Finding the best business bank account

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

How to find the best business banking

Finding a suitable bank account for your business can feel a little overwhelming, with lots of different elements to consider. Before opening an account, it’s important that you do your research ensuring it will be fit for your business requirements now and in the future. Our short guide will help you to find the best business bank account for your needs, be it for a start-up company or a growing one.

What to look for in business banking?

Before applying for an account, make sure it’s suited to your needs which will differ from business to business. Here’s some things to consider which will help you find the best business account for your needs;

 

  • Account management. Most business owners require a point of contact who will often assist with the ever-changing needs of the company.
  • Fees and costs. Sounds simple but think about the transactions you’ll be making regularly; this is where most of your costs will lie. Most overlook the individual fees and focus on the set-up costs which as a rule of thumb isn’t where the majority of monthly banking fees apply.
  • Do you require an overdraft facility?
  • How will you manage your business finances? Do you want an app or telephone banking? Or would you prefer written communication which will be handled by accounting staff?
  • Do you need to send and receive money abroad?

 

Once you’ve established your unique business requirements you can begin to search for the best businesses bank account for your needs.

Best business bank account for start-up business

Start-up businesses have specific requirements when it comes to finding the best banking for a new company. Most revolve around costs, so here’s the good news, some business banks offer a free trial period or waiver set up costs for new businesses. If it’s not openly advertised, then just ask!

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Best business banking for a Sole Trader

Although not legally required, most Sole Traders like to set up business banking to ensure personal and business expenses are separated. When searching for the best business bank account for a sole trader, the same rules apply as a limited company. Establish your requirements and make sure the provider ticks the boxes.

Making your application

Now that you have established your company banking requirements have been met, you can start your application with your chosen business banking provider. To ensure your application is processed quickly, you can prepare by having the following to hand;

  • ID
  • Proof of address
  • Company registration documents
  • Turnover figures (projected if you’re a start-up)

How Merchant Advice Service can help

Merchant Advice Service and partners can assist with finding suitable business banking solutions, be it for a start-up company, growing business or you want to switch to a more suitable account for your needs. To find out how our partners can work for you and your business, speak to our experts today.

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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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