Businesses need to open a separate checking account to handle their B2B transactions smoothly. While opening a business checking account with a traditional financial institution, they often face multiple challenges. This is because traditional financial institutions usually require much paperwork, minimum balance, high fees, longer processing times, and more. All these can be challenging, especially for a newly emerging small business. These challenges can be solved by opening an online business checking account with Zil, the Simple Bank Alternative.
4 Main Issues Faced by Small Businesses Opening a Business Checking Account with Traditional Financial Institutions:
- Traditional financial institutions usually require a lot of paperwork. This can be challenging for small businesses when they are on a busy schedule and can take up their valuable time.
- Maintaining a minimum balance is a main requirement when opening a traditional business checking account. If you fail to meet this requirement, it will lead to monthly fees. This will be a burden for small businesses with limited cashflows.
- Traditional financial institutions usually charge maintenance fees, transaction fees, ATM fees, and more. Even if these fees are small amounts individually, they can add up and become costly for small businesses.
- Opening a business checking account in a traditional financial institution usually takes a longer time. This is due to the associated paperwork and verification process. You will have to go in person to the financial institution many times. All these delays will affect your business operation as payments cannot be processed on time.
Open your Business Checking Account Online
Managing all your financial needs is easy with Zil. You can easily open an online checking account with the platform for all your business needs. This is a perfect solution for your small business, especially a new one struggling with operational costs. The platform offers you an advanced payment experience, as all your transactions are online.
If your business is U.S. registered, no matter where you are, you can open an account with the platform. You can manage your small business’s financial needs securely and efficiently. Also, meet your needs and your budget as you want with the platform.
Why do Small Businesses need to Open an Online Checking Account?
As digitalization is growing day by day, businesses also need to look for an efficient solution for payment requirements. Opening a regular checking account can have minimum balance requirements and associated fees that can easily drain your account. Therefore, opening an online checking account with Zil will be a great benefit for small businesses. This is because they come with:
- No minimum balance requirements:
Maintaining a minimum balance will be stressful for emerging small businesses because of their limited cash flow. In most of the regular checking accounts, businesses have to pay a certain amount if they do not maintain a minimum balance. So, the cloud-based platform’s fee-free checking account with no minimum balance is a real savior for businesses with limited cash flow.
- No monthly maintenance fee:
Businesses usually have to pay a monthly maintenance fee for a regular checking account. This is a fee charged every month for maintaining your checking account. A monthly maintenance fee can be from $5 to $15 a month. This can depend on your account type and your financial institution. By opening a fee-free checking account from the platform, there is no need to pay a monthly maintenance fee. Also, there are no initial or hidden fees to open an account with the platform. This can be greatly beneficial for small businesses, as they can use these fees on their operation costs or other important tasks.
- Open Multiple Checking Account:
You can open multiple checking accounts with the platform for different purposes. Using different checking accounts for different purposes can help you in tracking your finances efficiently. This is beneficial in terms of improving your financial health, especially on long-term goals.
Simplify International Operations with the U.S. Checking Account
If you are a U.S.-registered small business working in another country, expanding your business in the U.S. market is quite a struggle. For this, the first thing you will require is a U.S. checking account for managing finances. Flying to the U.S. just to open an account will be a hassle and will cost you more. So, what to do?
With a U.S.-registered small business, you can take advantage of opening a U.S. checking account on Zil from anywhere. No matter which corner of the world you are in, you can have all the benefits of the U.S. account. There is no need to go through the hassle of traveling to the U.S. as you can open an account online. The platform helps you reach out to more businesses in the U.S. market by offering multiple payment options.
The Major Payment Options Offered by the Platform Are:
- ACH: You can easily pay your vendors or suppliers via ACH from your online checking account with Zil. Conveniently set up one-time as well as recurring payments via ACH with a few clicks. Setting up recurring payments via ACH can help you eliminate the need to remember payments each month. For urgent payments, the platform offers you the same-day ACH feature.
- Wire Transfers: If you are struggling with international payments, the platform’s wire transfer feature will be a great benefit. Wire transfers can be one of the best affordable options when dealing with large transactions. SWIFT/IBAN codes are used to make payments via wire transfers internationally. The platform also offers domestic wire transfers. Your routing and account number will be used for domestic wire transfers.
- Virtual Cards: Your small business expenses can be easily managed by using Zil’s virtual cards. To use a virtual card, first, you need to fund your wallet. Then you can start payments. If your balance becomes zero, you can easily request another virtual card from the platform. This can be very helpful for instant payment requirements. You can also create multiple virtual cards for various needs and set spending limits. This way, you will have more control over your finances when cash flow is limited.
The Conclusion
The Simple Bank Alternative, Zil, is the perfect solution for small businesses struggling with opening a regular business checking account. The platform offers a fee-free business checking account with no initial fees, minimum balance, and monthly fee requirements. This is a big relief for emerging small businesses that have limited cash flow. The platform also offers multiple payment options to businesses and helps them manage their finances efficiently.
