In this blog, we are looking at the benefits of having multiple business checking accounts from the cloud-based platform for wholesale businesses.
Wholesale markets are the essence of supply chains. They play an important role in global commerce by connecting manufacturers and retailers. The global wholesale market size was $49.5 trillion in 2023 and is expected to reach $68.1 trillion by 2028.
Suppose a high-volume wholesaler is trying to track payments for different product lines and struggling to keep funds in order for taxes, inventory, and operational expenses. Here, the probability of profits getting muddled with costs and vendor payments getting delayed is high. Have you ever thought of what is the root cause of this situation?
The root cause of this situation is lack of financial organization. When a wholesaler does all his business operations from a single checking account, there is a possibility that everything will get mixed up. This makes it harder for the wholesaler to understand his revenue streams, oversee expenses, and make timely payments to vendors.
So, is there any solution for this? Of course, yes! This is where the power of implementing multiple business checking accounts steps in. It helps the wholesale business to have better control over their cash flow, eliminate costly delays, and ultimately make more profits.
How Can You Have Multiple Checking Accounts
You can open multiple checking accounts effortlessly by taking a single subscription to Zil.US. The platform allows you to manage all these accounts from a single interface. Implementing multiple checking accounts with the cloud-based platform lets you stay profitable in the long run. With multiple checking accounts, a wholesaler can allocate funds purposefully. That is, one account can be used for taxes, another for inventory, and yet another for supplier payments.
This way, wholesale markets can have financial clarity that can help them thrive in today’s global commerce landscape. They can effortlessly track income and expenses and also prevent their profits from getting mixed up with costs. This helps them to identify which segments are most profitable. Moreover, with multiple checking accounts, they can easily pay their multiple vendors without getting confused.
Now let’s see what are the other benefits of opening a checking account from Zil.US.
No Fee Checking Account
The checking account from Zil.US is completely free. That is, there are no initial fees, monthly fees, or any minimum balance requirement. This means that the wholesalers can retain more of their revenue. Moreover, the cost savings allow the business to allocate resources toward inventory, operations, and growth initiatives rather than account fees.
The absence of a minimum balance requirement helps wholesalers to maintain a flexible cash flow. It allows them to access funds as needed without the pressure of keeping a certain amount in the account. This is particularly beneficial for wholesalers who experience seasonal fluctuations in sales as they don’t have to pay fees during slower periods. A fee-free checking account can also encourage businesses to open multiple accounts for different purposes.
Open A Checking Account from Anywhere in the World
With Zil.US, you can open any number of checking accounts from anywhere in the world. All you need is an internet connection. This allows wholesalers to open their accounts without necessarily being in the US. Wholesalers can also manage their accounts from anywhere, helping them to deal with international clients and suppliers.
Moreover, having a US-based checking account allows you to conduct transactions in USD. This reduces currency conversion fees and simplifies payments to suppliers and clients. It also enhances credibility with US clients and suppliers, building trust and facilitating smoother business relationships.
Now, let’s see what are the payment options offered by Zil.US that allow you to make transactions from your checking account.
Make Payments Easily Via ACH
ACH is one of the most efficient B2B payment methods available today. They are processed via the ACH network, which is regulated by NACHA. Zil.US is an official member of NACHA. Thus, making an ACH transfer via the cloud-based platform is one of the most affordable solutions that you can have.
ACH transfers are mostly used for making recurring payments such as payroll, bills, etc. This is because you can set up recurring ACH. That is, you don’t have to enter the details each time you have to pay. There are basically two types of ACH transfer. One is ACH debit, and the other is ACH credit. The former is used for pulling money from an account, whereas the latter is used for pushing money from the account.
To be specific, ACH debits are used for making auto bill payments where the money is pulled from an account that the requestor doesn’t control. On the other hand, ACH credit is used for payroll or government benefit programs where the money is pushed from the requestor’s account.
Make Payments Easily Via Wire
Wire transfer is another payment option available on Zil.US that can help you make transfers easily. The platform allows you to make international and domestic wire transfers. International wire transfers are monitored by the Office of Foreign Assets Control to ensure that the money is not sent to any terrorist groups or for any money laundering purposes.
To make international wire transfers, you may need specific codes like SWIFT or IBAN, whereas domestic wire transfers can be easily processed with just a routing number and account number. All wire transfers go through a domestic automated clearing house before they are settled. International wire transfers are mostly settled within 2-3 business days, and domestic wire transfers are usually settled within hours.
Conclusion
A wholesale business can significantly benefit from using Zil.US. The platform allows you to open and manage multiple business checking accounts from anywhere in the world. Additionally, the platform’s checking account is completely free, which allows wholesalers to increase their profitability.
