ENTREPRENEURS who are starting and registering a business should open a bank account that gives them peace of mind to manage their business.
After speaking to a lot of businesses which struggle, SunMoney has learnt that failure to separate personal and business accounts is what leads to cash problems.
Kenneth Matlhole, FNB Business spokesman, told SunMoney that entrepreneurs must do research before opening a business bank account.
He shared key questions that entrepreneurs should ask before odoing so:
- What type of account do I need?
There are several options to choose from, depending on the type of business.
A standard transactional account is ideal for managing money coming in and going out of the business.
- Can I manage the account digitally?
Having access to banking services 24/7 has become essential for businesses. This includes viewing accounts and balances, applying for credit, and performing foreign exchange transactions online.
The objective is to enable the entrepreneur to manage the business on the move while transacting securely.
- What value will I get? Over and above the transacting capabilities, it is essential to find out what additional benefits and solutions the account offers.
- Will I always get the best service? Getting the best service when you need it most is not negotiable. Customers should be able to get assistance from their bank in any channel of their choice.
- Future growth and business needs.
The preferred bank should go the extra mile to understand the business while providing it with the necessary support and assistance to grow. Credit, trade and asset finance options all need discussion.