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5 Reasons To Ditch Your Brick-And-Mortar Business Bank Now

April 22, 2020
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written by Sarah Hiraki

Online business banking is something to reconsider now more than ever. Here are 5 reasons why.

At Revolut Business, we help businesses of all sizes to work smarter through innovation and automation. With the world in flux, businesses face some huge challenges ahead, but also a substantial opportunity to stop and reevaluate the ways in which we work. When you’re making changes in your business, it’s always prudent to check in with the health of your finances.

We’ve outlined some common circumstances that may cause you to reconsider the current state of play with your business account.

1. You’re working from home

If you typically commute to your office or working space in a central location, dropping by a high street bank (or post office, or pharmacy, or coffee shop) feels like a no-brainer. But when you’re working from home, a trip into your bank branch can be a major inconvenience.

That’s where the new generation of finance comes in. With a digital-first business account, you have full access to every feature, from anywhere – whether you’re travelling for work, looking after your family, or just practising social distancing.

2. You’re cutting costs

Cash flow is always front of mind for small and independent businesses, but after the events of Q1, you may be more actively looking for opportunities to save money. Why not start with your financial transaction fees? According to our research:

  • 47% of small businesses in the UK, France and Poland said they are concerned by the fees they are charged.
  • 33% were surprised by charges from their current providers all or most of the time.
  • In the UK, 47% of SMEs are paying more than £50 every month in bank fees – with 17% paying more than £250 each month.

That’s a lot of cash walking out the door.

Have a look at your statements and identify features you use frequently, and ones you’re getting charged for. You may need a different kind of business account.

3. You prefer self-service (most of the time)

If you’ve thought, “just give me the keyboard I can do it myself” when dealing with a finance professional, you’re not alone. Cutting out the middle-man can give you more control and more confidence in your financial decisions.

Revolut Business is largely self-service, and with customisable admin permissions, you can invite your accountant or your operations manager to help monitor and automate various financial responsibilities. But don’t worry – our support team is online and ready to answer any questions that pop up 24 hours a day.

4. You’ve gone contactless (or better yet, virtual)

Maybe it’s the 24-hour news cycle getting to us, but cash… eww. If you’ve ditched cash for card and online payments, a brick-and-mortar bank loses a lot of its shine. Whether you’d like to pay by card, mobile, or online – Revolut Business has the perfect solution.

Both our physical and virtual cards can be immediately activated via our app and used online, or with Google Pay or Apple Pay by you or your team. Plus, expense management is baked into Revolut.

5. You’re going global

With high street banks, making international payments can be costly, and the experience is often peppered with extra charges. Plus, you may lose money in the exchange if you’re not getting the best conversion rates. How would we describe Revolut Business? Borderless.

With our multi-currency accounts, you transfer, hold and pay funds in 28 different currencies – allowing you to pay vendors in their local currency, and secure the best rates every time. We’ve demystified the FX (foreign exchange) process. Trust us, your clients and your bottom line will thank you.

Consider Revolut Business

Ready to ditch your traditional, high-street bank? For a limited time, you can try Revolut Business’ most popular premium plans completely free. Get started today.

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Author
Sarah Hiraki

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Sarah is a senior copy and content writer for Revolut Business. She’s passionate about helping Revolut Business’ diverse community of entrepreneurs survive and thrive in a challenging marketplace. You can read more from Sarah on the Revolut blog.
Adzooma Marketplace

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Find the Digital Agency that best suits you

Adzooma Marketplace is where over 50,000 businesses & agencies come together to find their perfect digital marketing partner.

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