Business account – Sarah Long http://sarahlong.org/ Mon, 15 Nov 2021 16:45:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://sarahlong.org/wp-content/uploads/2021/10/icon-44-120x120.png Business account – Sarah Long http://sarahlong.org/ 32 32 PayPal UK Business Account | Small Business Guide https://sarahlong.org/paypal-uk-business-account-small-business-guide/ Wed, 13 Oct 2021 07:00:00 +0000 https://sarahlong.org/paypal-uk-business-account-small-business-guide/ PayPal has long been a safe and easy way to make payments online, as it provides automatic protection for buyers and sellers. Now with more competition and PayPal increases fees for business purchases between UK and Europe As of November, you might be wondering if PayPal is right for your business. Read on to learn […]]]>

PayPal has long been a safe and easy way to make payments online, as it provides automatic protection for buyers and sellers.

Now with more competition and PayPal increases fees for business purchases between UK and Europe As of November, you might be wondering if PayPal is right for your business.

Read on to learn more about PayPal business accounts, the difference between using a personal and business account, and the fees you should be aware of.

What is a PayPal business account?

A PayPal business account can be used to process payments online and in person, and you can link it to your business bank account to easily transfer your money.

With a PayPal business account, you can:

  • accept a wide range of online payment types – customers don’t need a PayPal account to pay you

  • take payments on the go with a card reader and your smartphone

  • use a QR code to accept payment through the PayPal app

  • create and send invoices

  • integrate PayPal checkout into your website

  • have multiple connections for up to 200 employees

Do i need a PayPal business account?

You don’t have to have a PayPal business account, but it has more features than a personal account and allows you to trade under your business name.

For example, this is useful if you have an online store and want to integrate PayPal with your payment so that customers can check out without leaving your website.

Can I use a personal PayPal business account?

There’s no reason you can’t use a personal business account, but there are a few drawbacks:

  • a customer can see your full name – it may sound less professional and does not protect your privacy

  • there is a fee to accept credit or debit cards online

  • the functionalities and the merchant services are very limited

  • confusing for tax purposes to mix personal and business transactions

While you can start by using your personal PayPal account if you only make occasional sales, it’s a good idea to upgrade it to a business account as you grow. This means you can operate under your company name, accept more payment types, and benefit from additional features like online billing.

Free Invoice Template: Download it for your business today.

PayPal business account fees

While it’s free to open a PayPal business account, you’ll have to pay a transaction fee every time a customer pays you for goods or services.

If you are selling internationally, the costs can add up quickly. And from November of this year, that includes payments between UK businesses and businesses in the European Economic Area PayPal is introducing new fees that will increase to 1.29%.

However, there are no monthly fees or charges for closing your PayPal account.

Tariffs for domestic transactions

This is the current PayPal business account fee that you will be charged on transactions as a UK resident. The fixed costs depend on the currency you are paid in, but we have included the fixed costs for UK sterling for quick reference.

Type of payment Rate Fixed charges for payments in pounds sterling
Alternative payment method 1.20% + fixed costs £ 0.30
Card payment for a user without a PayPal account 1.20% + fixed costs £ 0.30
QR Code Transactions (£ 10.01 and over) 1.50% + fixed costs £ 0.10
QR code transactions (£ 10 and under) 2.00% + fixed costs £ 0.05
All other commercial transactions 2.90% + fixed costs £ 0.30

If you are a registered charity and verified by PayPal, you may be eligible for reduced processing fees.

To see the full list of PayPal fees visit their website.

How to create a PayPal business account

To get started, follow this step-by-step guide to opening a PayPal business account in UK:

  1. Select the option “Company account” and click on Continue

  2. Enter your work email address and click Continue

  3. Enter a password, accept the privacy policy and terms of use, then click Create an account

  4. Use the drop-down menus to add information about your business (category, subcategory, business url, country, name of credit card statement). Click Continue

  5. Fill out the form with your information (date of birth, nationality and domicile). Click Submit

  6. Check your inbox for an email from PayPal asking you to verify that it is you

  7. Once verified, your account will be ready to use

Learn more about implementation of a commerce platform with PayPal.

Are you using PayPal for your business? Let us know in the comments.

Photograph 1: Sitthiphong / stock.adobe.com


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The advantages of investing in a business account for Cryptocu … https://sarahlong.org/the-advantages-of-investing-in-a-business-account-for-cryptocu/ https://sarahlong.org/the-advantages-of-investing-in-a-business-account-for-cryptocu/#respond Sat, 28 Aug 2021 07:00:00 +0000 https://sarahlong.org/the-advantages-of-investing-in-a-business-account-for-cryptocu/ (MENAFN- Fritz Gerald Pasilan) Professional account for cryptocurrency Cryptocurrency brings a lot of conveniences, especially when talking about business and e-commerce. The prevalent cryptocurrency, especially bitcoin and ethereum, makes business transactions such as trading and payment methods as easy as possible. Cryptocurrency does not stand still as one of the forms of payment. Yet it […]]]>

(MENAFN- Fritz Gerald Pasilan)

Professional account for cryptocurrency

Cryptocurrency brings a lot of conveniences, especially when talking about business and e-commerce. The prevalent cryptocurrency, especially bitcoin and ethereum, makes business transactions such as trading and payment methods as easy as possible.

