Mercury Bank alternative, Zil, offers fee-free checking accounts for businesses and individuals. You can conduct payments using different methods at affordable transaction fees.
The payment processing industry in the US is rapidly changing due to technological advancements, changing customer behaviors, and regulatory developments. Businesses that do not adapt to these changes and provide secure, convenient payment options will face significant competition.
According to studies, 99.7% of businesses in the US are small businesses. Of the small businesses, 80% are run just by the owner, and 16% have fewer than 19 employees. Having large transaction fees for payments can affect your business, and eventually, your business will fail.
Challenges Faced By Small Businesses During Payments
Delayed Payments
Small businesses often deal with late payments from clients, which can strain cash flow and affect their ability to pay vendors or employees on time.
High Transaction Fees
Payment processing fees, such as those for credit cards or digital payment platforms, can add up, cutting into the already thin profit margins of small businesses.
Fraud and Security Risks
Handling payments exposes small businesses to potential fraud and cybersecurity threats, which can be expensive and damaging to their prestige.
Limited Payment Methods
Many small businesses offer only a few payment options, limiting flexibility for their customers and making it difficult to compete with larger companies offering a broader range of payment methods.
Cash Flow Management
Insufficient cash flow management can happen due to unpredictable payment cycles, which can make it difficult for small firms to maintain liquidity and meet financial obligations.
Foreign Transactions
If dealing internationally, currency exchange rates and the complexity of managing cross-border payments can be challenging. It can result in delayed payments or higher transaction costs.
How To Conduct Affordable Payments For Small Businesses?
For small businesses, having cost-effective payment solutions is necessary. Zil allows you to make affordable and secure payments with the help of free online checking accounts. You can open online checking accounts with no initial fee or minimum balance requirements. The platform also eliminates maintenance fees and additional fees on checking accounts. The feature is helpful for startups, sole proprietors like the local grocery store, freelance writers, IT consultants, etc.
How Useful Is Zil For Small Businesses?
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Multiple Online Checking Accounts
Small businesses need to manage funds for various purposes, such as operational expenses, payroll, and taxes. Having access to multiple online checking accounts allows for better organization and financial tracking. For instance, a business can use one account solely to pay payroll while the other handles daily expenses. With the help of multiple checking accounts, small businesses can monitor cash flow, allocate budgets, and reconcile accounts without confusion. Zil’s fee-free online checking accounts also mean businesses don’t have to worry about the extra costs of maintaining several accounts.
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Flexible Payment Options
Offering flexible payment options is a must for small businesses to stay competitive. With Zil, businesses can handle payments through ACH transfers, wire transfers, wallets, or even virtual cards. It gives them the freedom to pay vendors or suppliers using whatever method is most convenient for them. Smooth company operations, quicker payments, and lower transaction costs can all be achieved through the software. For example, if a vendor prefers ACH transfers but wants to pay from wallets, Zil can accommodate both without additional hassle.
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US Checking Account
For small businesses that deal with U.S.-based customers and vendors, having a U.S. checking account is invaluable. It simplifies transactions, eliminates the need for currency conversions, and avoids delays associated with cross-border payments. It is useful for international small businesses looking to expand into the U.S. market. Zil’s US checking account provides the convenience of processing payments swiftly without losing any value. Businesses can set up a strong presence in the U.S. without needing a physical bank account.
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Corporate Expense Card
Managing employee expenses can be a challenge for small businesses, especially as they grow. Zil’s corporate expense card makes it easy to issue cards to employees for business-related purchases, whether they’re for travel, office supplies, or client meetings. Business owners can set spending limits, track purchases, and manage multiple cards from one platform. This ensures better control over expenses. By reducing the need for refund procedures, this feature improves the transparency of spending.
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Wallet
Zil’s wallet feature allows small businesses to store funds digitally. They can use the wallet for transactions, such as paying vendors, sending money to employees, or making online purchases. Without always relying on traditional bank accounts, you can make payments during urgent situations. Having a wallet provides efficiency and speed in accessing and transferring funds. You can fund your wallet at any time from anywhere via ACH or wire transfer.
The Best Financial Platform For Small Businesses
Zil is the ideal financial platform for small businesses that provides essential features like mobile and online payment convenience. Business owners can smoothly manage their finances from anywhere, whether they’re handling multiple checking accounts, paying vendors, or tracking expenses. Without having to visit a physical bank, the all in one platform allows businesses to run effectively.
Security is a top priority for the platform, with advanced encryption and protective measures ensuring that all transactions and financial data remain safe. Small companies can trust that their financial data is secure and do not have to worry about breaches or fraud.
In addition to convenience and security in financial transactions, Zil offers a variety of digital tools to enhance financial operations. These tools include corporate expense cards, digital wallets, and the ability to manage vendor, supplier, and bill payments. These features allow small businesses to handle every financial need through a single platform.
Conclusion
In a world where every dollar counts, the platform takes the hassle out of managing payments for small businesses. Whether you’re simplifying expenses, making lightning-fast transactions, or balancing multiple checking accounts, Zil’s got you covered. Add top-notch security and the convenience of handling everything online to your business. So why get stuck with high fees and complicated processes? Let Zil simplify your financial life!
