Choosing a bank to open a business account is a strategic challenge that can quickly turn into a headache. To make the right choice and avoid unpleasant surprises, it's best not to rush and take the time to compare all aspects of each proposal. Here's a list of everything you need to check before choosing your banking provider.
1. Compare online banking for professionals with neobanks for professionals
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|---|---|---|
| Professional bank account with a traditional professional bank |
Business account in a fintech |
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| Bank types | Traditional banks | Online pro account |
| Examples | BNP Paribas pro BPCE (Banque populaire, caisse d'épargne) LCL Pro Société Générale Pro Banque Postale Pro |
Anytime Qonto Boursorama bank N26 Ibanfirst Monabanq |
2. Anytime recommendation: at least two pro accounts
Anytime recommends having at least two business accounts. Generally, we find that Anytime customers have a pro account with a pro online bank or a traditional pro bank to manage their credit, and open an Anytime professional account to support them in the day-to-day development of their business. When this is not the case, customers have two professional accounts with two professional payment institutions.
The mistake not to make would be to have only one professional bank account. Imagine if the legal department of your online bank decided to close your business account? Your entire business would be at risk. You won't be able to pay your utilities or your employees' salaries. In just a few weeks, you could be filing for bankruptcy.
3. Know the conditions for opening a business account
What legal forms are accepted?
While some banks will open a business account for any type of company, others focus only on certain profiles.
For example, some professional banks give preference to companies. If this is what you're looking for, be sure to compare the terms of a capital deposit, as they can vary greatly from one online pro bank to another.
Others only offer professional accounts for micro-entrepreneurs, which may suggest that they will be the most suitable. Generally speaking, online pro banks that offer this type of online pro account are pro banks that in 2016 only offered products for individuals (this is the case, for example, with Boursorama and Monabanq). So beware of the value proposition offered by these banks. All you'll get is a personal account "disguised" as a business account, without the tools and services offered by pro payment institutions.
What's more, if you're setting up a micro-business with a view to upgrading it to a different status, you know you'll have to change your online banking pro when the time comes.
Are there any other conditions for opening an online business account?
Some pro banks require a minimum turnover to open a business account, or offer preferential rates to companies with a certain number of transactions. Other professional banks, on the other hand, only offer their services to companies with sales below certain thresholds.
Some professional banks systematically refuse certain categories of company, such as VTCs or general building contractors...
4. Compare pro bank offers and content
Check the nature of your online pro account
Don't think that a pro account is a pro account. You have to compare apples with apples. In fact, some neobanks or online financial institutions issue a foreign IBAN, which can complicate certain transactions. Many French pro banks still make it difficult to make transfers that are not issued to a French IBAN. On the other hand, some pro banks offer a pro current account with a low, but existing, interest rate. These criteria should also be taken into account when making your choice. You should also be wary of transaction fees, which can quickly add up.
Search for packages
Most banks offer packages for professionals, which include certain services and benefits as standard. You can choose your package according to your needs, but beware: some packages include services you won't need, depending on your profile.
Find out about the professional bank cards on offer
Most likely, you'll need a Mastercard or Visa card, or even several cards, to manage your business expenses and those of your employees. You need to consider this parameter carefully. Some cards offer high ceilings, which you won't necessarily need. Others, on the other hand, are low-cost, but offer very limited possibilities, which will make your day-to-day life more complicated.
The cards offered by pro banks are business cards, but they are attached directly to the company's business account, without giving you the option of modifying the spending limits for each card in real time. If you need to manage your business expenses more effectively and control the budget that each employee can spend, fintech pro Anytime offers solutions for managing up to 10,000 expense cards.
Pro neobanks and online financial institutions also often offer the possibility of using Mastercard virtual cards. This is a particularly secure payment solution, ideal for online or remote purchases. All the more so as this solution is generally included in the package.
Taking stock of transfers and direct debits
Payment or collection by bank transfer will probably be part of your daily routine. So you need to compare the number of transfers and direct debits included in your business account package. If they are not included, check the unit rate to avoid any unpleasant surprises. You should also check whether you can make transfers to or from abroad outside the SEPA zone, i.e. outside Europe. Some online pro banks charge an inordinately high commission for this kind of service.
Managing cheque payments and receipts
Depending on your line of business, you may need to cash cheques. This feature is available in all traditional pro banks, but not necessarily in online pro banks or neobanks. So don't hesitate to check this point too. Anytime was the first online pro account to offer cheque cashing.
On the other hand, even if the checkbook is becoming less and less used as a means of payment, especially by professionals, who prefer bank transfers, it may still be necessary. Some professional banks do not provide them. As for traditional banks, they all provide them, but some charge extra for them.
5. Evaluate how easy it is to manage your online pro account on a day-to-day basis.
Customer service quality
Contrary to popular belief, customer service isn't always better in a traditional pro bank than in a pro online service. Indeed, opening a pro account online, like other operations, requires a trip to the branch, and sometimes an appointment, which can take several weeks. Neobanks and financial institutions generally offer excellent responsiveness by e-mail, chat or telephone, sometimes with the option of a dedicated advisor. What's more, opening a pro account takes just a few minutes and can be done at any time of the day or night.
Manage your pro account online
The advent of mobile applications and "remote everything" also applies to the world of professional online banking. Perhaps you're one of those people who likes to be able to manage everything at your fingertips, from your PC or smartphone. Most online pro banks offer a secure personal space where you can consult your pro accounts, and even carry out the most common transactions. On the other hand, for a mobile application that lets you manage everything, we strongly recommend that you turn to a neobank pro. Indeed, the very concept is based on management via the mobile application.
If you need to speak to an advisor to carry out your transactions, we advise you not to use a neobank, as their nature is based on autonomy. The tools developed by pro financial services enable customers to carry out operations themselves, without the need for an advisor to intervene.
Expense management
Some business accounts come with a module that makes it easy to manage expense reports and receipts. This is the case with the Anytime online pro account, which lets you attach a photo of a receipt to the relevant payment with a single click. The application also makes it easy to integrate entries into your accounting software. This saves you and your accountant time in the day-to-day running of your business. What's more, you can add your accountant as a full member of the application. Pro banks don't offer this kind of service.
Accounting integration in your online pro account
Neobanks have forged partnerships with accounting software so that you can track your transactions in real time and automate your banking flows. Anytime goes one step further, offering professionals preferential rates for accountants and chartered accountants who make it easy to keep track of your cash flow and your business. Accounting will never be a problem for you again.
6. Ancillary services
Credit options
All pro banks, as credit institutions, can offer pro loans, but this is not always the case with online pro banks or pro neobanks. However, this possibility is not always out of reach, as some pro neobanks have established partnerships with crowdlending platforms, offering access to loans at attractive rates. Such is the case with Anytime, whose list of partners can be consulted here.
Insurance
As with credit, some pro neobanks are partners of insurtech companies, giving you access to next-generation insurance offers. So it's a good idea to compare these possibilities before making your choice in terms of banking establishment.
Payment terminal
Some pro neobanks negotiate preferential rates on behalf of their customers. Anytime, for example, offers Smile&Pay 's Mini Smile payment terminal in all its packages.
