Research transfers and debits
Know what kind of legal forms are accepted
Assess the quality of customer service
Compare all the current business accounts
Discover the selection of business payment cards
Compare accounting integrations
Before opening a business bank account, a business owner should compare the number of transfers and debits included in the selected plan. Are the fees included or are they going to generate extra costs? Are they interchange fees?
One should also be aware of the different types of debits that are offered. For instance, some business finance management solutions do not allow B2B SEPA direct debits, even if this format is compulsory to pay taxes to the government.
Some banks or business finance management solutions do not accept all legal forms of company. Some financial institutions are more adapted to freelancers and the self-employed, others to shared capital companies. The latter involves depositing the company's share capital in a business account.
Therefore, the company's legal form is a critical factor when it comes to comparing several business banking options.
Traditional banks usually require users to physically come to the bank to open an account, while an online solution allows the entire process to be carried out online.
A business owner should always analyze feedback regarding the quality of a bank's or business finance management solution's customer service (for example, how long does it take to get an answer to your questions and requests?)
Entrepreneurs should know what type of bank details they will receive from their future bank. How fast is the IBAN sent to the client? While it usually takes more time with traditional banks, with business finance management solutions it can be just a matter of hours.
However, some online solutions are only able to deliver a foreign IBAN, which can make things complicated in France (when it involves paying taxes, for example).
Entrepreneurs should compare the services provided along with their payment card. Payment and withdrawal limits deserve particular attention. Also, the extra fees billed when international payments are made can be substantial.
One should choose between different types of Visa or Mastercard cards. There are different types of cards: prepaid, debit (which usually comes with insurances services) or credit cards.
Some business accounts make accounting easier and help business owners drive their company's financial operations. The 'expenses' add-ons and the number of integrated accounting tools should be analyzed thoroughly when comparing business bank accounts.
Some business accounts allow business owners to invite accountants as members, which makes it possible for them to export the transaction history autonomously, for instance.