The cloud-based software allows small business owners to open a business checking account without hidden fees and limits.
Many small businesses rely upon credit unions to have better marketing among their communities. However, business checking accounts provide a wider range of services, advanced technology, and higher transaction limits than credit unions. Credit unions are established to serve their members and only provide a limited offline banking experience.
Considering online business checking accounts will help you grow and develop more easily.
What are Credit Unions and How Do They Work?
A credit union is a financial cooperative that provides traditional banking services. As they are traditional banking, they do not offer digital or modern financial services required for expanding small business owners. Credit unions are smaller in size and are structured to serve a particular region, industry, or group.
Membership requirements – To join a credit union, first, you need to be a member. The products and services are only available to account holders who fulfill eligibility requirements. They may deny membership if you are working under a certain employer or live in a certain area or group.
Not easily accessible from anywhere – Credit unions have fewer locations, and it will be difficult for businesses and individuals to make a payment or fund transfer from another location. It will delay business transactions and affect the business’s financial management.
No online service – Credit unions are physical branches and do not offer advanced online services. Compared to online checking accounts, their websites and security will be less developed.
Why Online Business Checking Accounts are Better?
Zil.US offers fee-free online checking accounts for businesses and individuals. Users can instantly open a business checking account without any eligibility criteria. The platform offers online checking accounts with flexibility, lower fees, and no need to visit a bank branch in person.
The platform allows small business owners to access accounts and manage transactions anytime, anywhere. Users can conduct single or multiple transactions from home, office, on the go, or without waiting in long queues.
Businesses can open online checking accounts that have no maintenance fees and save on transaction costs. Users can easily have checking accounts without minimum balance requirements and no initial or hidden fee. Unlike credit unions, you dont even have to invest a particular amount to start a checking account.
The all in one platform allows you to transfer funds between accounts or send money to vendors, suppliers, employees, and individuals. Zil.US offers ACH transfers, wire transfers, virtual cards, and check mail at affordable transaction fees. Every business owner can conduct transactions easily, even without technical expertise. Small businesses, in particular, can manage their funds and transactions single-handedly from anywhere.
The platform provides security features, like encryption and multifactor authentication, to protect unauthorized access to online checking accounts. The software guards against cyberattacks and safeguards your private financial information.
Zil.US offers a mobile application to manage finances remotely without having to visit physical branches like credit unions. The interface is designed for users who are constantly on the move.
Open Multiple Online Checking Accounts
Businesses can easily set up multiple online checking accounts without the burden of extra fees. Users can open unlimited checking accounts to separate finances efficiently. Small businesses should have multiple online checking accounts to pay and receive money in different ways. There is no limit to how many business checking accounts you can create via the platform to meet the varying needs of your business. Users can allocate accounts for revenue, expenses, taxes, etc. If you successfully maintain multiple accounts, you can track your long-term goals and gain a better understanding of your finances by developing a track record of responsible financial management. Successfully managing several accounts gives you a better understanding of your financial situation.
Benefits of Digital Record Keeping with Online Business Checking Accounts
The software offers online business checking accounts to enhance digital record-keeping useful for small business owners. Compared to credit unions, Zil.US automatically generates transaction histories, monthly statements, and detailed reports. Users can eliminate the need for manual bookkeeping and ensure that all financial records are accurate and organized for audits, tax filings, or financial planning. Online business checking accounts allow you to grow your business through advanced features such as automated bill pay, scheduled payments, and transaction monitoring. Users can save time, reduce errors, and focus more on business development.
Conclusion
As a startup owner, making payments to your vendors, suppliers, and service providers is easy with Zil.US. To cover this regular payment, the cloud-based platform offers you ACH transfers. You can make one-time or recurring ACH payments on the platform. Other than sending payments via ACH, you may send payments via wire transfers and virtual cards on the platform.
