Many banks and financial institutions around the world try to understand the challenges faced the entrepreneurs when starting a new business, but a few of them actually set up a special banking startup account that fits to new high tech companies.
We, at GBO, work with many banks and financial institutions around the world and offer for a startup company a corporate assistance with finding the best bank account for the newly company
A startup is like any other new business but with a special complex needs due to it’s operations and industry. In the below list, we have tried to gather some of the most common features of startup bank account’s needs based on our vast experience:
A Business Current Account – it sounds obvious but every company must have a business bank account/operational bank account to run it’s business. This need is not specific to startups or high-tech companies but it is “must have” specially to a company that operate globally with large outsource activity, which is one of the main characteristic for a startup.
Business Cards – Although cards are not the only option today to pay for services, it is still the most common way for businesses. With a payment card a startup company can approach to electronic wallet like, for example, and apply for an account. Without a card, it will be much more difficult.
In Europe, at the Nordic counties and the Baltic, the use of cards is not so common as their use electronic and payment wallets, buy still, is your startup is operating globally, it is a must. The are many types of cards while the two main types are
- Debit cards – A debit card (also known as a bank card or check card) is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money comes directly from the user’s bank account when performing a transaction.
- Prepayment cards – Prepaid cards allow you to upload money into the card for spending and cash withdrawals. They can help with budgeting, can be use as payments to your offshore employees and to your affiliates.
Online banking – Account Access to your bank account whenever and wherever you want. It so obvious that most of the banking activities (and other things…) companies and individuals conduct though the internet but, still, there are differences between those options
- Desktop/pc – a desktop version, all banks have at least this version. It’s wide, easy to navigate and people just get used to operate their account via their laptop.
- Mobile and tablet banking – right after desktop banking comes mobile banking. This version is similar to the desk version but with big changes – the menus, buttons and the user interface are fit to mobile phones. We can see responsive version, which means that the site can fit to any screen size.
- App at Android or iOS – the most advanced version of mobile banking. Not all banks offer an app as it is more complicated to perform but can offer much more advanced features than a mobile site, like fast login with finger strip or face recognition, push notification, personal adjustments and more.
For startup that need to send mass payments to their affiliates and suppliers, the speedy log-in and payment approval is a huge advantage to use the app.
Accept /receive payments – usually startups and high-tech companies run their business globally with cross border employees, offshore affiliates, suppliers and customers around the world. It is #1 must to have the ability to get payment/ receive payments in USD, EUR and GBP as those currencies are most common currency. The banking system should integrated with SWIFT and SEPA system in order to work with USD and EUR
Currency exchange – startups companies can have income is many currencies so their bank must has a forex system to convert currencies. A startup bank account can be either multi-currency or offer IBANS for each currency.
Support – startups work in unusual hours and locations. Their acceptation to have 24/7 bank support. It is not common to see banks that offer 24/7 live support so if a bank or fintech company offer full support, it can be a very big advantage for the startup company.
Support can be through live chat, chatbox, skype, email, whatsup, telephone
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