Cryptocurrency does not stand still as one of the forms of payment. Yet it can also be one of the best investments, especially as the cryptocurrency proves its volatility in recent years.

A cryptocurrency is a digital or virtual currency protected by cryptography, which makes counterfeiting or double spending almost impossible. Many cryptocurrencies are based on blockchain technology, which is a distributed ledger applied by a network of computers. Cryptocurrencies are distinguished by the fact that they are generally not issued by a central authority, which makes them theoretically safe from government interference or manipulation.

As the digital world becomes more popular than we can imagine, investing in business accounts for crypto has more and more advantages. Here is the list of benefits of investing in a crypto business account.

Benefits of investing in a crypto business account

No intermediary

Experts believe cryptocurrencies are the future of our world. They will represent our economy much faster than letters. As a result, an increasing number of online merchants are integrating virtual currency into their operations.

Cryptocurrency recently exploded more than expected, and this trend is expected to continue. And you could make a lot of money if you decide to become one of those merchants who accept cryptocurrency payments in your online store. However, there is no guarantee.

However, the decentralized system has only shown a fraction of its benefits for e-commerce businesses. That’s why we believe the sooner you start, the better. Therefore, accepting cryptocurrency payments is essential if you are planning to start an ecommerce business.

Privacy and Security

Whenever you make a cash / credit transaction, your entire transaction history can become a reference document for the bank or credit agency concerned. This may involve checking your account balances to make sure sufficient funds are available at the most basic level. A more in-depth review of your financial history may be required for more complex or critical transactions.

Another important benefit of cryptocurrency is that each transaction is a one-of-a-kind exchange between two parties, the terms of which can be negotiated and agreed upon in each case. Plus, information is exchanged on a ‘push’ basis, allowing you to send exactly what you want to the recipient – and nothing else.

This protects the confidentiality of your financial history and protects you from the threat of account or identity theft, which is more prevalent in the traditional system, where your information could be exposed at any point in the transaction chain.

Accessibility

Internet and digital data transfer are the media that facilitate the exchange of cryptocurrency. As a result, these services may be available to anyone with a working data connection, some knowledge of the cryptocurrency networks on offer, and easy access to their respective websites and portals.

It is estimated that there are currently 2.2 billion people worldwide who have access to the Internet or mobile phones but do not have access to traditional banking or currency exchange systems. With the necessary infrastructure (digital and regulatory) in place, the cryptocurrency ecosystem has the potential to make asset transfer and transaction processing available to this vast market of willing consumers.

Convenience

As a remote team employer, managing the payroll of a team of employees who live in various parts of the world can be a huge problem. Consider having to convert your dollars into dozens of different international currencies to pay your employees.

Carrying out cross-border transactions is not as difficult as changing currencies. With cryptocurrency, instant cross-border transactions with low or no fees are now a reality. Since Bitcoin transactions are public, all parties can see the details of the transaction and know the status immediately. Eliminating banks saves money for both employer and employee, and it can be a win-win situation for the workforce.

Capital raising is transparent

People prefer to raise funds through online platforms. Fundraising can then be done transparently. It also allows people to ask for funds publicly and explain why they need it. Platforms like these will almost certainly continue to be used in the future.

Crowdfunding with a dedicated blockchain wallet, on the other hand, will keep the total amount of donations open to the public. Likewise, it will allow fundraisers to avoid third-party platform fees without compromising donor trust. A crypto wallet also allows all parties to see how much money has been donated.

Advantages

Cryptocurrency eliminates the need for bureaucratic authority and inefficient intermediaries, allowing players to enjoy their favorite games faster. It speeds up and simplifies the process of exchanging crypto units.

Another common problem that game developers face is the inability to sell their software outside of app stores. These developers will be able to use the blockchain to process nanopayments and receive payment instantly.

The inconvenients

Another big issue facing blockchain casinos is slow transaction processing speeds. Although cryptocurrency transactions are said to be faster than traditional transactions, users have reported that this is not always the case. Since Bitcoin relies on miner labor rather than an automated system, you may have to wait up to 15 minutes for your funds to become available.

Final result

Giving early employees a share of the company’s profits is a popular trend in today’s business world. Given the exponential growth of cryptocurrency over the past decade, providing new employees with “corporate” cryptocurrency in the form of stocks could be a huge new trend.

However, the decentralized system has only shown a fraction of the benefits it can bring to e-commerce businesses. That’s why we believe the sooner you start, the better. Therefore, accepting cryptocurrency payments is essential if you are planning to start an ecommerce business.

