Business Banking Accounts - there are several things to weigh before attempting to travel to the nearest bank for services that we can easily conduct without having to interact with a teller.
Physical banking is superseded by online business banking, which has more than 80% of the functionalities and specifications that we need.
- Unlike physical touch, you can make fast transfers.
- All transactions are tracked in real time and are simple to understand.
- There are no paperwork or forms to complete.
- Most of these online business banking accounts in South Africa can be integrated with accounting software, allowing you to have everything you need in one place.
- Unlike online business banking accounts, traditional banking is more expensive.
Let's take a look at some of the best online business banking accounts in South Africa.
In this article, we'll go through some of the factors that can help you choose the right banking account and determine which one is best for you and your business.
However, rather than simply comparing the best online business banking accounts in South Africa, we want you to consider a variety of benefits.
Business Banking Accounts
Many people are unaware that there are online banks that do not pay rent in a mall or have a physical address where customers can interact with a teller in person.
Unlike a traditional bank, this online bank only operates online and does not have the same facilities as traditional banks, implying that all is done electronically.
While these banks are not as advanced as physical banks, they do offer a limited range of services.
However, unlike a traditional bank, registering and using an online bank is a lot simpler than opening a physical bank account.
Before deciding between business banking through an online-only bank and business banking through a physical bank, it's a good idea to make a list of important factors.
Internet banks mostly serve citizens in other countries, such as the United Kingdom and Europe, but provide limited services and benefits to South Africans.
What Are the Benefits of Physical Banks?
Physical banks may also provide you with digital banking services, but with restricted functionality for certain services that you can need.
The only disadvantage of physical banks is that their procedures are cumbersome and time consuming; for example, there is a great deal of paper work to be completed.
Other procedures, such as replacing a missing card or credit card, include two steps: going to the bank, going home, and returning for collection.
Top Business Banking Accounts in South Africa 2021
FNB Business Banking
There are primarily four(4) transactional accounts for companies to choose from with FNB business banking.
The turnover that you make at the end of your financial year is one of the most important factors that will determine which account is best for you.
If your annual revenue is less than R5 million, you'll probably want to sign up for the Gold Business Account or the First Business Zero Account.
First National Bank is one of the best banks in South Africa, making it easy for everyone to access their goods. To open a business account, go to their website and follow the instructions.
PayPal
PayPal is an online-only bank that has been around for a long time and is one of the largest and most successful. You only need an email address and other relevant contact information to open a PayPal account.
PayPal Account Benefits
- On your website, accept PayPal payments.
- Integration with website frameworks such as WordPress is easy.
- Send and receive safe transactions all over the world.
ABSA Business Banking
If your turnover is less than R10 million at the end of the financial year, you can select from one of ABSA Business Banking's great four business accounts.
ABSA has a fantastic digital banking platform that will allow you to easily apply for a business account online.
Benefits of ABSA Business Banking
- Shari’ah compliancy
- Free transactions
- Trust Accounts qualification.
Benefits of FNB Business Banking
- Great security.
- Free transaction statements.
- Roadside assistance.
- PayPal functionality.
- Great online accounting platform to help you know how your business is performing.
- All types of notifications.
- Easy CIPC registration if you don't have a registered business as yet.
Standard Bank Business Online
Standard Bank offers two options for opening a business banking account.
A Biz Launch Account is a type of account created specifically for new businesses.
To apply for Standard Bank business online, you can simply visit their website www.standardbank.co.za
Benefits of Standard Bank Business Banking
- A business overdraft
- Collection solutions
- Business loans
- Revolving credit
- International business support
Capitec Business Account
When you open a business banking account with Capitec, you have the option of using Mercantile Bank, which has two choices.
A Business Banking account is available to entrepreneurs with a turnover of up to R75 million.
Benefits of Capitec Business Account
- Insurance
- Rental financing
- Business loans
- Investment services
- Treasury products
Choosing the Most Appropriate Online Account for Your Company
When it comes to business banking accounts, one thing to keep in mind is that the bank for which you have a personal account might not be the best option for your online business banking needs.
You will discover that your current banking institution offers excellent personal savings account benefits but not so much for business. Make sure you do your homework, particularly when it comes to all of the advantages.
Remember that, rather than using your personal account, an online business banking account can be extremely beneficial to your company.