should I opt for online banking?

27 septembre 2020

Online banks offer shortened operating times and low fees. However, traditional banks continue to stand out for their access to services when businesses have specific needs.

Opening a pro account is mandatory for commercial companies.

The opening of a professional bank account is mandatory for any commercial company such as SAS or SARL. The same applies to companies created by a single entrepreneur, such as SASU and EURL. These legal forms indeed imply a separation between the assets of the crateur and the company: this is what is called the moral personality.

The opening of a bank account is mandatory for the registration of these companies in the Trade and Companies Register (RCS). It is necessary to deposit the capital and obtain the certificate of dpt of the funds requested for the dpt of the registration file.

The crator can then change bank or even close his account, even if it is difficult to imagine and fiscally risky to work without a bank account for accounting reasons.

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Online banking allows you to shorten the time it takes to get to the bank.

Entrepreneurs are free to choose their bank. They can opt for a traditional bank, an online bank or a nobank (banks that can only be accessed via a smartphone).

Online banks tend to simplify basic operations for their customers. Where opening a traditional bank account requires making an appointment and preparing documents with an advisor, all steps can be done over the Internet.

The first advantage of online banking over traditional banking is therefore related to delays, especially when registering a company. While the registration file can now be quickly deposited on the Internet thanks to the Infogreffes site, depositing the initial capital in just a few clicks can also speed things up. For example, the online bank Qonto offers the option of setting up a SASU quickly, receiving its certificate of funds within 72 hours.

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Traditional banks more interesting for specific needs

The major difference between online banking and traditional banking is in the access to advisors and services.

Without a teller, an online bank makes basic services more fluid, since they are automated. Conversely, when the company uses more specific operations, traditional banks offer services that online banks rarely provide: cash investment, factoring, insurance, credit applications and overdraft protection. This justifies (at least in part) the difference in tariffs between the two types of institutions, as online banking is less reputable.

READ: Companies: how to reduce your bank charges?

Which bank should I choose for my business account?

The degree of activity and the needs of the company will be decisive in the choice of a type of bank. A company with a low level of activity and few banking needs will be satisfied with an on-line bank. It will then get a very low fee and a high level of responsiveness. As soon as the activity requires more personalized services, the option for a traditional bank is justified.

In order to choose the right type of bank, the entrepreneur must therefore determine his needs. To do so, it is necessary to study its imperatives in terms of means of payment (number of bank cards, cheques, transfers, etc.), collection methods (need for a payment terminal, dpt of cheques, etc.), flow intensity (a high number of transactions may give rise to additional charges in online banks), as well as its collections in international currencies. It will also have to determine its needs in terms of short-term financing and personal advice.

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