Either way, it will be fascinating to watch the evolution of cryptocurrency. What we can see is either a financial revolution or a massive disaster for investors who have made their fortunes through the rise of cryptocurrency.

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How to open a UK business account: how and best accounts https://sarahlong.org/how-to-open-a-uk-business-account-how-and-best-accounts/ https://sarahlong.org/how-to-open-a-uk-business-account-how-and-best-accounts/#respond Tue, 24 Aug 2021 07:00:00 +0000 https://sarahlong.org/how-to-open-a-uk-business-account-how-and-best-accounts/ Choosing the right type of banking service is a major opportunity to master the basics of your business from the start. While it can be inconvenient to maintain a separate account for your personal and business activities, it is recommended that you do so to keep your accounts clean. Here we will see how to […]]]>

Choosing the right type of banking service is a major opportunity to master the basics of your business from the start. While it can be inconvenient to maintain a separate account for your personal and business activities, it is recommended that you do so to keep your accounts clean. Here we will see how to open a UK business bank account and what options are available.

The advantages of having a professional account

Having a business bank account is a good idea for most businesses; even freelancers and one-man-bands.

As an individual entrepreneur, you may want to open a business bank account for several reasons. First, your bank may specify that a personal account is for personal use only and threaten to close your account if it sees a large number of business transactions.

Second, if your personal expenses are confused with your business expenses, it might be difficult for you to tell HMRC how much your business has earned. Finally, having a dedicated bank account is likely to make your business appear more professional to your customers and partners.

It is important to know the process of opening an account, otherwise you could waste a lot of time choosing the wrong account for your needs.

Opening a UK business account with a foreign entity

If your company has a corporate identity abroad, your home bank may be able to set up an account for you if it has a correspondent banking relationship with a UK bank. Many large UK banks also have so-called “international” accounts.

These are designed specifically for non-residents, so they’re a great option if you don’t have the documents to prove your UK address. In fact, you can even apply for an international account online. Barclays, Lloyds, HSBC, Santander and NatWest all offer international bank accounts.

However, opening a bank account from abroad or an international account may not be the right choice for you. You may need to make a large initial deposit and commit to paying a minimum amount of money each month.

Some banks will also charge you a monthly fee in addition to these requirements. This can make your bank account expensive to open and manage. There may also be other restrictions. For example, you might not be able to close the account and upgrade to a better deal before a set period has expired.

What documents and details do I need to provide to open a business bank account?

For businesses setting up a UK bank account, the process is relatively straightforward as long as you meet the eligibility criteria. Make sure you have the following documents handy when opening your account:

  • Proof of identity. All appointed business managers will need it. You can use a passport, national identity card or driving license with photo.
  • Proof of address. It could be a utility bill or a recent bank statement. You can also use a council tax statement.

You may also need to provide the following information about your business:

  • Full business address (including postcode)
  • Contact details
  • Registration number at the Maison des Sociétés (for public limited companies and partnerships)
  • Estimated annual turnover
  • In some cases, you will need to prove your personal financial situation, along with documents proving that you have a clean banking and credit history.

How to open a business account in the UK

The steps to open a business account may vary from one bank to another.

It is advisable to first research the options online. The ability to apply online depends on the bank.

You should inform the bank if you have foreign shareholders and / or directors in your company and you need a UK business bank account (rather than an international business bank account held overseas) .

When the bank account is opened, you are free to use your local bank branch for your day-to-day banking needs.

For more information on opening a UK corporate account from overseas, you can contact the Invest in Great Britain and Northern Ireland hub.

Best Business Bank Accounts in UK

There are a variety of retail bank accounts available in the UK including major banks: Barclays, HSBC, NatWest / RBS, Santander, Metro Bank, TSB and Lloyds / Bank of Scotland. But it’s worth knowing that the best business account for your needs might not always be with one of the big banks. When looking at business account comparisons, it may also be worth considering newer “challenger” banks such as Metro Bank or Starling Bank. Here are the main advantages of each banking option:

Barclays

  • App with free billing function
  • Free business account for the first year and offered with a choice of financing options
  • Offers a business start-up account with free business banking services for the first 12 months, and a business account set up with two simple pricing plans

HSBC

  • Active in 64 countries
  • If you bank with HSBC in your home country, they can help you open a UK account before you arrive here.
  • Range of professional bank accounts available
  • Businesses with a turnover of no more than £ 2million receive an annual review to ensure the best standard rate for their business

Lloyds/Bank of Scotland

  • 12 months of free daily banking services
  • Two business accounts with a range of tools, including management advice and accounting software

NatWest/RBS

RBS and NatWest’s offerings are largely mirrored.

