Professionals, how do you choose your online bank?

It seems a long time ago that the professional had to make an appointment with his office advisor for every bank transaction. Thanks to new technologies, online banks have brought about a real revolution by offering new alternatives to entrepreneurs.

So no more waiting… since now everything is dematerialized and opening an account for a SA, SASU, SARL only takes a few minutes.

Please note, who says that internet banking does not necessarily mean that the bank will be accessible to all professionals. Boursorama Banque, Monabanq or Axa Banque, considered the “historic” online banks, only welcome micro-enterprises and individual companies. For other types of companies, it is advisable to turn to so-called pro neo banks such as Qonto or Shine.

Whether they come from fintech or from traditional banks such as Blank, a subsidiary of Crédit Agricole, Hello Bank (BNP Paribas) or Anytime (Orange), it is imperative to compare the offers of professional banks. and study them closely to find the one that suits you.

The advantages: speed, economy and accessibility.

For “time is money” entrepreneurs. Neobanks saves money on both counts. Opening an account is almost free and instant. Don’t forget to check the type of IBAN before opening an account. A French IBAN (starting with FR) may be required by some national authorities/institutions.

On the price side, reduced account maintenance costs, free transfers in the SEPA zone and free payments abroad (excluding foreign exchange) mean significant savings. This is one of the main drivers of customers.

Conversely, fees may apply to innocuous transactions, such as ATM withdrawals or check transfers.

Accessibility is the other strong point of neo-banks, which are often open 5 days a week, 24 hours a day. Agility is one of their other characteristics, unlike traditional banks, which adapt more slowly to societal changes. In an ever-faster world, next-generation banks can quickly adapt their services to the new needs of entrepreneurs. So, in the catalog of neobank offers, we will find multi-currency accounts for nomadic workers or the possibility of transacting in crypto currencies. Billing and management tools, integrated accounting software, gateways with other applications such as Slack, Stripe, GoCardless or payment terminals, can therefore be part of the packages.

The range of services offered by this new generation of banks is broad and the stated aim is very clear: to simplify the lives of professional customers. For example, one of these neobanks contains a function that facilitates the social statements of microentrepreneurs.

Competition between professional banks is fierce. It may also be worth checking out the welcome offers including cashback, first months free, annual payment discounts, etc.

The borders: status, capital and financing

When the benefits are there, however, the range of neobanks can seem limited in the eyes of some professionals. Here are a few points to watch out for. First point, different banks reserve their offers for one type of company. Depending on the legal status of your company, you may not be able to contract with the originally selected neobank.

Second point: if the company is not yet registered, do not forget to check on a comparator whether it is possible to deposit the capital and what the costs of this process are. The entrepreneur also checks whether the capital deposit is reserved for natural persons or includes legal entities. Several neobanks require capital to be paid up in full or set a maximum amount for each contribution. Which complicates the creation of the company.

Last point of vigilance: neobanks do not offer all the services of traditional banks. For example, transferring a check or cash is sometimes impossible or involves additional costs. They also rarely offer the option of obtaining credit or a cash advance.

Even though neobanks are not banking organizations in the classic sense of the word, they have a large number of advantages, which explains their growing success among professionals.

Before committing, we recommend that you use our offer comparator.

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