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How to choose a business bank account for your digital business?

Finding a business account that is right for your business often isn't a short or easy process. You might need a lot of research to find the company that will be the perfect fit for your business and understands its needs.

There might be different needs for each business, depending on the industry business operates in, as well as the maturity of the business. To register a new company you need a bank account, so, it's important to find out beforehand if they offer this service. Not all banking providers welcome digital businesses like digital assets, gaming, and forex. With traditional industries, it's easier, but still, it's worthwhile to do research to find out how easy it will be to work with the provider.

If you are looking to open a business account online We have prepared a checklist of the things worth looking for in a corporate bank account to make it easier for you to compare several banking providers, and choose the best business account for you.

Regulated corporate banking

It's important to check if the financial services provider has a license, to ensure the safety of your funds and quality service. The absence of information about how the company is regulated should serve as a red flag, and you should do extra research for the respective provider. For most companies, you can find the information about the license on their homepage. Additionally, you can search on the appropriate countries' regulators' websites. For the EU you can look up the approved institutions in these resources:

For example, Nexpay is an authorized Electronic Money Institution (EMI) holding a license from the Bank of Lithuania (license No. 18).

Pricing of a business account

It's important that the pricing is transparent, understandable, and of course competitive. Be sure to read through the pricing information, and understand all the terms, even for the positions you think you won’t need.

Nexpay pricing is straightforward, and we have some of the most competitive fees in the industry.

Track record of the financial provider

How many clients the banking provider has, and how many transactions it has processed? Any information you can find on the company's homepage or independent third party might help to evaluate how established the company is, and how many customers have trusted it so far.

Reviews of business bank

It's important to check any reviews about the business bank to check if they are a reliable operation and if their service is at a high level. Usually, you can read the reviews on companies homepage and on reviews aggregators, such as Trustpilot.

Supported industries

Does the financial services provider support opening a business bank account for the industry your business operates in? If it's a traditional industry, you shouldn't have many problems, but, if you operate in a new industry such as digital assets or gaming, there might be many providers which won’t open an account for you.

For example, Nexpay has clearly indicated in the list of prohibited and high-risk industries the industries with which we can’t work, and which, as a financial institution we need to label as “High risk”. Those industries can still be accepted, depending on their evaluation according to other factors.

Supported jurisdictions

Does the financial services provider open accounts from the country your business is registered? Certain countries are not supported by all providers, so you should check beforehand to save time.

For example, Nexpay provides a list of accepted jurisdictions for corporate clients, showing which countries' jurisdictions we are able to support.

The onboarding process for corporate banking

What does the corporate bank account opening process look like? Does it take place online, or is it necessary to have offline meetings for signing and submitting documents?

Nexpay offers the possibility for clients to open a business bank account online - fully remotely on paynexpay.com, supported by our world-class KYC and AML procedures.

At Nexpay we try to understand and inform the customer as fast as possible if we will be able to work with them. Even though the onboarding process can take a while sometimes, it's because our goal is to fully understand the customer's business already at the onboarding stage. After the initial approval, when we understand the business and know that we can trust the customers' operations, we try to disturb the customers' business operations as little as possible.

Features of the business bank account

Does it offer fast and convenient payments with the countries to which you need to pay most often? Is it possible to connect it via an API to your system?

Are there any additional services that might be relevant for your company? For example, an OTC desk is available in the Nexpay ecosystem with the possibility to convert cryptocurrencies to fiat and vice versa.

Service ease of use

What are the features of the platform? How easy is it to receive money, make multiple payments at the same time or see past payments and get account statements?

Customer support

What kind of customer support channels does the financial services provider offer? Do they allow you to reach the company quickly and resolve any issues? The most popular options are email, live chat, internal ticketing systems, and account managers. Does the support react and deliver solutions quickly? This also can be checked on review platforms or by talking to existing customers, if you know any.

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