Know more about transfers and debits
Know what kind of legal forms is 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-cost? Are they interchange fees?
One should also be aware of the different types of debits that are offered. For instance, some business finance mangement solutions do not allow B2B SEPA direct debit, even if this format is compulsory to pay taxes to the government.
Some banks or business finance mangement solutions do not accept all legal forms. Some financial institutions are more adapted to micro-entrepreneurs, other to shared capital companies. This last choice implies to deposit the company's share capital in bank or neobank.
Therefore, the company's legal form is an essential criterium 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 a neobank is more convenient as the account opening can be done online.
Therefore, a business owner should always analyse the feedback regarding the quality of a bank/business finance management solution customer service (how long does it take to get an answer to one's 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's a matter of hours!
However, some of them are only able to deliver a foreign IBAN, which can make things complicated in France (to pay taxes for example).
Entrepreneurs should compare the services provided alongside their payment card. The payment and withdrawal limits deserve a 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 life. The 'expenses' add-ons and the number of accounting tools integrations should be analyzed thoroughly when comparing business bank accounts.
Some business accounts allow business owners to invite accountants as members, which allow them to export the transaction history autonomously, for instance.