency accounts for working on global scale businesses.
Business accounts, unlike personal banking accounts, are accounts where the following financial needs of businesses are met with advantageous transaction fees:
- Accept various payment methods
- Asset transfers
- Salary payments
- B2B banking transactions
Like individual accounts, a business can open current business accounts and savings accounts.
Business banking accounts are very lifesaving, especially for managing transfers and receiving payments on a global scale, and for easily managing such transactions and monitoring the financial status of the business.
With Jetonbank, you can schedule business banking transactions and create your online bank account in just a few steps.