  • No minimum monthly fees
  • Several professional accounts to choose from, depending on the size of your business
  • FreeAgent Online Accounting Software

Santander

  • Earn up to £ 300 cashback per year
  • Low monthly fee of £ 5 for start-ups for the first 18 months

Metro Bank

  • A professional bank account for small and large businesses
  • No monthly fees if you keep your bank balance at £ 5,000 or more (£ 6,000 as of September 2021)
  • Access a local sales manager when you open your account

BST

  • Free business banking services for 25 months
  • Free Square card reader
  • Free access to Enterprise Nation digital advice

Virgin money

  • Free everyday banking services for 25 months
  • No monthly account fees
  • Earn cashback on your debit card purchases

Monzo

  • Fully regulated
  • Accounting tool integrations
  • Integrated billing and digital receipts

Starling Bank

  • Fully regulated
  • No monthly fees or UK payment fees
  • Free UK customer support 24/7 via app

Revolution

  • Holds money in 28 currencies
  • Convert at real exchange rate
  • Create unlimited accounts

Tide

  • Order up to 35 business expense cards
  • Three account plans based on your business needs
  • Send, pay and track invoices

For a more in-depth look, read What are the best UK business bank accounts?

Monthly business banking fees

It is common for monthly fees to be charged for business bank accounts and users should be aware of this before opening an account. Most UK business bank accounts come with an introductory offer such as free banking for 12 or 18 months. While these are tempting, always make sure you know how much you’ll end up paying once the introductory period is over.

As a general rule, the more transactions you make on the account, the higher the fees are likely to be.

Some business current accounts require ongoing monthly or regular quarterly fees. This will usually cost you between £ 15-20 per quarter, but many accounts don’t charge this fee at all.

How long does it take to open a UK business bank account?

It can take anywhere from a few minutes to a few weeks for a UK bank account application to be approved and any meetings to be arranged, so be sure to factor this time into your business planning process. .

With some operators, for example Metro Bank, it is possible to go to a branch and make an appointment that day. Digital banks promise a quick application process, as the process is done entirely online.

Business bank accounts for non-UK residents

More and more foreigners wish to open or are opening businesses in the UK, where they may also wish to have a corresponding UK bank account.

Non-UK residents who do not have the necessary identity documents may still be successful in opening an account, as in recent years banks have shown more flexibility in which documents they will accept. as proof of address.

Opening a professional account as a non-UK resident

You do not need to live in the UK to open a UK corporate bank account, although it is advisable to acquire UK residency before applying as some banks will only accept an application if they have a UK residence.

To open a UK business bank account you will need two documents, one to prove your identity (usually your passport or national ID card) and one to prove your address, which applies to both agency and online.

It is usually easier to open a bank account with one of the biggest banks in UK namely Barclays, Lloyds, HSBC. This is because they have a lot of experience with non-residents so they can be flexible with their requirements.

Read more

6 of the best payment systems for accepting US dollars


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HSBC froze my business account after a customer error – why is it still locked? https://sarahlong.org/hsbc-froze-my-business-account-after-a-customer-error-why-is-it-still-locked/ https://sarahlong.org/hsbc-froze-my-business-account-after-a-customer-error-why-is-it-still-locked/#respond Fri, 20 Aug 2021 06:35:56 +0000 https://sarahlong.org/hsbc-froze-my-business-account-after-a-customer-error-why-is-it-still-locked/ I am a doctor who runs a busy medical practice with the NHS and in private. Our private clinic account was suspended when one of our patients made an incorrect payment. We have submitted all documents twice to HSBC showing this, including once in branch and online. Our account is still suspended and we are […]]]>

I am a doctor who runs a busy medical practice with the NHS and in private.

Our private clinic account was suspended when one of our patients made an incorrect payment.

We have submitted all documents twice to HSBC showing this, including once in branch and online.

Our account is still suspended and we are unable to pay our nurses and staff, or obtain essential drugs / treatments for our patients, some of whom are very ill. What can we do?

Doctor’s office was unable to pay staff or treat patients due to frozen account

Grace Gausden, This is Money, responds: Anyone who saw their bank account frozen would be frustrated, but it’s especially worrying when it means patients are unable to receive life-saving medical treatment as a result.

The reason your clinic’s account was blocked is because one of your patients mistakenly made a payment of £ 590 to them after selecting the wrong recipient while trying to pay another bill.

She immediately contacted you to let you know and also emailed HSBC to let you know about the error.

However, although the patient and the clinic sent proof of the wrong transfer to the banking giant, the account was blocked for three weeks before I intervened.

This meant the clinic could not withdraw cash, if necessary, and all standing orders and direct debits were suspended.

As a result, none of the nurses and staff received their salary last month and you add that the clinic could not get the necessary treatment for the patients either.

Obviously, it is essential that this has been rectified so that patients are not without medication.

You’ve been to the local HSBC branch and called the bank regularly, but say you haven’t received any help – or any indication when the account will no longer be suspended.

This is Money contacted HSBC to find out why there was such a delay in releasing the account, especially when proof had been provided to show exactly how the mistake was made.

In response, the bank admitted it took too long to restore the account, but said it has now released it.

