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Business account checklist: 7 features to consider in 2024

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Not sure if your current business account is right for your needs? Use our checklist to find out.

Sponsored by Airwallex. The Airwallex product suite is designed to suit a diverse range of business needs, from streamlining local operations to empowering global expansions. To find out more about Airwallex products and how they can benefit your business, make sure to visit the Airwallex website.

Having an effective business account isn't just about storing and transferring money. It can have a significant impact on how you're able to serve your customers and grow your business.

With this in mind, we've put together a checklist of considerations for choosing (or upgrading) a business account.

πŸ‘‹ Hey there! Since we've partnered with Airwallex, we'll be using their products as an example in this article. However, you should always do your own research and figure out what's best for your business.

❑ Fees

Account fees tend to be seen as something of a necessary evil in the business world. But you don't need to simply accept them as a given; with the right account, you can minimise your fee-related expenses.

To get an idea of some of the options available, let's take a look at the Airwallex Global Account.

The Airwallex Global Account doesn't charge fees for opening an account or for monthly maintenance, the way many organisations do. Additionally, it doesn't have any minimum transaction requirements. You can also save on conversion costs, too (more on that in a moment).

This alone can help you save quite a bit month-to-month. So when you're weighing up your current account, make sure you consider these sorts of costs.

❑ Multiple currencies and payment types

One of the reasons it's worth investing in a proper international account is that many ordinary transaction accounts will simply auto-convert any funds you receive into the local currency.

This can add additional FX costs or transfer fees, increasing your expenses and needlessly cutting into your profits.

The same goes for when you're paying overseas vendors; you're copping extra costs for currency conversion.

So it's worth looking for an account that can receive and hold a variety of different currencies.

The Airwallex Global Account is one international account that offers these features. In fact, Airwallex allows you access to an FX and transfer service that spans more than 150 countries and 60 currencies.

This means that international customers are able to pay in their preferred currency, without you being stung for fees or needing to pass this cost onto them. Additionally, you can pay your international suppliers in their local currency, helping you save on FX, conversion costs and excessive international transaction fees.

❑ International and domestic payments

Even if your business isn't expanding internationally yet, having an international account can still allow overseas customers to purchase from you more easily.

And if you do decide to establish more formal overseas operations, having the right account means you'll already be set up to go.

Accounts like the Airwallex Global Account can assist you with this process, letting you serve local and international customers without excess conversion costs. It can also make purchasing from overseas suppliers much easier if you decide to expand your product range, too.

❑ Card integration

Having cards attached to your account is a great way to empower your staff and let them make effective decisions for the business on the fly.

A dedicated international card also offers more flexibility than a traditional credit or debit card, which often features high transaction fees when making international payments.

One example is the Airwallex Borderless Card, which has 0% charges on international transactions.

While it can auto-convert funds if necessary, it can also be tied directly to an Airwallex Global Account. This way, you can pay in whatever currency you have holdings in; this can cut out FX fees entirely.

❑ Automation capabilities

As a business owner, you want to make sure that you're using your time as effectively as possible. So it's worth looking for tools to automate admin tasks, such as paying bills or making staff payments.

An account such as the Airwallex Global Account allows you to use Airwallex's API to automate a range of different tasks, such as generating account statements or paying vendors.

Tools like this can free you up to better focus on building your business.

❑ Software suite integration

In the modern business world, accounts don't function in a vacuum. Looking for business account providers that can integrate with your wider software ecosystem is an important consideration, particularly as your company grows and tracking financial data grows more complex.

Airwallex provides an extensive range of tools – including its Global Account – that can integrate with many common business software solutions.

Having solutions like this in place means that you won't need to reassess your solutions with every new stage of growth or opportunity that emerges.

❑ Scalability

Growing your business can be a complex process. One of the big things that tends to cause issues is a lack of scalability; the tools that worked well when you were serving a small, local customer base don't necessarily translate to a country-wide or international audience.

The Australian Government has a handy checklist of things to consider when you're growing your company.

But make sure you don't forget about your bank account. The fees you pay, transactions you can handle and more all play a part in your ability to scale.

As one example, the Airwallex Global Account doesn't feature transaction limits, so it's able to accommodate your business as it continues to grow.

Support your business with Airwallex

Sponsored by Airwallex. The Airwallex product suite is designed to suit a diverse range of business needs, from streamlining local operations to empowering global expansions. To find out more about Airwallex products and how they can benefit your business, make sure to visit the Airwallex website.

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