Best Online Business Banking Accounts

Best Online Business Banking Accounts in South Africa 2020

It’s in 2020. We’re all avoiding crowds or contact with anyone except our nearest and dearest. But thanks to the ‘net, we can still do online banking from our PCs, smartphones and tablets.

Online business banking trumps traditional banking in so many ways.

  • You can monitor transactions instantly and easily.
  • Transfers are faster.
  • It’s paperless, and that’s eco-friendly.
  • In many cases, you can integrate your accounting software with your account, which makes accounting tasks easier.
  • Your account can store your payee’s info for easy access later on.
  • It costs less than traditional banking.
  • It’s incredibly convenient.

In this post, we’re going to look at the top online business banking accounts available to South Africans. We’ll detail different kinds of accounts, and what stands out about each one. We’ll finish off with a brief explanation of how to pick the best online account for your business.

Types of Online Business Banking Accounts Available in South Africa

  • Internet Banks

Online-only banks are banks that don’t have a physical branch that you can visit. You can only transact on them via the internet. These banks may service people around the globe and lack the personal touch of a local bank. They also generally don’t have as many (or as varied) offerings as physical banks. However, joining an online bank is often as easy as typing in some details and clicking a button.

If you decide to do your business banking via an online-only bank, first do thorough research on what products and services you’ll be able to access. Most internet banks offer very few options that benefit South African businesses; generally, their offerings are targeted at businesses based in the Americas, Europe or the UK.

  • Physical Banks with Online Capabilities

Most physical banks have online platforms where you can perform nearly every banking task. This means that you can enjoy the local touch and extensive offerings of your favorite physical bank, conveniently via your PC or mobile device. Typically, though, these banks have a lengthy application process, which may include picking up a card in person from the nearest branch.

Registering for online banking (once you have an account) is much easier: simply visit your bank’s website and follow their instructions for setting up on their online platform.

Best Online Business Banking Accounts Available to South Africans

FNB Business Banking Account

  • FNB Business Banking

FNB offers 4 different transactional accounts for businesses. Which account you pick depends on your turnover, although both the First Business Zero Account and the Gold Business Account are suitable for annual turnovers lower than 5 million. If you have an FNB account, you can apply for a business account online. And you can enjoy full access to your account’s capabilities via FNB’s online platform.

Perks:

  • Free email statements
  • Various types of alerts for keeping track of account activities
  • Assistance with registering your business with CIPC
  • Access to a free online accounting platform that uses your bank statements to generate financial statements and reports
  • Highly secure
  • Easy PayPal access
  • Industry specific banking services
  • Roadside assistance

Website: www.fnb.co.za

Call: 087 575 9404

ABSA Business Banking Account

  •  ABSA Business Banking

ABSA offers 4 different business accounts, all of which are ideal for businesses that generate a lower turnover than R10 million per year. If you have an ABSA account, you can apply for a business account online, and do your banking via their online platform.

Perks differ depending on the account you pick, but they may include:

  • Free transactions
  • Shari’ah compliancy
  • You qualify for ABSA’s Trust Accounts

Website: www.absa.co.za

Call: 0860 040 302

Standard Bank Business Account Online

  • Standard Bank Business Online

Standard Bank offers 2 business accounts. One of these, the Biz Launch Account, is specifically for entrepreneurs who are just starting their business. Once again, you can apply online if you’re already a Standard Bank customer, and can enjoy an enormous range of banking options via their online platform.

Perks (from the Business Current Account):

  • Free basic travel insurance if you pay for your travel ticket via Standard Bank
  • A business overdraft
  • Custom payment and collection solutions
  • International business support
  • Business loans
  • Revolving credit

Website: www.standardbank.co.za

Call: 0860 123 000

Capitec Business Account

  • Capitec Business Account

Capitec’s business banking arm is called Mercantile Bank, and it offers two different accounts: the Business Banking account, which serves businesses with an annual turnover of up to R75 million, and the Commercial Banking Account, which caters to businesses that have an annual turnover of above R75 million. You can apply for an account online. Holding an account here means you can bank extensively online, and access a range of products and possibilities.

These include:

  • Business borrowing
  • Investment products and services
  • Insurance
  • Treasury products
  • Rental financing
  • Payment and collection solutions

Website: www.capitec.co.za

Call: 086 030 9250

PayPal South Africa

  • PayPal

PayPal is an online-only bank that’s used around the world. Signing up is free, and wonderfully simple: you pick the business option and enter in some basic details.

Once you have a PayPal account, you can:

  • Accept PayPal and card payments on your website
  • Create and send customized invoices built from free templates, where customers can pay with a few clicks
  • Enjoy fast transactions
  • Easily transact with vendors or clients in more than 200 countries

Website: www.paypal.com

 

How to Pick the Best Online Account for Your Business

Banks that offer online business banking capabilities to South Africans have highly varied products and services. The bank that you’re currently registered with may not actually be the best bank for providing your business’ banking account.

To ensure that you end up a happy customer, focus on your business’ major needs and challenges. Then pick the bank that caters the most powerfully to your specific requirements. An online business banking account can be an incredibly effective, convenient tool

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