Imagine trying to balance your entire business on one fragile thread—your checking account. Sounds risky, right? Yet, this is exactly what many small business owners unknowingly do. Though using a single checking account for every transaction may seem convenient, it can unravel your financial stability. For a better understanding of the difficulties of using one checking account for every business transaction and how using a different checking account for different purposes helps, read the following hypothetical situation.
Philip has the business of selling carpets and flooring. His products were quite popular in the town because of their quality and low cost. Unfortunately, like the above-mentioned small business owners, Philip was also making the mistake of using one checking account for all his transactions. Every payment he received from his clients and every payment he had to give to his vendors and employees flowed from that one account. At first, it was not a problem; everything seemed simple and manageable.
One month, Philip had more sales than expected, and he thought of buying new equipment and expanding his business. He completely forgot about a vendor payment and used the entire fund after the employee payment for his new purchases. When the vendor’s payment came due, Philip’s account was nearly drained. To make matters worse, several checks he’d issued earlier hadn’t cleared yet, leaving his account teetering on the edge of an overdraft. All this happened because he didn’t have a clear idea of how much extra money he had for equipment purchases. If he had a separate account for equipment purchases, vendor payments, and payroll, this would never have happened.
How To Get Multiple Checking Accounts?
If you depend on traditional financial institutions, then, most probably, you won’t be able to open multiple checking accounts. Alternatively, if you are using Zil.US, you will be able to open any number of business checking accounts. All you need is a registered business in the US. Also, for opening these many accounts, you don’t necessarily have to be in the US. You can open the accounts from anywhere in the world.
For each of these checking accounts from the cloud-based platform, you don’t have to pay any fees. There are no fees to open or maintain the account. This means that the entire fund you deposit into the account is completely yours. Unlike any other checking account provider, the cloud-based platform never takes a single penny from your account as a fee.
The platform’s checking account also does not ask for any minimum deposit or minimum balance. This means that you can start using your business accounts without worrying about maintaining a large sum upfront. Also, you can use your entire fund for your business; you don’t have to stress about meeting minimum balance requirements.
Pay Each Vendor Via the Method They Choose
With Zil Money, you are not only getting the ability to open multiple checking accounts, or the ability to open those accounts from anywhere, or accounts with no fees. The platform allows you to make payments from these checking accounts via multiple methods. This means that with the platform, you can pay your vendors via the method they choose and stay on their good books. Let’s discuss some of the most important payment options offered by the platform.
Virtual Cards: These are the best if you are looking for an instant payment solution. Making virtual card payments is easy with the platform. You just have to fill your wallet because it’s from where your money gets deducted each time when you make the payment. You can fill the wallet from your checking account and also recharge it whenever it is empty in the same way. The platform usually sends your virtual card via email.
ACH: Making ACH payments is ideal if you are looking for a cost-effective solution. ACH transfers are one of the cost-effective ways to make B2B transactions. The platform is an official member of NACHA, which monitors the ACH network. So, making ACH payments is a lot easier with Zil.US compared to traditional ways.
Wire Transfers: If you are looking for a solution that allows you to send a huge amount of money, then using a wire transfer would be the best. Wire transfers offer high transaction limits compared to other payment methods. You can make both international as well as domestic wire transfers with the cloud-based platform. International wire transfers are usually completed within a few days, depending on the destination. On the other hand, domestic wire transfers are usually completed within a few hours.
Conclusion
With Zil.US, you can open any number of business checking accounts. The platform helps business owners like Philip to better manage their finances by separating different aspects of their operations. The checking account from the platform comes without any fees or requirements like minimum deposits or minimum balances. The platform also offers multiple payment options via which you can easily pay your vendors.
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