Functionality of business accounts.
What is a business account?
Business accounts are used by commercial organisations and sole traders to manage the money that flows in and out of the company. They are a form of current account opened as a separate entity to an individual’s personal account.
They can be used to keep track of funds coming into the business, such as proceeds from sales or payments for services rendered, as well as money being spent – for example to cover bills or pay employees’ salaries.
How does our prepaid business account work?
A prepaid business account from Streamflow can offer a unique and secure alternative to using a credit/debit card or cash to make payments. Prepaid cards for business accounts can be loaded with funds, which will enable employees within your company to withdraw money, make payments and cover expenses without exceeding any budgetary restrictions. This is because any spending can only be done within the limits placed on the account.
This off-the-shelf option is perfect for those businesses who are not looking for any bespoke functionality but require a quick and easy set-up and want complete transparency right from the start in terms of the costs involved. There is no minimum contract duration with this type of prepaid business account, while the limited fees make it the ideal solution for start-ups and SMEs who might be looking to maximise their spending power.
What can a prepaid business account be used for?
Our prepaid cards for business accounts can help you manage a whole host of processes in a more efficient manner, including the following:
Expenses
You can keep track of employee spending via a prepaid business account. By pre-loading funds onto a card, you will have complete control and clarity over your staff’s purchasing power, and there will be no ambiguity regarding how much they are permitted to spend. This is particularly useful for business trips where meals and overnight stays are involved, and it enables you to closely monitor the business’ expenditure with full transparency.
Travel
Your prepaid business account can also work in conjunction with our travel cards. When used overseas, these work in much the same way as a traditional debit or credit card except that you will only be able to spend within the limit that has been pre-loaded. They will work wherever you see the Visa or Mastercard logo and you can also benefit from our multi-currency solutions, which allow up to 15 currencies to be loaded onto one card.
Payroll
Using a prepaid business account can offer a solution that effectively and efficiently streamlines the payroll process – one of the most time-consuming tasks for any organisation. By cutting down on paperwork and removing cumbersome workflows, your business can increase its profitability as well reduce its exposure to the risk of fraud.
Direct Debits and Transfers
Setting up direct debits and completing transfers is perfectly straightforward with a prepaid business account. If your company has regular, fixed outgoings then a direct debit is the easiest way to ensure they are paid in full and on schedule. Similarly, a business account prepaid card can be used to transfer funds – whether that be to creditors, employees or to other accounts owned by the organization.
Fitbit Pay
By adding your business account prepaid card to your Fitbit, you will always have purchasing power to hand. And, you can rest assured that your details will not be shared with Fitbit or any retailers.
Garmin Pay
Leaving your wallet or phone at home does not need to be a problem when you connect your prepaid business account to your Garmin smartwatch. This is the perfect solution for those with hectic schedules as they can make payments with a simple tap while on the move.
Google Pay
With Google Pay, you can access your prepaid business account and make fast, secure purchases in millions of locations around the world including in stores, online or via mobile apps.
Samsung Pay
Nothing could be easier than connecting your prepaid business account to your Samsung device. Once that’s done, you have easy access to a simple and secure way of making purchases while on the go.
How to manage your prepaid business account
When you open a prepaid business account with Streamflow, you will have access to your business portal. This allows you to monitor all aspects of the account from one central hub. You can make payments, set up or remove standing orders and manage your payees, while there are a number of card services at your disposal, too.
These include the option to block and unblock your account, reveal your PIN, report a card lost or stolen, turn the contactless features on or off and block the use of a card at any ATM. There is also a help centre available, so if you experience any issues with your prepaid business account, we are here to assist you.
- Risk management: We are fully committed to guarding your funds and your data. We use 3-D Secure authentication and Card Verification Value to ensure your prepaid business account is protected against fraud.
How do I apply for an online business current account?
If your organization is set up as a limited company and registered with Companies House, you are required to open a business account. Any money acquired by a business of that nature is considered as a separate entity and therefore should not be paid into an individual’s personal account.
If you are a freelancer or a sole trader, you are not required to open a business account as there is no legal separation from the individual and the services provided. However, people who fall into this category may still choose to open one to create a clear definition between their personal and professional finances.
How to apply for a prepaid business account
Applying for a prepaid business account with Streamflow could not be easier. All you need to do to get started is fill out the application form and send it through to us. Once you have done that, we will guide you through the process from there.
What documents are required to open a business account?
Before you can open a prepaid business account, we will need you to provide us with a few details. As mentioned above, the application form is straightforward to fill out. We will ask for your name, email address and phone number and we will also carry out a background check as part of the government’s Know Your Business regulations.
As part of this process, we may ask how long your business has been running and analyse your record of managing credit in the past. We may also ask if you have previously used any other prepaid cards for your business accounts.
Can you have multiple business accounts?
The simple answer to this question is yes, it is possible to open more than one business account. Larger organizations, for example, may have several in order to separate and keep track of their different income streams and expenditures. If you would like to explore the possibility of setting up multiple prepaid business accounts, please let us know and we will do all we can to facilitate your request.
How to manage your prepaid business account
When you open a prepaid business account with Streamflow, you will have access to your business portal. This allows you to monitor all aspects of the account from one central hub. You can make payments, set up or remove standing orders and manage your payees, while there are a number of card services at your disposal, too.
These include the option to block and unblock your account, reveal your PIN, report a card lost or stolen, turn the contactless features on or off and block the use of a card at any ATM. There is also a help centre available, so if you experience any issues with your prepaid business account, we are here to assist you.
- Risk management: We are fully committed to guarding your funds and your data. We use 3-D Secure authentication and Card Verification Value to ensure your prepaid business account is protected against fraud.