A spokesperson for HSBC UK replied: “We are sorry for the inconvenience this has caused, we strive to provide a high level of service to our customers and unfortunately on this occasion we have not responded to our expectations.

“We have been in contact with [the reader] to apologize and full account access has been restored. ‘

He said the account was properly frozen in accordance with its fraud prevention procedures, but when the matter was reviewed, the reopening of the account was delayed.

He added that when costs are incurred due to the restrictions being put in place, he would consider them on a case-by-case basis.

Delay: HSBC apologized for long wait after bank froze business account

Delay: HSBC apologized for long wait after bank froze business account

Why are customer accounts frozen?

It has been reported that a large number of customers have had their bank accounts frozen which, of course, can cause major problems.

However, after questions were posed to the Financial Conduct Authority about the large number of frozen accounts, it said it was unaware of a “significant cross-industry issue of banks freezing accounts for no reason.”

He added that it is difficult to say why a bank froze a customer’s account, banks are required to have appropriate systems and controls to counter the risk that customer accounts are used for the purpose of financial crime.

Banks should also have policies and procedures in place to identify and report suspicions of money laundering or terrorist financing.

Essentially, there are a number of reasons why accounts can be frozen, but this is normally due to what the bank considers suspicious activity.

This may be because a large number of payments have been made or even a one-time payment is much higher than the usual receipts.

However, frustratingly, banks are not allowed to tell customers when they are under investigation and therefore cannot explain why.

We are also often encountered by “cannot tell you for security reasons” when submitting bank account closure cases to them.

These regulations are in place to ensure that owners of bank accounts are not “warned” which could, in certain circumstances, lead to more criminal activity.

What can customers do if their account is frozen?

The FCA says any investigation of accounts receivable should be completed within a “reasonable” time frame and that individuals should not be denied access to their funds unnecessarily.

He added that he expects banks to communicate with customers and, in cases where they choose to close an account indefinitely, whenever possible, make it clear why.

Ultimately, however, there is little that customers can do when their account is frozen – and unlikely to get compensation for financial problems while the account is inactive.

One step that clients who believe their account is closed or frozen without a warrant can take is to complain to the financial mediator who will review the case and render a judgment.

It can also be helpful to seek legal advice if you believe you have been treated unfairly.

If your account is closed, it can be extremely difficult to open a new one.

Some links in this article may be affiliate links. If you click on it, we may earn a small commission. This helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.


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Tide business account provider to enter India https://sarahlong.org/tide-business-account-provider-to-enter-india/ https://sarahlong.org/tide-business-account-provider-to-enter-india/#respond Tue, 29 Jun 2021 07:00:00 +0000 https://sarahlong.org/tide-business-account-provider-to-enter-india/ UK based FinTech Tide, which serves small and medium-sized enterprises (SMEs), is poised to enter the Indian market with an investment commitment of $ 100 million, CNBC TV18 reported. Over 200 staff members are currently working for the company in India. According to the report, Tide said it chose India as its top foreign market […]]]>

UK based FinTech Tide, which serves small and medium-sized enterprises (SMEs), is poised to enter the Indian market with an investment commitment of $ 100 million, CNBC TV18 reported. Over 200 staff members are currently working for the company in India.

According to the report, Tide said it chose India as its top foreign market because of the significant business opportunities offered by the location. The company seeks to integrate 25,000 SMEs in the country in 2021, as it aims to serve around 2 million SMEs over the next two years.

“[SMBs are] a crucial segment for economic growth, but it is also quite underserved in India. Our goal is to bring services on one platform and ensure working capital liquidity for [SMBs]», CEO of Tide India Gurjodhpal Singh said, according to the report.

Tide reportedly intends to conquer the Indian market with services designed to help SMEs go digital.

“We are looking to work with startups that serve [SMBs] already, ”Singh said, according to the report. “The idea is to work with them and bring their products to our platforms.”

Tide, which was established in 2015, provides business accounts, among other services. In the UK, FinTech has more than 350,000 SME users.

PYMNTS reported in January that Tide revealed plans for an experimental deployment in India in the first quarter of 2021 with a wider deployment to follow later.

In May, PYMNTS announced that Tide was launching a new path to help SMBs get payments on time with its Tide Invoice Assistant offering.

“The Tide Billing Assistant tackles a number of issues faced by small businesses – most importantly, automating manual and time-consuming processes and providing assurance that they will get paid quickly,” said Alastair Travis, vice president of business services at Tide at the time.

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PYMNTS DATA: 100 HEALTH EXECUTORS DECLARE USE OF AI TO FIGHT FRAUD, WASTE AND ABUSE

About: Healthcare companies lose 12% of their annual revenue to fraud, waste and abuse (FWA), but few are using artificial intelligence (AI) to solve these problems due to cost concerns. In AI In Focus: Targeting Fraud, Waste and Abuse In Healthcare, PYMNTS surveyed 100 healthcare executives to find out how AI could actually help businesses save money by limiting costly misrepresentation and false positives.


