Business banking choices shape how smoothly your company runs, from daily payments to long-term planning. The basics start with dedicated business checking accounts for income and expenses, and business savings accounts for reserves and tax buffers. Strong business banking services should also help you pay suppliers, manage cards, and track activity without extra admin work.
Many companies use multiple banks to reduce risk and keep backup payment options available. Keeping spending separate from personal accounts is essential.
With a clear business plan and using the tips we share in this article, you can choose business accounts and tools that match how you operate today and support growth tomorrow.
What is a business bank account?
A business bank account is an account opened in a company’s name that helps your business manage money for day-to-day operations. It typically includes a business checking account for receiving payments, paying suppliers, and handling regular expenses. Many banks and financial institutions, such as Genome, also offer extra tools. For instance, with us, you get debit cards, international transfers, batch payments, merchant services, and access to online banking so you can manage transactions and balances digitally.
In many countries, opening a business account is a legal or practical requirement when registering a company. Banks usually ask for business registration documents and details about the owners or directors. Some business types (for example, limited companies) often need a dedicated account to operate properly and to meet compliance rules. Additional documents might be required if you need business loans.
Of course, keeping business money separate from personal finances is one of the biggest benefits of such an account. It makes bookkeeping simpler, supports clearer cash flow tracking, and helps when you need to prove income or expenses for tax reporting, audits, or financing. Alongside your main business checking account, you can also use savings accounts to set money aside for taxes, reserves, or future investments.
Why business banking matters
Business banking is an essential tool for keeping your company organized, compliant, and ready to grow. Using a business checking account helps you separate daily operations from personal and business spending. Here’s how having a business bank account improves a company’s experience in addition to keeping business finances separate:
Accounting. When all income and expenses are tracked in one place, bookkeeping of business finances becomes faster and more accurate. A clear paper trail from a business checking account reduces mistakes, simplifies reconciliation, and supports effective financial management as your activity increases.
Taxes. Clean records are critical for tax reporting. With business banking, it’s easier to categorize transactions, track deductible expenses, and prepare documents for accountants or audits. Overall, you will feel more secure in knowing that all your records on business operations are kept in one place. You can also set aside money in business savings accounts to avoid surprises and create a financial cushion for seasonal dips or tax payments.
Payments. Business banking improves how you pay and get paid. You can manage supplier payments, payroll, invoices, and refunds more smoothly, while keeping reporting consistent. A reliable business checking account also helps you monitor transaction timing and avoid missed payments that can hurt relationships.
Cash flow and stability. Knowing what’s coming in and going out supports better cash flow planning and financial stability. With stronger records, you may also qualify more easily for business loans, which can support business growth, whether that’s hiring, marketing, or expanding to new markets.
Open an account
in Genome online
Key features to look for
For most businesses, the right account is not just “where money sits”. It’s the system that supports reporting, payments, and day-to-day decisions. The same basics apply whether you’re comparing small business bank accounts or upgrading your current setup as your needs become more complex.
Multi-currency accounts. If you bill, pay suppliers, or hold balances in more than one currency, multi-currency support can reduce mistakes and operational work. And, of course, keep an eye on all your business expenses.
Genome allows you to open additional multi-currency accounts within one wallet in seconds, holding multiple currencies, and separating funds for different purposes. Just a couple of clicks, and you can get up to 5 accounts per currency: EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, AUD, and DKK. Dedicate each account to different business operations. In addition, you can make international payments in these currencies and link your virtual and physical debit cards to most of these currencies! Use our accounts to help you run a more successful business.
Online banking. You should be able to open and manage the account remotely, view balances, download statements, and track incoming and outgoing payments without delays. Online banking also makes it easier to keep personal and business finances separate, because everything business-related stays in one controlled place. Access accounts at any time, from any part of the world.
Genome is built around digital onboarding and account management, with a business wallet and dashboard-style access to your accounts completely online! Every process here is digital – from onboarding to transfers and merchant services.
International transfers. If you work across borders, your account should support simple cross-border EUR payments and clear tracking.
Genome offers a dedicated EUR IBAN business account and SEPA transfers, which can make receiving and sending EUR payments across Europe more straightforward.
Moreover, we also have SWIFT payments for businesses, enabling you to send and receive payments from over 40 countries! The available currencies are EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, AUD, and DKK.
