In this blog, let us see how the Revolut alternative, Zil.US helps your small food stand in managing finances efficiently.
The growing food stand trend is offering customers the convenience of enjoying their favorite food just outside their office or neighborhood. When compared to traditional restaurants, these food stands have lower operating costs. And they also have the flexibility to move to a new place if the current spot is not ideal. If you run a small food stand serving authentic and delicious food to attract people can be challenging in the beginning. But as your business picks up, the most challenging thing you find will be managing finances. This can include handling vendor bills, keeping track of finances, and reinvesting in quality ingredients.
Opening a dedicated business checking account can help you handle expenses and track income easily. However, opening a regular checking account from a traditional financial institution can come with several hassles. Let us see one by one.
- Minimum Balance: Many financial institutions require you to maintain a minimum balance to avoid fees. If you are a small food stand owner with a tight cash flow, maintaining this balance can be difficult.
- Monthly Maintenance Fees: When opening a regular checking account, you may have to pay a monthly maintenance fee, which is a service charge. This is like paying money to use your own funds. Even if this is a small amount, as a small food stand with low margins, you will find it difficult to fulfill.
- Limited Flexibility: As a small food stand, you will be operating during long or irregular hours. This makes it difficult to visit the financial institution as they operate only during fixed hours. To make any transaction, you may have to wait in a long queue at the financial institution. This can take up your day which can be used efficiently.
So, how can we solve this difficulty of maintaining a business checking account in a traditional financial institution?
Open an Online Fee-Free Checking Account
For a small food stand owner with a tight budget, the best option to manage finances is opening an online checking account. You can easily open a fee-free business checking account on Zil.US. The platform is a savior for small businesses with unstable income as there is no minimum balance or maintenance fees. Also, the platform does not have any initial fees, minimum deposit requirements or any other hidden charges.
You can have access to your accounts anytime from anywhere with the cloud-based platform. With this digital convenience, you can avoid the hassle of regular visits and long queues at your financial institution. Therefore, manage your finances easily from your food stand, even in your busy schedule with the platform.
Multiple Accounts for Better Financial Management
Running a food stand smoothly includes handling ingredient payments, covering utility bills, managing employee wages, and money for taxes. In the starting stage of your business, you could have handled all these finances with just one checking account. But as your business grows, finances can be complicated and will become difficult to handle. Therefore, you can open multiple checking accounts to separate funds for different purposes like operating costs, taxes, and savings.
However, opening multiple accounts at a traditional financial institution can easily drain your account, as each account will have associated fees. Therefore, open multiple checking accounts on Zil.US and manage finances efficiently. With these multiple accounts, you can organize your funds and track expenses easily. Also, opening multiple accounts can help you get a clear picture of your financial health and plan accordingly.
Make Timely Payments with the Cloud-Based Platform
Zil.US offers various payment options, such as ACH, Wire transfers, and virtual cards, to make timely payments.
ACH Transfers: You can easily make ACH payments on the cloud-based platform. It is one of the most convenient ways to make payments to your suppliers on time. You may set up one-time or recurring payments via ACH on the platform. For routine supply payments, setting recurring ACH on the platform will help you avoid the hassle of remembering payments each time. For urgent payments, the platform also offers a same-day ACH feature.
Wire Transfers: When the payments are large and urgent, your supplier might demand for wire transfer. With the cloud-based platform, you can easily make wire transfers with a few clicks. Send domestic wire transfers using the platform, and the payments will usually be cleared within a few hours. Other than domestic wire transfers, the platform also offers international wire transfers. Choose the one you need and make payments at once.
Virtual Cards: For making quick and secure online purchases for ingredients or kitchen equipment, you can use virtual cards on Zil.US. With these cards, you may easily set spending limits to avoid overspending and stay within budget. Also, you may create multiple cards on a single account on the platform. If you find any suspicious activity on the card, you may immediately freeze or block it with a few clicks.
The Conclusion
As a small food stand owner, you can easily manage your finances with the Revolut alternative, Zil.US. With the fee-free checking account on the platform, you can handle expenses efficiently, even on a tight budget. You may open multiple checking accounts and utilize various payment options on the platform for better financial management.
