How can a small business choose the right online business account?

The ever-increasing popularity of online business accounts, in particular, was brought about by big fintech companies and their innovative approach to banking. No wonder that now we have numerous providers that come with unique offers for both small businesses and for larger ones. But how to choose the best online business account, especially if you’ve only opened a small company recently? How to make a wise decision if you’ve never really dealt with the business’  financial side before? 

Genome helps open both personal and business accounts for companies from all possible industries. In today’s article, we’re shedding light on how to pick out that one online business account with a practical digital wallet for a small business. 

Why do you need an online business account

It will simplify your tax payments – all business-related transactions and expenses are in one place. Moreover, having a corporate account makes any small business look more reliable, even if it was established only a week ago.

One more advantage of having an online business account is the possibility of opening a merchant account if needed. This service was created so that companies can accept card payments. You cannot have a merchant account without a business account. 

Must-haves for an online business account

Telling the truth, there are no good or bad business accounts. If you do want to select something that will work best for you, first of all, identify your small business needs and match them with the current offers from providers.

Further, we’re discussing significant factors for choosing the best possible business services for your and your small company.

Physical branches	Important if you want to resolve issues in person. You can also consider the proximity of branches to your home/office and availability in other countries
Online banking	Usable and functional mobile and web applications are irreplaceable for those who prefer doing their business banking online
Account limits	Maximum transfer number and amount
Fee structure	Account opening fee, monthly fee, transfer fees, etc.
Transfers and currencies supported	If you’re operating internationally, no matter if you’re located in the UK or EU), you might need both SWIFT and SEPA transfers, as well as a few different currencies
Customer support	24/7 customer service can save you time and money, especially with issues that need urgent resolution
Bonuses	Some online business account providers offer discounts or free services for their users
Requirements for opening an online business account	Different countries and providers demand different sets of documents

Online business account with Genome

We offer online business accounts for companies of all sizes. Our multicurrency wallet (USD, GBP, EUR currencies available) can be used for sending and receiving business payments all over the world.

If you want to accept card transactions*, you can also open a merchant account* with us and manage all your business finances within the Genome ecosystem. 

*Please note that Genome’s merchant services have been temporarily unavailable since September 2024.

FAQ:

Which account is best for an online business?

Apart from a regular package of services (online banking, credit card issuing, etc.), look for providers that offer integrations with e-commerce platforms. Access to large marketplaces is a must-have for any online business to expand and reach out to more potential clients. If you’re a client of a bank that offers seamless integrations, it’ll be much easier for you to sell products and receive payments from customers. 

Which account is best for a small business? 

Small company owners may consider banks and providers that bring to the table additional bonuses. These can be hotel discounts, payroll services, and even cash rewards for opening an account. What’s more, you can even get such perks as referral bonuses and chargeback protection, which is especially handy for new businesses. 

Which type of account is most suitable for business?

Anyone selling goods and services and taking money for this will need an online business account at some point. This type of bank account is intended to pay vendors and employees and receive money from clients. However, all these payments can only be made via bank transfers. For accepting card payments (both online and in-store ones), any small business will need a merchant account. It’s one more type of bank account that accumulates funds paid for your services. However, remember that you cannot really use it – all the money should be moved to an online business account first. 

What to look for in a financial service for a small business?

The choice of financial services provider here is totally up to you. Look for a bank that will satisfy your needs and help your company thrive. Some business owners prefer visiting bank branches in person, while others are more comfortable resolving issues via phone calls or chat. Pay special attention to fee structure (which can be pretty tricky sometimes) and account limits. Finally, reliable and proactive customer support service can be truly beneficial, especially if you’ve only started a company recently and don’t really know how everything works on online business bank accounts.