Business current accounts: a better way to do business banking
Still sticking with your traditional business bank account? It's time to change that. Learn about how a SumUp business current account can benefit you.
Is your business bank account holding you back?
As a small business owner, you've probably already got a business bank account - but are you sure it's right for you? Traditional banking may feel like a comfortable, easy option for business owners. However, traditional can often mean stuck in the past, and you might prefer to opt for an online-based account that lets you take your business banking needs into the 21st century.
If you're still in the early stages of setting up your business, you might not even have a bank account. Some banks make it extremely difficult for new customers to figure out how to open a business current account, with what can feel like endless hoops to jump through and miles of red tape. Opening a business account for UK startups isn't as straightforward as it should be - and that adds another level of difficulty when you're busy trying to establish your new company.
Some of the problems you might have when you use a traditional bank account for your business include:
Higher fees. You're probably paying monthly maintenance fees just to keep your bank account open. That's without even considering transaction fees, transfer fees and ATM fees.
A minimum monthly balance. Traditional business accounts often require you to keep a certain amount of money in your account each month. Fall below, and you risk paying even more fees. For a small business with unpredictable cashflow, this can create major limitations.
Limited online features. It's true that traditional banks are starting to embrace online banking - but they're often still behind the curve. You may be able to access your statements and make transactions, but you won't have a full suite of digital features.
In-person requirements. Many banks still expect you to come in and speak face-to-face when you want to open an account or deal with important issues. This seriously burdens small business owners, who often don't have the time to spare - especially during business hours.
Restrictions on customer support. You might find that your bank's customer service team is only available during business hours, and it can often be difficult to get through to them. Again, if you're busy running an enterprise, this can cause headaches.
It's common to get frustrated when dealing with a business account at a traditional bank. No wonder more and more small business owners are seeking out an alternative.
Is a SumUp business current account right for you?
A SumUp current account for small businesses is a handy solution for any business owner tired of dealing with traditional banks. It gives you a new way to do your business transactions - fuss-free, fast, online, and without fees.
Some of the benefits of a business account include:
It's simple to open. SumUp's easy business account setup process will take you just five minutes. There are no signup fees, either, and you'll be ready to use your new account in just a few clicks.
SumUp's fee-free business account cuts down on many incidental costs. This is a business account with no transaction fees. There are also no monthly fees to pay. As a bonus, if you're already a SumUp device owner, you'll have a reduction in card reader fees.
It's faster than a traditional bank account. In particular, you can send money and receive it instantly when dealing with other SumUp business accounts.
You'll get a free physical or virtual business card. This is a contactless Mastercard you can use at home and abroad.
You can enjoy 3 free domestic ATM withdrawals a month. If you need extra withdrawals or withdraw money in another country, you'll be charged a set fee of 2%.
This is not just a free business account. It's a business account with expense management. Within the platform, you'll find automatically categorised expense management and access to powerful accounting tools - just what you need to help your business grow.
This is a fully digital service designed for the internet-savvy business owner. That means you'll have a powerful, biometrically-secured app to use, as well as a desktop platform.
Learn more about the SumUp business account.
Business accounts vs traditional bank accounts
It's natural to feel wary of new technology, especially if it sounds too good to be true. For that reason, it's best to experiment with an online business account to see if you like it - and, of course, it's free, so you won't need to waste your money to do this.
The simple truth is that the era of open banking has revolutionised the banking world. Nowadays, as a business owner, you don't need to use a traditional account, which may not entirely fit your needs. Instead, you can seek out modern alternatives - business accounts made by real businesses, rather than banks, that have a better understanding of what you're looking for.
Some business owners worry that they'll still need a traditional business account at a high street bank, or their enterprise will suffer. That's just not true anymore. These days, customers can look beyond stuffy banking institutions that are often still years out of date and choose a modern solution instead.
A business account that works for your business
Of course, some of the benefits of using a free business account are obvious - you won't be wasting your money paying fees - but there's more to the SumUp business account than that. It contains some powerful tools that can help your business in ways you can't even dream of if you have a traditional bank account.
The days when a bank account just showed you a list of transactions are long gone - or, at least, they should be. A SumUp business account contains several tools to help you manage your enterprise without having to use a ton of different apps and platforms.
The account organises your outgoings to help you manage expenses, automatically sorting things into categories. This lets you see at a glance where your business money is going - and makes things a whole lot easier for you when the annual tax season rolls around again.
Want to track your spending and earnings even more? Just turn on notifications. You'll get buzzed every time you make a payment, withdrawal or deposit, meaning you'll always be on top of what's going on with your business' finances. That's great for peace of mind when you're first starting out or for quick and easy daily management in an established business.
You can also use the app to handle your customers' payments. It can generate invoices, send payment links and set up your own card reader, effectively turning it into a one-stop shop for payment processing. You can even set up your own online store using the app - a handy, convenient solution if you're trying to sell goods or services over the internet.
If you think this simple, elegant solution is right for you, download the SumUp business account from Google Play or the App Store.
Integrating your SumUp devices with your business account
A SumUp business account can help any small business owner - but things are even better if you're already a user of SumUp devices. Your business account will give you next-day access to your SumUp sales, so you'll never be stuck waiting for cash flow. You'll always get your money the next day - even if it's a weekend or a bank holiday.
Essentially, when you put your business account together with the other SumUp devices, you'll find a robust suite of solutions designed to work together seamlessly and make your business life much easier.
You'll also have the advantage of using a single platform to handle almost everything connected to your business. All you have to do is play around with the SumUp app until you're familiar with its various features and functions and ready to go. There are huge benefits to using a single software suite to deal with everything from sorting your taxes to organising promotions. It allows you to save time on the daily tasks of running your business, allowing you to focus more on the bigger picture.
Ready to discover how modern business transactions can make your life easier? Sign up for your SumUp Business Account and take your business banking into the digital age.
