Monzo has gained popularity among individuals by managing their current accounts and expenditure easily via smartphones. The neo bank has now strengthened its existence by managing the business banking area as well.
Monzo provides an excellent opportunity for the young entrepreneurs. It helps to establish and flourish their business without any discomfort and the extra hassle of banking. This great invention of the fintech firm has provided new opportunities for new companies to increase their market.
Why choose Monzo neo bank for business account?
Monzo business account has numerous benefits for the UK residing companies. It has introduced some excellent features that has revoked the discomfort of traditional business banking.
Ease of account opening
Monzo business account is as easy to open as to sign up for some social media profile. No need of appointments or extra paperwork before account opening rather, some legal information is necessary for verification purpose. If you are already a personal Monzo account user, you can easily switch your account to business without any hassle.
Availability of tax pots
A separate pot for taxes is available in the Monzo app. The separate tax pot helps to separate the desired amount required for tax without you worrying. The app handles the feature very well. Furthermore, it reduces your effort of money separating and switching accounts.
Built-in option for handling accounts
Monzo app provides you with a built-in option of integrated accounting. You can link your account with account managing apps and let the app do its work. Monzo provides a six month free trial with Xero (cloud-based accounting forum) to its new users. In response to this feature, you can save a substantial amount of money in your business field.
Access to multiple users
With Monzo business account, you can grant its access to multiple users. Firstly it will aid in managing finances together and better. Secondly you can keep track of the work going on by the other team member. Moreover, you can also remove the user easily whenever you feel like it.
Everything is digital and notified.
Each and everything done in the business account is accessible via mobile app or web. In short, Transfer of payments, building invoices, export statements and transactions functions are performed digitally. Above all, you can work with Monzo business account at the ease of your comfort.
Cost and safety of Monzo business account
Monzo offers two categories of business account: Monzo lite and Monzo pro. Monzo lite business account is free with limited access to its features. Whereas the Monzo pro-business account is just 5 euros/month with the complete access of all the features and benefits.
With the authorized banking license, the Monzo business account is safe and protects your money up to 85,000 euros.
Limits of Monzo business account
Although the Monzo business account is an excellent option for opening a business account, but it has certain limitations.
Limitation of deposits
Monzo has certain limitations in terms of deposits. It only let you pay up to 300 euros at a time and only 1,000 euros once every six months. Therefore, if you are a company dealing cash more than this amount, then the Monzo business account is not for you.
Limitations for certain businesses
Monzo provides excellent support to businesses, but there are certain businesses that Monzo doesn’t hold account for. For example construction companies, consumer credits, public limited companies, charities etc.
In short, Monzo is a great option for small business and companies within the UK localities to manage their finances. The data is stored and accessed digitally. Hence, It is most beneficial for the companies running online businesses and young entrepreneurs. Moreover, it clears many physical barriers between customers and the banking business and provide smart solutions for business banking problems.