In today's digital world, more and more businesses are taking their corporate banking online.
Doing your business banking electronically through an online corporate account offers a variety of advantages over traditional offline banking. Let's explore some of the key reasons why switching to online corporate banking can be hugely beneficial for businesses.
What is a Corporate Banking Account?
A corporate banking account, sometimes referred to as a business banking account, is a bank account that is specifically designed for companies and organizations rather than individuals.
The main purpose of a corporate account is to separate a business's finances from personal funds. It allows a company to manage its revenue, expenses, payroll, taxes and other financial transactions through a dedicated business account.
Most corporate accounts come with business debit cards that can be used to make purchases for the company. They also enable direct deposit of payroll, wires, ACH transfers and other business payment methods.
Additional services commonly offered with corporate accounts include cash management tools, online and mobile banking, budgeting and expense tracking features.
When opening a corporate account, businesses will need to provide documentation like articles of incorporation, business licenses and tax identification numbers.
The account holders will also need to be verified through identity checks. This helps establish the business as a separate legal entity from its owners for banking purposes.
What Transactions Can Be Done with a Corporate Account?
Business owners can manage almost all their day-to-day banking operations through a well-equipped corporate account.
Here are some of the main transactions supported by Jetonbank's corporate banking services:
Payments: Initiate one-time and recurring payments to suppliers, vendors, contractors, taxes, and other business expenses directly from the account. Payments can be domestic or cross-border.
Receipts: Receive merchant receipts, customer payments, deposits from other corporate accounts, refunds, and other incoming funds seamlessly in the account.
Funds Transfer: Transfer funds between the corporate and related personal accounts of owners as well as other business accounts for ease of operations and cash flow management.
Payroll: Configure and disburse salary, wages, and other payroll transactions to employees with direct deposit facility. Payroll reports are easily downloadable.
Invoice Management: Generate and send invoices to clients and track payments against outstanding invoices without manual intervention.
Cash Management: Monitor cash flow with real-time balance updates and reconciliation features alongside multi-user access for accountants and finance managers.
Records Preservation: Save all transactional documents and reports for compliance and audit requirements in the digital archive up to 7 years.
Reporting: Export business transactions into popular accounting software like QuickBooks using direct data integration for simplified bookkeeping.
Foreign Exchange: Conduct foreign exchange transactions at highly competitive rates and hedge exchange rate risks for cross-border trade requirements.
How to Open an Online Corporate Banking Account?
Opening a corporate account with Jetonbank is straightforward and can be completed fully online:
Visit Jetonbank's website and select "Open Account" for businesses.
- Enter basic company details like legal name, business type, location, etc. and upload incorporation documents.
- Provide details of authorized signatories who will access and use the account. Minimum one signatory required.
- Sign up for the verification process which includes client onboarding calls and document vetting for KYC/AML checks.
- Once verified, set up login credentials to start using the corporate banking account online along with e-statements and notifications.
Jetonbank also offers multi-user access profiles allowing collaboration between accountants and finance managers of a company.
The entire process takes less than a week for most users. New clients also get personalized assistance from Jetonbank representatives for any initial queries on set up or features.
What are the Requirements to Open a Corporate Account in Digital Banking?
While requirements may vary slightly between providers, the typical minimum information and documents needed to open an online corporate banking account include:
- Business legal name and address
- Business structure (LLC, corporation, partnership etc.)
- Tax identification number (EIN or TIN)
- Date business was established
- Ownership details (list of owners, directors, partners etc including IDs and addresses)
- Primary usage and estimated transaction volumes
- Articles of incorporation
- Business license/permit
- Board resolution authorizing account opening
Most digital banks only require a basic due diligence review for small business applicants. Larger corporations may need to provide additional documentation like financial statements or business plans.
What are the Main Advantages of Corporate Account in Business?
There are numerous benefits to using an online corporate banking account:
- Convenient Access - Manage finances anywhere, anytime through secure online and mobile banking platforms. Leave the branch behind.
- Streamlined Payment Flows - Centralizes money movement with fast, traceable and organized payment options. Better financial controls.
- Account Insights - Detailed transaction histories, customized financial reports and cash flow projections help with business planning.
- Security - Robust online security features and encryption technologies protect business funds from physical risks like theft or natural disasters.
- Integrations - Many accounting software, invoicing and inventory programs seamlessly sync with corporate banking platforms through APIs.
- Automation - Set up automatic invoice payments, scheduled transfers, payroll and workflows for efficiency. Less manual work.
- Scalability - The account structure grows with the business through additional users, services and Virtual Card/Account Numbers as needs change.
- Affordability - Digital banks cut overhead costs and offer competitive interest rates and transparent fee structures.
A feature-rich online corporate banking account is one of the best tools a business can have to simplify finances, improve cash flow oversight and focus on core operations. The advantages are numerous.
Taking business banking online through a corporate account with Jetonbank allows companies of all sizes to effortlessly manage money movement in today's digital economy.
The cash management tools, security, operational efficiencies and affordability bring unprecedented control over finances at the fingertips of authorized account users anywhere in the world.
Businesses looking to upgrade from personal accounts or traditional branch-based services should seriously consider an online corporate solution.
To get started, businesses can visit Jetonbank's website to set up a corporate account online.
A short application process establishes the account, from which businesses can begin enjoying the many advantages of digital corporate banking.
