Why open a business account online?

Customer interface, online management, cost reduction... Banking offers for individuals are constantly evolving. What about banking services for professionals? For a long time, they remained unchanged; it was only with the arrival of online banks and neobanks that traditional offerings evolved. Competition increased, new functionalities were introduced and online business accounts saw the light of day.

Over the past few years, these accounts have become increasingly popular. What are they? What are their features? Why opt for an online business account?

What are the advantages of an online business account? What procedures need to be followed to access one? Before answering these questions, it's a good idea to review what a business account is and what's at stake.

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What's the difference between a business account and a current account?

Business bank account: definition

A business bank account is an account opened in the name of the company and not in the name of its directors. This makes it possible to distinguish between the company's assets and those of its directors. Everything in the business account belongs to the company, but not to its founders.

Current account vs. business account

From a practical point of view, these accounts provide access to essential functions for managing your company's accounts. In particular, a business account enables you to make both national and international transfers on a larger scale, take advantage of accounting integrations, and obtain payment cards (Visa, MasterCard, Gold card, etc.). It really is a tool for managing your business accounts. Depending on the banking institution you choose, and the rates you pay, the features available will differ.

The second major difference between a current account and a business account is, of course, the price. Because of its functionalities, a business account is more expensive. However, prices vary enormously depending on the account chosen. An account dedicated to a SASU or a SAS with over 50 employees will have neither the same functionalities nor the same costs. You need to compare banks and their offers to choose the one best suited to your project.

Is it compulsory to open a business account?

Obligations governing an online business account

It's good to know that opening a business account is often mandatory when you're running a company. Indeed, as soon as a capital deposit is made, a business account must be opened. All limited companies (SAS, SARL, EURL, etc.) must open a business account (source: the portal of the French Ministries of Economy and Finance).

Share capital represents the company's assets, and must therefore be held in an account of its own. As a company is a legal entity, it can open an account in its own name.

This obligation makes it possible to clearly differentiate between the company's assets and those of its managers, and to provide a clearer picture of expenses and income.

What about setting up a sole proprietorship?

Previously, there was no obligation for the creators of sole proprietorships (EI, EIRL, etc.). However, since 2015, it has been compulsory to open an account dedicated to your professional activity when you are a micro-entrepreneur. This can be a business account or a current account (source: the portal of the economic and financial ministries). This makes it possible to differentiate between professional and personal financial movements.

This obligation does not apply to sole proprietorships not covered by the micro-enterprise scheme.

Good to know: in France, everyone has the right to an account. Everyone has the right to a bank account. How does this work?

• A bank has the right to refuse to open an account for a customer, without providing any explanation.
• Individuals in this situation can turn to the Banque de France, which will redirect them to a traditional bank that will be obliged to give them access to basic banking services.

What are the advantages of an online business account?

Opening a business bank account is compulsory in many cases, so it's essential to compare the offers available on the market. You can, of course, turn to traditional banks such as BNP Pro or HSBC Business. These offer reliable, high-quality services.

But it's also possible to open an online account with a remote bank such as Boursorama Pro. Finally, you can turn to a neobank: Qonto, Shine, etc. These fully digitized organizations present themselves as banks 3.0. They enable you to manage all your accounts from home, deposit your capital online, and take advantage of numerous services to simplify your accounting. To open an account, change a package or even close your account, everything is done entirely online.

What's in it for you?

• Time savings,
• Lower costs,
• Simplicity of use.

At least, that's what these financial organizations are promoting. In fact, neobanks have no physical bank branches, so costs are reduced. Account maintenance fees are generally lower. What's more, all accounts can be managed from home.

There are many advantages to online business accounts:

• domestic and international transfers,
• payment card orders,
• instant transactions, etc.

Traditional banks also offer online services, but it is often necessary to pay extra to access free services at neobanks.

What's the difference between a neobank and an online bank?

The difference lies in accreditation. Like a bank, an online bank is accredited as a credit institution. A neobank, on the other hand, is accredited as a payment institution. This means that a neobank cannot give you credit, and you cannot spend more money than you have in your account.

This difference means, for example, that people subject to a banking ban can open unbanked business accounts with neobanks. Services and fees are the same as for other customers.

How do I open an online account?

While managing an online account may seem simpler than a traditional account, what about opening one? What's the procedure for opening a business account online?

Before opening your account, it's essential to compare all the offers available on the market. A bank comparison tool will help you identify not only the cheapest bank, but also the one offering the services best suited to your situation: the possibility of making electronic payments, an offer accessible to your legal status, a bank advisor at your service, etc. Once you've made the comparison and chosen your offer, all you need to do is follow a few simple procedures.

To open a pro account online, you'll need to provide a number of supporting documents. These include

• proof of identity,
• proof of address less than 3 months old,
• proof of activity (e.g. Kbis extract, proof of registration in the trade register, proof of INSEE registration).

All you need to do is transmit these documents via your computer to open your account.

Once these procedures have been completed, your documents must be validated by the organization. In just a few minutes, your account is open. No need to go anywhere!

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Conclusion

Online business accounts make it easier to manage your company's accounts. Easy access, reduced costs, multiple services - the advantages of online accounts are numerous. These 3.0 banks go much further in their digitalization than traditional banks:

• online drafting of articles of association,
• accounting integration,
• dematerialization of expense reports, etc.

With your business account, you can manage more than just your money! Use an online comparison tool to find the best online bank for your company.

Guest article. Expert contributors are authors independent of the appvizer editorial team. Their comments and positions are their own.