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Starling Bank becomes the latest challenger to launch a professional account https://sarahlong.org/starling-bank-becomes-the-latest-challenger-to-launch-a-professional-account/ https://sarahlong.org/starling-bank-becomes-the-latest-challenger-to-launch-a-professional-account/#respond Thu, 17 Jun 2021 00:50:56 +0000 https://sarahlong.org/starling-bank-becomes-the-latest-challenger-to-launch-a-professional-account/ Starling Bank launched its Starling for Business service, aimed at entrepreneurs, independent traders and small business owners 15 months after obtaining its banking license. Founded by Anne Boden, who is also CEO, Starling Bank is part of a group of challenger brands, also including Monzo, Atom Bank and Revolut, taking over the legacy banks with […]]]>

Starling Bank launched its Starling for Business service, aimed at entrepreneurs, independent traders and small business owners 15 months after obtaining its banking license.

Founded by Anne Boden, who is also CEO, Starling Bank is part of a group of challenger brands, also including Monzo, Atom Bank and Revolut, taking over the legacy banks with a digital offering.

Its consumer offering was launched to the public in May 2017 and claimed to be the first mobile-only checking account. Although exact figures could not be provided, Starling Bank said it has “tens of thousands of consumer customers”. Starling for Business will first open to a closed group of testers towards the end of 2017, before a scheduled live date in early 2018.

Speaking to Real Business earlier in 2017, Boden said the idea for Starling Bank came after spending 30 years in banking and tech with companies such as Lloyds Bank, UBS and ABN AMRO. Believing that the bank was “broken” after the 2007 financial crisis, she approached the issue from a “technologist” point of view.

Wanting to differentiate Starling Bank’s offering from other perceived rivals, Boden said she and her team did not aim to deliver all products to all segments across all channels. We focus on everyday banking transactions. We do it through one channel, on mobile, and do it on a whole new technology that offers all the new features that customers want now.


Four biggest digital challenger banks have now raised £ 332million to scare incumbents

While the disruption in financial services has been going on for several years now, the capital accumulated by four of the most advanced digital challenger banks is extremely large.


Regarding Starling for Business, she added: “What has become evident is that there is a group of extremely underserved people who need more than a personal checking account but who are not entirely up to date. made a small business.

Copy of the founder of the bank Anne Boden Starling
Starling Bank founder Anne Boden

“This is what we hope to solve here by developing Starling for Business. Developing the tools and features that work for these entrepreneurial and motivated customers has therefore become a key focus for us over the next 12 months.

Starling for Business would be free to settle down and start using it. Customer service will be available 24 hours a day, 7 days a week, in conjunction with billing and accounting services.

Sarah Guha, Product Manager at Starling Bank, said: “We are focusing on independent traders and small businesses because the banking industry has not come up with something tailor-made for them.

“We want to have conversations with our customers and find out what they have, what they need and what will help them grow their business and manage their finances. This is an extremely exciting project for us.

After starting life in 2014, Boden has described the trip so far as a “long one”. Building a bank is not for the faint of heart, ”she added. Speaking in April before the launch of Starling for Business, when Boden said there were no plans to tackle this market yet, she said: “If I were a businessman using a banking, the things that really matter to me are understanding cash flow. and how much clear balance there is at any given time. SMEs need innovation and creativity in this space.


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Board strikes back as Lloyds doubles corporate account fees https://sarahlong.org/board-strikes-back-as-lloyds-doubles-corporate-account-fees/ https://sarahlong.org/board-strikes-back-as-lloyds-doubles-corporate-account-fees/#respond Tue, 18 May 2021 07:00:00 +0000 https://sarahlong.org/board-strikes-back-as-lloyds-doubles-corporate-account-fees/ Board strikes back as Lloyds reveals plans to double fees on commercial accounts By Lucy White for the Daily Mail Posted: 22:01 BST, May 18, 2021 | Updated: 10:45 p.m. BST, May 18, 2021 Lloyds Bank faces backlash after revealing plans to double fees on its trading accounts. The lender has sent letters to its […]]]>

Board strikes back as Lloyds reveals plans to double fees on commercial accounts










Lloyds Bank faces backlash after revealing plans to double fees on its trading accounts.

The lender has sent letters to its customers announcing that it will increase the monthly fees for its Business Extra and Electronic Business tariffs, available to companies with more than £ 3million in turnover.

The move angered administrators, who accused the bank of hypocrisy for vowing to help businesses weather the pandemic while increasing charges even before Covid restrictions were lifted.

Higher fees: Lloyds has sent letters to its customers announcing that it will increase the monthly fees on its Business Extra and Electronic Business fares

A client from Southport, Merseyside, who declined to be named, said: “This is just another kick in the teeth for businesses that are already struggling, just as we are lucky to get back on our feet. ”

Referring to Lloyds’ pandemic motto “Helping Britain Recover”, the customer added: “This is a joke”.

