Settlement account: how to choose the right one

If you started your own business, you are already faced with the need to solve a huge number of organizational issues that have appeared. How to keep accounts, when do you need to submit reports, how to register all employees correctly according to the law, and most importantly, open a settlement account online? We will talk about the latter in more details in this article together with WestStein specialists. Why do you need a settlement account, how to choose the right one, and what you need to pay attention to before providing your data? You will find the answers here.

Today literally every businessman can open a settlement account for free and in a short time – financial institutions have simplified the procedure as much as possible. But do not assume that you can open an account in any bank. This can be a serious mistake and will directly affect the profit, for example, if the account’s settlement and cash services cost unreasonably high.

You must also understand the need for such manipulation. If the company works only with cash, it may be possible to open an account online later. In the case of non-cash payments, when the company accepts payments from consumers to a virtual bank card and pays company bills without cash, this will still have to be done.

Choosing an institution to open the account

A personal account and a settlement account, which can be issued for free in just a couple of clicks on our website, have some differences. The functionality is in the name itself:

• a personal one is used by the company to store funds, transfer salaries to its employees and receive credit funds; in the case of individuals, the account is also used to pay for housing and communal services and other services;
• a settlement one is used to receive money from partners and buyers, besides, and to pay for supplies, rent of premises, taxation; such a financial account allows you to connect merchant acquiring.

As it has already become clear, both accounts are essential for business activities within the framework of the law. When you have already decided on the type of account, you can proceed to the parameters for selecting a financial institution.

So pay attention to:

1. Reliability and credibility of the bank. Do not trust the first structure that comes up, analyze all the offers and choose the right one. Pay attention to the opinions of experts, as well as familiar entrepreneurs.
2. The list of offered services. Many organizations provide additional beneficial manipulations: find out about them before going through the registration procedure. Do not base on the words of employees, rely on the preferences of your own business.
3. Price for the service. It would be useful to check what is the price of opening an account, the commission for cash withdrawal, the cost of monthly maintenance, one payment, using Internet banking (having one today is a big advantage), issuing a card.
4. Location of bank branches. If you are registering an account with a physical bank, it may be necessary to visit it – prepare a convenient route in advance. Also learn about the mode of operation.
5. Customer support service. Financial transactions partly involve the emergence of questions, as well as force majeure situations. In this case, it is best not to look for a solution to the problem on your own, but to contact a qualified employee. It is also recommended that you keep the phone numbers of the support service and facility managers.
6. Availability of an online service. It is better to ask whether it is possible to carry out monetary manipulations online, for example, using a mobile application.

WestStein virtual card: advantages

After you familiarize yourself with all the advantages and disadvantages of the chosen institution, feel free to open an account. The main recommendation is not to jump to conclusions and always ask for more information.

So, speaking about the WestStein service, it should be noted that it has many advantages:

• the ability to withdraw money from the account with a minimum commission;
• profitable international transfers thanks to IBAN;
• confidentiality and security at the highest level;
• full control over the budget thanks to the application for smartphones, as well as the absence of an overdraft;
• additional plastic cards for one account;
• high customer focus – constant support in the form of a chat, by e-mail or by phone;
• the ability to work with partners around the world thanks to the Mastercard payment system;
• personal PIN-code and Mastercard 3D Secure system for additional protection for each client;
• opening an account is guaranteed in a short amount of time.