What is online business banking?
Online business banking is a type of company account that you manage via the internet. Online banking providers offer many of the same services as traditional company banking, but with no branches. You can track transactions and make payments using your web browser or a mobile business banking app instead.
This brings several benefits over traditional providers – including increased transparency and flexibility. But online business accounts still come with some notable limitations, which is why more and more companies are using prepaid providers such as Soldo to enhance their functionality.
Which online business bank account is the best?
When trying to find the best online business banking account for your needs, you’ll want to pay attention to which fees and charges you might have to pay, which perks you can get and whether there’s a free introductory period. Most providers offer similar functionality.
Soldo brings extra functionality to your online business bank account that enables you to do more: including real-time tracking, automated expenses and siloed spending.
Is Soldo an online business bank account?
Soldo provides online expense accounts that sit alongside your business bank account, instead of replacing it. You can use your Soldo cards to silo staff spending from your main company funds, as well as accessing powerful new features that aren’t available with any banking provider.
Who can apply for an online business bank account?
Any company can apply for an online business bank account. You’ll probably need to provide documents such as ID and proof of address for every company director, your Companies House number and possibly proof of your financial situation. If your account includes a credit facility then you may have to pass a credit check.
How do I switch online business bank accounts?
You’ll need to apply with a new provider and let them know that you’re moving from an existing business account. Your new and old providers should then communicate and let you choose your switchover date.
If you’re moving because you’re frustrated with your current provider, then you may want to consider enhancing your account with Soldo instead. Learn more about how we can help improve your business banking.