Lloyds has revealed that the monthly account fee for Business Extra will drop from £ 7.50 to £ 15 in June.

The monthly e-business rate, for businesses that make most of their payments electronically, will drop from £ 12.50 to £ 20.

The amount charged to businesses for placing or withdrawing money at a branch, issuing or paying checks and using other services will increase by up to 60%.

Damien Moore, Tory MP for Southport, said: “I am extremely concerned about this. This should not be happening at a time when we are supposed to help businesses bounce back.

During the last financial crisis the banks were bailed out, so it’s only fair that they help rather than force customers with more fees. ‘

The All-Party Parliamentary Group (APPG) on Fair Business Banking has urged Lloyds to waive the fee.

Its chairman, Tory MP Kevin Hollinrake, said: “Lloyds will be fully aware of the difficulty some companies have in switching banks, so they know that business customers are pretty much sitting ducks for these huge increases.

Lloyds’ board of directors will rightly be accused of profiting from the Covid crisis, and the APPG calls on the bank to reverse this decision.

Lloyds said: “At the end of last year, we informed our small and medium-sized customers with turnover over £ 3million of a planned change in the cost of their core banking services, changes that we have postponed to 2020 due to the pandemic and this is the first increase in two years.

“The average increase is £ 15 per month. For any customer who may be experiencing difficulties, we have processes in place and encourage them to contact us. ‘

Lenders are struggling to maintain profitability, in an environment of extremely low interest rates, which means they cannot make as much money from loans to clients.


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Aspire’s corporate account processes over US $ 1 billion one year after launch https://sarahlong.org/aspires-corporate-account-processes-over-us-1-billion-one-year-after-launch/ https://sarahlong.org/aspires-corporate-account-processes-over-us-1-billion-one-year-after-launch/#respond Tue, 11 May 2021 07:00:00 +0000 https://sarahlong.org/aspires-corporate-account-processes-over-us-1-billion-one-year-after-launch/ Y-Combinator-backed fintech Aspire reached $ 1 billion in annualized transaction volumes within one year of launching its commercial accounts in May 2020. The company also announced the launch of its Bill Pay feature, which automates a company’s bill payment processes by eliminating manual data entry and reconciliation. Business owners simply forward their invoices via email […]]]>

Y-Combinator-backed fintech Aspire reached $ 1 billion in annualized transaction volumes within one year of launching its commercial accounts in May 2020.

The company also announced the launch of its Bill Pay feature, which automates a company’s bill payment processes by eliminating manual data entry and reconciliation.

Business owners simply forward their invoices via email to Aspire’s AI Assistant, which uses a combination of optical character recognition and deep learning to identify payment details and payment date. .

The user then receives a notification to perform a final check and approve the payment by the due date.

All transactions synchronize seamlessly with accounting systems built into Aspire, such as Xero, Quickbooks and others.

Users can also choose to automatically schedule payment to maximize payment terms and improve business cash flow.

Aspire provides growing businesses across Southeast Asia with access to a suite of financial products through its all-in-one finance platform. Similar to Brex in the United States, Aspire offers growing businesses a more digital and cost-effective way to manage their money, compared to traditional banks.

The company serves thousands of businesses in the region and also recently launched an incorporation offering with the aim of being the one stop shop for any entrepreneur.

Andrea Baronchelli, Founder and CEO of Aspire

Andrea Baronchelli

“We are closing a $ 150 billion demand gap for better, faster and cheaper financial services for businesses in Southeast Asia.

And we will continue to launch innovative products targeting growing businesses, such as Bill Pay, to help founders save time and money, and use those resources to grow their businesses instead. ”

said Andrea Baronchelli, Founder and CEO of Aspire.

Featured Image: Andrea Baronchelli, Founder and CEO of Aspire

User-friendly printing, PDF and email


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Absa Bank launches “She Business Account” for women entrepreneurs https://sarahlong.org/absa-bank-launches-she-business-account-for-women-entrepreneurs/ https://sarahlong.org/absa-bank-launches-she-business-account-for-women-entrepreneurs/#respond Fri, 07 May 2021 07:00:00 +0000 https://sarahlong.org/absa-bank-launches-she-business-account-for-women-entrepreneurs/ Absa Bank Kenya has announced its commitment to impact over one million women entrepreneurs over the next five years with a new proposal. The new proposal, the Absa She Business Account, offers financial and non-financial solutions designed to accelerate business growth. The new account is aimed at businesswomen, particularly those in the small and medium-sized […]]]>

Absa Bank Kenya has announced its commitment to impact over one million women entrepreneurs over the next five years with a new proposal. The new proposal, the Absa She Business Account, offers financial and non-financial solutions designed to accelerate business growth.

The new account is aimed at businesswomen, particularly those in the small and medium-sized enterprise (SME) segment of the economy. It is built on 4 main pillars; Access to finance, access to the market, access to information as well as access to mentoring and coaching.

