The holiday season turns nursery and garden stores into magical destinations where the spirit of Christmas comes to life. As customers flock to find the perfect Christmas tree and poinsettias for holiday decor, your store becomes a hub for holiday cheer. When the demand for seasonal decor and plants peaks, this busy and joyous season is a time of immense opportunity. As a business owner, you should know that this is also the time that requires careful financial management. As the holiday sales and expenses increase, having dedicated business checking accounts can help you keep your finances organized. In this blog, let us see how the Novo Bank alternative, Zil.US, helps you manage business payments.
Why a Business Checking Account is Critical During the Holidays?
For a nursery and garden store, the holiday season, like Christmas, is one of the busiest and most profitable times of the year. However, these are also the times when financial complexities come into play.
- During this busy holiday season, customers’ need for Christmas trees, holiday plants, and decorations increases. So, you may have to order and stock these items on time to meet the holiday rush. To efficiently handle these expenses, you need to separate your personal spending and maintain a separate business account.
- Also, your vendors and suppliers expect professionalism, especially during these peak times. This is because vendors often prioritize working with businesses they can trust to meet payment deadlines and maintain professional transactions. When you do not have a separate account, you may get confused, and payments can be delayed as the cash flow is fluctuating. Therefore, opening a separate business checking account is important.
However, when you open a business checking account in a traditional financial institution, it comes with certain requirements. This includes initial fees, minimum deposits, minimum balances, monthly maintenance fees, and other hidden fees. Even if these are small amounts, small businesses like nursery and garden stores with fluctuating finances may find it difficult to maintain these accounts. Especially after the holiday season, when your cash flow is low, managing a traditional business account can be a burden.
Easily Open a Fee-Free Checking Account
You can easily manage your nursery and garden store’s finances by opening a fee-free checking account on Zil.US. By opening an account on the platform, you may avoid the hassles of initial fees, maintenance fees, and other hidden fees of traditional accounts. Also, you do not have to maintain a minimum deposit or balance for opening an account on the platform.
For a nursery and garden store, the fee-free checking account can be a great savior when the cash flow is inconsistent. A business checking account on the platform not only benefits you in the holiday seasons but also helps you plan for seasonal cycles. With the platform’s online checking account, you can manage finances without stepping out of your stores.
Multiple Checking Accounts to Ease Handling Expenses
When you have a nursery and garden store, it is always essential to have different accounts for particular purposes. For instance, it could be for buying seasonal inventory, operational costs, payroll, and taxes. All these purposes have a separate account. Thus, you can track expenses as well as organize your finances. You will be able to have a clear picture of your business’s financial health, which aids in your financial planning.
Manage your finances effectively by opening different accounts on the cloud-based account. You can now segregate funds for specific uses and reduce complications and errors when using Zil.US. Where unauthorized payment or withdrawal occurs, it is more noticeable, since you have segregated accounts. So, you can reduce fraudulent activities by opening separate accounts on the platform.
Manage Expenses with Virtual Cards During the Holiday Season
During the holiday rush, you will be stressed by increased inventory demands, high customer traffic, and a flurry of transactions for supplies. In these times, you may not have time to handle all finances especially quick last-minute purchases. So, providing your employees with virtual cards can be a great option to consider.
You can get multiple virtual cards on a single account with spending limits set for each one using Zil.US. The platform’s virtual cards are the best payment option when handling different payment needs. As you can set spending limits on them, you can stay within your budget, avoiding overspending. Also, you do not have to worry about the cards getting stolen or lost like physical cards. If you find any suspicious activity on the card, you can immediately block or freeze it with a few clicks.
Make Supplier Payment on Time with ACH or Wire
In this holiday season, make timely payments to your suppliers to ensure the stock of Christmas trees, festive plants, and seasonal decorations. Two efficient payment methods on Zil.US you can rely on for these payments are ACH and wire transfers.
The cloud-based platform provides one-time and recurring ACH payment options. If you have routine payments, setting recurring ACH on the platform will be an efficient and affordable option. This helps you to avoid the hassle of remembering payments each time you need to make them. When the payments are large and urgent, then a wire transfer will be the perfect option. You may send domestic and international wire transfers on the cloud-based platform.
The Conclusion
Spread holiday cheers and manage the finances of your nursery and garden store by utilizing the Novo Bank alternative, Zil.US. With the platform’s fee-free checking account, you can handle expenses efficiently. The platform also offers multiple payment methods like virtual cards, ACH, and wire transfers to make timely payments.
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