Instant payments. Faster settlement can matter as much as lower fees, because it changes how quickly money becomes usable.
With Genome, SEPA Instant Transfers are supported. For one, you can send and receive payments from your business partners in a matter of seconds.
Additionally, SEPA Instant Transfers are used for merchants to accept payments via Open Banking. With it, merchants get instant payouts: funds are settled immediately into your business account after a customer pays via SEPA Instant Transfers, which can directly improve cash flow when timing is tight.
Mobile banking. A reliable app matters when you need to approve actions quickly, monitor incoming funds, or stay on top of spending while away from your desk.
The Genome app can be used for managing business activity, and its card features are designed to work with mobile wallets, which can be practical for controlling day-to-day business expenses. You can easily download the Genome app for iOS and Android and perform the main business tasks inside it!
Merchant tools. If you sell online, you might need a business checking account provider that also offers merchant services. We are talking card processing, Open Banking payments, hosted checkout, and other tools. If you need to accept credit / debit cards and other payment methods, you definitely need such services.
In addition to a business checking account, Genome offers companies merchant accounts. We have instant bank payments powered by Open Banking, which allows you to accept bank transfers from clients (SEPA Instant and Credit Transfers). Card payment processing for merchants is coming soon.
We also provide a hosted payment page that keeps sensitive data within a secure environment to support smoother checkout and added fraud protection through bank-authenticated payment flows.
Low fees. Pricing should be clear and predictable, especially if you send frequent transfers or process customer payments. Pay attention to transaction fees, FX costs, and any extra charges for add-ons. Genome offers transparent pricing, separating it by business categories. Always openly available on our website.
Open an account
in Genome online
Essential business banking tips
There’s no doubt that business checking accounts come with many benefits for both small business owners and larger businesses. Still, there are some tips you should follow for even more effective management of your funds.
Separate personal and business finances. It protects personal assets, keeps records clean, and makes reporting easier, especially for a sole proprietorship.
Compare fees regularly. Review account fees, transfers, and debit card payment costs so small business banking stays predictable. Check if you need some of the services, like a savings account, batch transfers, etc.
Choose banks with low FX markups. High exchange markups quietly increase costs for a small business that pays internationally. Keep track of your business funds.
Avoid branch-only banks. If support depends on visits, you lose time and easy access to urgent tasks.
Prioritize digital-first financial services. Modern tools give faster approvals, clearer tracking, and better control of banking services for business owners.
Use multi-currency wallets. They can be simpler than opening foreign accounts and help with cross-border operations in small business banking.
Automate recurring payments. Scheduling bills reduces missed deadlines and supports secure funding planning.
Enable instant payments. Faster transfers (SEPA Instant Transfers, Faster Payments, etc.) help cash planning and reduce delays in a business checking setup.
Track financial activity weekly. A quick review helps catch errors, spot trends, and control spending.
Review account access. Limit access to roles that need it and strengthen fraud protection.
Negotiate pricing as volumes grow. When volume increases, ask for better rates and lower transaction costs.
Consider fintech alternatives. Many offer faster onboarding and flexible tools, but keep your business documents ready for verification.
Business banking mistakes to avoid
Avoid mixing personal finances with business funds, because it makes tracking and reporting harder as your business grows.
Don’t ignore the fee structure: check what accounts charge for transfers, cards, and currency exchange, and choose the right bank for your financial needs.
Relying on only one payment method can cause delays, so consider backup options with different banks.
Manual bookkeeping is another common issue. Remember that automation reduces errors and saves time.
Finally, using only one currency can create extra conversion costs. Multi-currency setups and savings accounts can help you separate reserves and plan ahead.
Business banking with Genome
If you’re looking for quality business services in a secure environment, Genome is what you need. We are an electronic money institution licensed and supervised by the Bank of Lithuania, designed for everyday business operations and cross-border activity.
Businesses can open multi-currency accounts, manage balances in one place, and use SEPA and SEPA Instant Transfers to move funds faster. The setup is digital-first, with online onboarding and account management through web and mobile tools, which can be practical for teams that want fewer manual steps.
Genome also supports Open Banking payments for merchants, helping businesses accept bank-to-bank transfers through a streamlined flow. This approach can fit different business needs, especially for companies operating across European markets.
