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.

Navigating the Path to Finding the Best Business Banking

Embarking on the quest to find the ideal business banking solution can be a daunting task, given the myriad factors to consider. A judicious approach involves thorough research to ensure that the chosen account aligns seamlessly with your current business needs and future aspirations. Our concise guide is designed to assist you in identifying the best business bank account, whether you’re at the helm of a burgeoning start-up or steering the ship of a growing enterprise.

Key Considerations in Business Banking

Before diving into the account application process, it’s crucial to tailor your choice to your specific business requirements. Here are some essential factors to ponder, guiding you toward the best business account:

 

Account Management: Establish a connection with a dedicated point of contact who can navigate the evolving needs of your company.

 

Fees and Costs: Beyond setup costs, delve into individual transaction fees, as these often constitute the bulk of monthly banking expenses.

 

Overdraft Facility: Assess whether your business necessitates an overdraft facility to manage financial fluctuations effectively.

 

Financial Management Tools: Determine your preferred mode of managing finances—whether through a user-friendly app, telephone banking, or traditional written communication handled by accounting staff.

International Transactions: If your business involves international dealings, ascertain whether the account facilitates seamless cross-border transactions.

Tailored Solutions for Different Business Stages

Best Business Bank Account for Start-ups: Start-ups, often grappling with budget constraints, can benefit from business banks offering free trial periods or waiving setup costs. Don’t hesitate to enquire about such offerings if not explicitly advertised.

 

Optimal Business Banking for Sole Traders: While not mandatory, most sole traders opt for business banking to delineate personal and business expenses. Apply the same strategic approach as limited companies, aligning your requirements with the provider’s offerings.


Streamlining Your Application Process

Armed with a clear understanding of your business needs, initiating the application process becomes smoother. Prepare the following documents to expedite your application:

 

ID

Proof of Address

Company Registration Documents

Turnover Figures (projected for start-ups)



How Merchant Advice Service Can Assist You

Merchant Advice Service and its partners specialise in identifying tailored business banking solutions for start-ups, growing businesses, companies who have had account applications declined, or those seeking a more suitable account. To explore how our experts can collaborate with you to meet your unique business needs, contact us today.

Frequently Asked Questions (FAQs)

Commonly Asked Questions
How can I identify the best business bank account for my needs?
Start by assessing your unique business requirements, considering factors like account management, fees, and international transaction capabilities.
Is business banking necessary for sole traders?
While not mandatory, most sole traders opt for business banking to separate personal and business expenses.
Are there special considerations for start-up business accounts?
Yes, start-ups can benefit from accounts offering free trial periods or waived setup costs, often not openly advertised.
What documents do I need for the business account application?
Prepare ID, proof of address, company registration documents, and, for start-ups, projected turnover figures.
How can Merchant Advice Service assist with business banking?
Our experts and partners specialise in finding tailored solutions for start-ups, growing businesses, or those seeking a more suitable account.
Can I enquire about special offers or waivers not advertised by the bank?
Absolutely, don’t hesitate to ask about potential free trial periods or waived setup costs, even if not explicitly promoted.
What financial management tools are available for business accounts?
Explore options like user-friendly apps, telephone banking, or traditional written communication, depending on your preferences.
Does business banking include facilities for international transactions?
Check if the chosen account facilitates seamless cross-border transactions if your business involves international dealings.

How Merchant Advice Service Can Help You

Merchant Advice Service and partners excel in finding tailored business banking solutions, whether you’re a start-up, a growing business, or seeking a more suitable account. To discover how our experts can collaborate with you and your business, reach out today.

 

For more advice like this, visit our blog page!



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Conclusion

Selecting the right business banking option is pivotal for the success and smooth operation of your business. Remember, a well-chosen bank account not only supports your day-to-day transactions. It also plays a crucial role in managing cash flow, a cornerstone for any thriving business. It’s a good idea to prepare necessary documents in advance and understand the product or service terms and conditions. 

 

Whether you’re a start-up or an established enterprise, consider how the account will cater to your specific needs. Flexible customer service, accounting software compatibility, or international transaction support. Don’t overlook the importance of a bank that aligns with your business plans and structures. 

 

Engaging with financial institutions that understand your business operating requirements can save time and contribute to your bottom line. For personalised assistance, Merchant Advice Service is ready to guide you through these choices. We’ll ensure your banking solution fits like a glove with your business’s unique demands.



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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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