Bank accounts for High Tech Companies

Multi Currency Transfers
Many high tech startups outsource employees and have clients, affiliates, and representatives worldwide. This creates the need to send and receive money globally, across multiple currencies. High tech startups need to transact these payments swiftly and easily.

24/7 Customer Support in English
Banks need to provide customer support in English, around the clock. Many high tech companies have employees and affiliates across the globe and need customer support in this common language. Many European banks still don’t offer customer service in English, which makes it difficult for the company’s employees to receive assistance when needed.

Fast Payment Authorizations
High tech startups need to be able to approve payments swiftly and easily. With the possibility of different employees in the finance department located in different countries, startups need a fast way to authorize and complete their banking activities. Plus, when an employee dealing with financial aspects is away on business, it’s important for them to be able to approve incoming and outgoing payments from their mobile device.

Tailored and Customized Fees
Another major need of high tech startups is a set of fees outfitted to their specific requirements. Fees can differ drastically depending on the risk factor of the startup. When assessing the company’s legal structure, jurisdiction, business activities, and other factors, the bank will set a required fee.

The Needs of High Tech Companies vs. Traditional Corporations
To begin understanding the banking needs of high tech companies it’s important to realize how they differ from the needs of more traditional companies. Banks are more familiar and accustomed to dealing with the traditional corporation as opposed to the high tech startup.
Some of the main differences unique to the high tech startup is that they operate constantly with long hours and employees worldwide. Often, they don’t have a Chief Financial Officer appointed and are always in need of additional funds.

In order to adapt their methods, banks have to fully understand the high tech startup’s needs. This way they can provide the startup with a better chance at success. Banks need to modify the financial services they offer and have highly skilled employees that know how to communicate effectively to begin adapting to the high tech ecosystem. The bank needs to be willing to acclimate to this new system in order to create a good relationship with their high tech customers.

Banking for high tech success
To meet the needs of the startup, the bank needs to provide global banking services, implement and carry out complex digital transactions, and adapt to the unique investor environment typical to the high tech industry.
A bank has to be able to adjust their financial services depending on the stage of the startup’s development. In terms of pricing and fees, a bank needs to build a unique cost structure that fits a startup’s specific requirements.

In order for a startup to succeed, they need a bank that truly understands the needs of a high tech company. Knowing what their high tech customers require will help the bank provide what is needed to help those companies be successful.