Under the Access to Finance pillar, women entrepreneurs will have access to unsecured loans of up to Ksh. 10 million, payable over 5 years for existing borrowers, and Ksh. 7 million for new borrowers payable in 4 years. A grace period of up to 60 days will be granted on a case-by-case basis.

In addition, the proposal will offer mentoring and coaching, business advice and online training to women business owners. This training aims to equip them with essential skills in financial and non-financial best practices, useful for growing their business.

Speaking at the launch, Absa Kenya Managing Director Jeremy Awori said: “If we don’t do anything about these structural challenges, we set ourselves up for failure as a country. Inclusion is not just the right thing to do, it’s the right thing to do and a key success factor that the business community and the country’s leaders should embrace. This is the motivation behind the Absa She Business Account which is tailor-made for the needs of the female entrepreneur, whether you are new to a business or running a large company.

Cabinet Secretary for Civil Service, Youth and Gender, Professor Margaret Kobia, was also present at the launch event. The SC commended Absa for its efforts in advocating for women’s empowerment programs and called on more organizations to facilitate similar forums for the achievement of the SDGs of reduced equality and gender equality.

“My ministry remains committed to continuing its engagement with the private sector and other strategic partners to rebuild a stronger economy that places women, youth, people with disabilities and other disadvantaged groups at the heart of economic recovery strategies for greater investments and directed growth in women ”, noted Professor Kobia

A report released by the Central Bank of Kenya in 2018 indicates that there are 517,000 registered women-owned businesses, of which 33% are small and medium-sized enterprises in Kenya. Another study by the International Finance Corporation (IFC) estimates that more than 70 percent of women-led SMEs in all regions are either financially unserved or underserved.

The bank will partner with various institutions, including the International Trade Center (ITC), KNCCI, KAM, development finance institutions, corporate clients, among other institutions, to expand the impact of financial and non-financial interventions. financial. Thanks to these partnerships, Absa She Business Account will offer workshops and online seminars that will fill the gaps in business, management and leadership, wealth management, among others.

This proposal also offers insurance coverage for all insurable occupational risks as well as medical and automobile insurance at competitive rates.

Last year, Absa announced a Ksh. 10 billion credits to small and medium-sized businesses owned by women as well as a partnership with the International Trade Center to enable businesswomen to participate in the global export / import trade. Today, more than 8,500 women have benefited from this program.


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MEPs ask banks for answers on corporate account delays https://sarahlong.org/meps-ask-banks-for-answers-on-corporate-account-delays/ https://sarahlong.org/meps-ask-banks-for-answers-on-corporate-account-delays/#respond Tue, 20 Apr 2021 07:00:00 +0000 https://sarahlong.org/meps-ask-banks-for-answers-on-corporate-account-delays/ The Chairman of the Treasury Select Committee, Mel Stride MP, has written to six major banks responding to the difficulties SMEs have in opening new business current accounts. The big banks are Natwest, HSBC, Barclays, Lloyds Banking Group, Metro Bank and Santander. The questions include: If their criteria for opening business accounts have changed since […]]]>

The Chairman of the Treasury Select Committee, Mel Stride MP, has written to six major banks responding to the difficulties SMEs have in opening new business current accounts.

The big banks are Natwest, HSBC, Barclays, Lloyds Banking Group, Metro Bank and Santander.

The questions include:

  • If their criteria for opening business accounts have changed since the start of the pandemic
  • If waiting times have increased
  • How customer complaints were handled

Commenting on the correspondence, Mr Stride said: “As the recovery from the pandemic begins, many SMEs will continue to need the vital support of financial institutions. It is essential that these institutions adapt to the requirements of SMEs as the economy begins to recover. The committee would like to know more about the state of the business current account market and whether steps need to be taken to alleviate the difficulties faced by SMEs.

Other MPs on the Treasury Select Committee include Tory Brexiteer MP Steve Baker and Labor members Rashanara Ali and Dame Angela Eagle.

The committee exists to question and monitor both the Treasury and the HMRC, as well as the Bank of England and the Financial Conduct Authority.

The banks had a month to respond to Mr. Stride’s letter.

Responding to the news, Rich Wagner, CEO and Founder of Cashplus Bank, said: ‘For many years, viable small UK businesses have been abandoned and forced to jump through the hoops by dominant banks that are only genuinely interested in serving large, established businesses. Still, it’s shocking that many of the biggest players chose to slam the door completely at a time of desperate economic need and when company registrations were hitting monthly records.

“This crisis has shown that these are innovative digital challengers who are truly committed to breaking down barriers and finding responsible ways to deliver banking and, most importantly, lending services to Britain’s smallest and largest businesses. recent. The government must reconsider plans to level the playing field in this market and devote more effort and resources to ensuring that these initiatives continue so that small businesses can get the banking services they deserve when they are. are leading the economic recovery from Covid-19. “

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Most banks don’t allow small businesses to open bank accounts


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