To expand your business in the U.S. market, you will need a U.S. checking account to manage your transactions. Businesses like small LLCs registered in the U.S. but working abroad usually struggle with opening a U.S. checking account. This is because they need to appear in person in the U.S. to open an account. If the need is urgent, getting a flight ticket and flying to the U.S, just to open a checking account is not worth it. This is where the Lili bank alternative, Zil comes to the rescue.
Easily Open a U.S. Checking Account
As long as you have a U.S.-registered small business, you can open a U.S. checking account with Zil. The platform lets you take advantage of opening a U.S. checking account for your small business from anywhere. Regardless of where you are from, you can have all the benefits of a U.S. account. As you are opening an account online, there is no need to travel to the U.S. Manage all financial needs securely and effectively with the checking account on the platform.
Why Open a Checking Account Online with the Cloud-Based Platform?
When you are a new LLC owner struggling with your operational costs, opening a regular business checking account will drain your finances. This is because you will have to face certain challenges when opening a regular checking account. The main challenges are minimum balance requirements and monthly maintenance fees. These challenges can be overcome by opening Zil’s fee-free checking account.
- No Minimum Balance Requirements: Most of the time, when you open a regular checking account, there will be a minimum balance requirement. This can be a certain amount of money and if your account balance goes below that you will be fined. Maintaining a certain amount of money, especially if the requirement is high, will be a struggle for small businesses. So, the platform’s fee-free checking account is a savior in this case. There are no minimum balance requirements when you open an online checking account with the platform. This helps small businesses to be stress-free when there is no minimum balance in their account.
- No Monthly Maintenance Fee: A regular checking account usually comes with a monthly maintenance fee. This is a fee you pay each month to maintain your checking account. A monthly maintenance fee can typically range from $5 to $15 per month. Even though these fees might seem small, they can drastically affect your account balance. There is no need for a monthly maintenance fee when you open a fee-free checking account with the platform. This can especially benefit small businesses as they can improve their cash flow and invest this fee in other important operations.
Enhance your Financial Operations with Multiple Payment Methods
When you own a small LLC, you will have to make payments for different purposes like payments to vendors or suppliers. Using Zil, you can make payments via multiple payment options like ACH, wire transfers, and virtual cards efficiently.
- Pay via ACH: You can easily pay your vendors from your online checking account with Zil, using an ACH for efficient domestic transfers. ACH is the automatic clearing house which is monitored by NACHA. Therefore, payments via ACH are considered very safe and secure. You can easily set up a one-time payment as well as recurring payments with ACH. Setting up a recurring payment can help you simply eliminate the hassle of needing to remember payments each month. You may also use the same-day ACH feature of the platform to make payments on time. The same-day ACH feature can help you avoid late payments and any associated penalties.
- Pay via Wire Transfer: With the wire transfer feature on the platform, you can make domestic as well as international transactions. When you need to pay vendors internationally, especially a large transaction, wire transfers are the best option. To make affordable international transfers, you can use the wire transfer option available on the platform. Wire transfers use codes like SWIFT or IBAN for transferring funds internationally. On the other hand, they require routing and account numbers for domestic transfers. You can use both domestic and international wire transfers, depending on your needs.
- Pay via Virtual Cards: You can manage your business expenses easily by using Zil’s virtual cards. You have to first fund your wallet to use a virtual card. Then, you can start payments until the balance in your wallet is zero. When the balance is zero, you can request another virtual card from the platform for further payments. A virtual card is helpful when you have to make instant payments anytime.
You can also create multiple virtual cards in a single account for different purposes. When you own a small LLC, you will have different departments. For departments like marketing, your team members will be handling some payments. This is where multiple virtual cards come into use. With the platform, you can create and send virtual cards to your employees to handle payments. You can set spending limits which gives you more control over your finances.
Conclusion
Opening a U.S. checking account online is simple with the Lili Bank alternative, Zil. Businesses like small LLCs registered in the U.S. but working abroad can easily open a U.S. checking account with the platform. This is very beneficial as you do not have to visit in person to open an account. Furthermore, the checking account from the platform does not require any monthly maintenance fee or minimum balance. This can save your account balances from drastic drain and you can use this money for other operational costs. The multiple payment options from the platform like ACH, wire transfers, and virtual cards can help you transfer funds affordably. Therefore, use the cloud-based platform to satisfy all your financial needs.
