Should You Use a Business Account for Your Business?

Written by
Marissa Saini
Last Modified on
June 6, 2024

So you’ve heard about the new kids on the fintech block—business accounts from payment service providers. Unlike traditional banks, these are fully virtual platforms that offer similar financial services to consumers. In Singapore, many upcoming small businesses and startups are turning to these options for their business.

Fast, nimble, and innovative, using a fintech solution like this for business can help your company to get rid of unnecessary expenses, freeing up much needed cash for a new company like yours.

Are these business accounts from payment service providers for you?

On the fence about applying for a business account? Here’s a checklist of who and what businesses these accounts are the most suited for:

  • You love efficiency
  • You’re constantly on the go
  • You’re game to try innovative features
  • Businesses that deal overseas, or frequent travellers
  • You’re on a tight budget

1. You love efficiency

Neobank for business: You love efficiency
img source: Aleksandar Pasaric

The number one gripe when it comes to business finance are the long wait hours and hefty amounts of paperwork.

For a large MNC, a mountain of paperwork and application processes might just be a small hurdle to cross, but for startups and SMEs, the time wasted in this could have heftier financial repercussions.

That’s why if you love efficiency, try the payment service providers for your business. They usually have ultra-fast application rates with instant account openings and quick setups. Since most of them operate on platforms such as mobile phone apps, you’ll be able to track you application processes with ease.

When you choose a the one that is right for your business needs, you’ll also have access to round-the-clock customer service. That means you’ll no longer have to keep your fingers crossed through the night when something goes wrong.

They make creating a business account, and managing your business finances fuss-free.  

2. You’re constantly on the go

neobank for your business: constantly on the go

We can’t deny that smartphones have taken over the world. When you’re a business owner, things move quickly. You probably spend at least five hours a day glued to your devices, tracking transactions and liaising with vendors. Having to head down to physical offices to take care of business finances can be a drag.

That’s where these modern solutions come in. Most of them operate entirely on online platforms, mostly through a smartphone application. Engaging them for business means that you’ll have real-time notifications and access to your business transactions all from one device.

With a streamlined view of all your business spend, you’ll be able to make more efficient and effective business decisions.

3. You love innovative features

neobank for your business: you love innovative features

Oftentimes, online apps by traditional banks provide transaction histories and expenditure insights. With these modern options, you’ll be sure to have access to more than just that.

Here are some innovative features you’ll have access to when you use these fintech solutions for your business:

  • Smart reporting and insights
  • Expense tracker
  • Monthly reports
  • Integrating with APIs such as accounting software
  • Handle payroll

These fintech companies are usually tech-driven, and consistently upgrade their user-interfaces to bring the best user-experience to their customers. Unlike traditional online platforms that are usually difficult to navigate, these apps put customer satisfaction at the forefront of their services.

Revolut and Aspire provide features such as integrating accounting and payroll software, helping SME owners and startup founders cut through their daily tasks. Smart reporting functions also collate your business insights and finance expenses into one page—super handy.

So if you’re tired of boring user-interfaces, and having to open multiple tabs when settling business finances, get a business account from one of the payment service providers.

4. Your business deals overseas frequently

neobank for your business: overseas frequently
img source: Jason Toevs

Access your business reports any time, and anywhere with their apps.

As mentioned previously, using such fintech solutions for business means you’re only ever a click away from monitoring your business finances.

If you’re a frequent traveller, managing your business finances will be a piece of cake. Business Account holders are also privy to some of the most competitive foreign exchange and foreign transaction fees in the market. Transferwise, one of the world’s leading solutions offers low international transaction fees and exchange rates, along with international business account openings. This means you get to save time and money for your business.

5. You’re on a tight budget

neobank if you're on a tight budget
img source: Joslyn Pickens

Picture this: you’ve just incorporated your company, and you’re looking to open an account. However, the options you have come with minimum account deposits, and monthly fees that will chip away at your current budget.

That’s where innovative solutions such as a Business Account from a payment service provider comes in. They operate almost entirely online, they save immensely on overhead costs such as staff and branch operations. These cost savings can go up to 40%, which are then passed down to their customers like yourself!

Take the Aspire Business Account for example. With no minimum fees, monthly account fees, or fall-below rates, it’s the perfect choice for new companies looking to save on the essentials. Saving on administrative business needs frees up budget for other areas such as marketing, which can help push your new company to greater heights.

Ready to get started with your Business Account?

If you're ready to make your business finances more convenient and enjoyable, you can consider Aspire, a payment service provider who is leading this charge.

Aspire allows business owners to incorporate their business, open a business account and apply for credit lines all in one app. With no monthly, minimum or deposit fees, Aspire might just be the solution you’ve been looking for.

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About the author
Marissa Saini
is a seasoned writer and an avid trendspotter across business finance, personal finance, travel and lifestyle industries. With writing history at SingSaver, INK, and ohmyhome, Marissa leverages her broad range of experiences to simplify finance and make readers financially savvy.
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