When conducting B2B transactions, a no fee checking account is a great benefit for businesses that are growing. Let us look at the example of a delivery business.
With the rise in online orders and the increase in demand for parcel shipping, delivery businesses are flourishing in the U.S. When you own a small delivery business; you may have to pay various entities to run your business successfully. This can include your drivers, couriers, suppliers, warehouse providers, and insurance providers. When you use a traditional business checking account to pay these stakeholders, it usually charges monthly maintenance and transaction fees. To avoid extra charges, it also requires you to keep a minimum balance in your account.
The Impact of Traditional Checking Accounts on Your Delivery Business
Delivery businesses usually have a fluctuating cash flow. This is because of the delays in receiving payments from their customers. So, maintaining a certain balance is not always possible, leading them to pay penalty fees for their traditional accounts. This cash flow issue can be stressful sometimes, and you may have to use your personal savings to avoid penalties. This can complicate your personal and business finances. Another issue you may face is the monthly maintenance fees, which are usually $8 to $30 a month. Even though these may seem low, small delivery businesses with a tight margin may find it difficult to pay.
So, to avoid these hassles of traditional accounts, delivery businesses can open an online checking account on Zil.US. The platform offers a no-fee checking account, so you can focus more on growth rather than worrying about fees. Let us see more on the platform’s online checking accounts.
Fee-Free Checking Accounts for Smooth Transactions
With Zil.US, opening a business checking account comes with certain benefits. The platform’s checking accounts have no initial fees, monthly maintenance fees, or any hidden fees, making them fee-free checking accounts. Also, the platform does not demand you to keep a minimum balance or any minimum deposit. Therefore, a fee-free checking account from the cloud-based platform can be a savior for delivery businesses with fluctuating cash flow. Let us see how these features help a delivery business.
- Improves the cash flow – You do not have to pay monthly fees, which is usually draining your delivery business checking accounts. This can help you save money easily and improve your cash flow.
- Provides more flexibility – You do not have to keep a minimum balance in your account. Therefore, you no longer have to worry about paying the associated penalty fees when your business is down.
- Easy financial management – You do not have to worry about unexpected banking charges as there are no hidden fees. This makes your business finance management more predictable.
Multiple Checking Accounts for Easily Separating Your Finances
You may open multiple checking accounts on Zil.US to manage your finances easily. With the platform, delivery businesses can easily allocate their finances to different accounts for various purposes. For example, you can allocate one account for payroll, one for expenses, and another for taxes. This way, having separate accounts for each purpose can help you track your spending and organize it efficiently. You can also make payments easily without getting confused in the calculation.
Convenient Business Payment Solutions
With the online business checking account, Zil.US also offers easy payment solutions. Delivery businesses usually have to pay various entities such as:
- Drivers: For delivering goods or services to their customers, delivery businesses have to pay their drivers.
- Suppliers: You may have to pay suppliers from whom the goods are sourced.
- Logistics Purchases: Some delivery businesses may outsource logistics to third parties. So, they have to pay these third parties to deliver goods.
- Rent for Warehouses: To store goods safely, delivery businesses may have to pay rent to warehouses.
- Technology Providers: For GPS tracking and mapping services, delivery businesses may have to pay their technological providers.
To manage all these business payments, you may use Zil.US. The cloud-based platform provides multiple payment options.
ACH: For B2B payments, ACH transactions are one of the most efficient methods. In ACH payments, the funds are processed by the ACH network and are monitored by NACHA. As the platform is an official member of NACHA, you can make transactions securely and easily. The platform provides one-time as well as recurring ACH payments, choose the one you prefer. For urgent transactions, utilize the same-day ACH service on the platform.
Wire Transfer: For the swift and secure transfer of large payments, wire transfer is the best option. The cloud-based platform provides both domestic and international wire transfers. To make a domestic wire transfer, you may need routing and account numbers, and for international wire transfers, specific codes like SWIFT/IBAN.
Virtual Cards: To manage business expenses easily, you may issue virtual cards to your employees. Create as many virtual cards as you need on the platform for different purposes with spending limits. This way, you can control expenses and avoid the risk of overspending.
The Conclusion
Using Zil.US, delivery businesses can benefit from no-fee checking accounts. With these accounts, you can feel stress-free and avoid worries about maintenance fees, initial fees, deposit requirements, and minimum balances. You can open multiple accounts on the platform for different purposes. Also, make your payments easy with multiple payment options.
