Today entrepreneurship for many people has become pretty ordinary. Many people develop their business even outside their own state, but business is impossible without various financial transactions. Thus, the activities of various organizations must be transparent before the law, as well as various regulatory bodies. Therefore, literally every merchant knows what a corporate account is, why it is needed and why it is impossible to build a prosperous business without it.
WestStein experts delved into this topic in more detail and answered the main question: how does a corporate account differ from a personal one. It should be noted that everyone can use our service to open a personal account. There are a lot of advantages of cooperation with us, but the main ones should be mentioned:
- lack of paperwork – all you need to open an account is access to the network and a bit of your personal time;
- an understandable and convenient client portal, as well as a mobile application in which it is possible to track all financial transactions;
- confidentiality and full protection of customer data, additional security system Mastercard 3D Secure;
- low commission for cashing out;
- the ability to implement various monetary transactions: from transfers abroad to online purchases;
- the ability to use a Mastercard prepaid card anywhere in the eurozone.
What is the purpose of opening a corporate account?
It should be emphasized that a corporate account (hereinafter referred to as CA) is an essential condition of the modern “business game”. This is an account that is opened by a company, that is, a legal entity, and is used to pay company bills, as well as conduct analytics and control financial transactions. Experienced businessmen will add that the CA is also necessary to receive accruals from consumers and carry out various commercial activities inside and outside the company.
In turn, a personal bank account, as its name suggests, is intended for personal payments – receiving wages, making purchases, etc.
A business current account, in simple terms, is created to meet the needs of an enterprise. For example, needs may include the purchase of stationery and equipment for the office, as well as payment for services and providing a net income.
The advantage of a non-cash account also lies in its mobility and lack of restrictions. Thanks to the CA, it is possible to regulate monetary transactions in all branches of the company, even those located in another country.
Benefits of a corporate account
- Optimization of the company’s activities. Due to the fact that all manipulations are implemented through one account, they are easy to track, analyze and subsequently apply the data obtained to rationalize internal processes.
- Structuring reporting schemes. Thanks to the CA, bookkeeping will be much easier.
- Get receipts for all transactions. Despite the fact that the account can be managed remotely, it is possible to configure its functionality so that a report on each procedure will be sent to the mail.
- Fixed democratic commission when withdrawing cash. It is quite profitable to withdraw cash from a corporate card, in addition, it allows you to save money.
- Uninterrupted work. CA makes it possible to withdraw funds from a corporate account 24/7 using the ATM system. At the same time, several cards can be linked to one account.
- A simplified system for issuing a card for the CA. The process of creating “plastic” takes a little time, besides, it an be done remotely.
WestStein prepaid card: how to get and use
Cooperation with our service allows clients to manage the company’s funds: pay invoices and control cash receipts. Thus, you will always be “clean” in the face of the law and minimize the risk of penalties from the tax authorities and other similar structures.
A free online account is available to each of our clients immediately after registration and verification – confirmation of the email address and mobile phone. We guarantee that with our support it is possible to increase the efficiency of the commercial activities of a legal entity. Manage the company’s finances conveniently with a convenient mobile application, which is designed in such a way as to be intuitive to everyone.