Every business owner will need to keep their personal and professional finances separate for many different reasons, and having access to a corporate IBAN account makes this easier. Corporate accounts are suitable for businesses regardless of size, services or the nature or operations conducted by the business.
Corporate accounts can be opened by any type of business whether a sole proprietorship, partnership or PLC (Public Limited Company). A business will first need to seek approval from their board of directors before deciding to open a corporate account. However, you will only need a corporate account if you are running a business as an incorporated limited company (ILC).
Key Features of our Corporate IBAN Accounts
Our corporate IBAN accounts have many key features to help businesses of any size thrive when it comes to corporate payments, including an easy sign-up process without the added hassle of paperwork.
Transfer funds to a beneficiary bank account anywhere in the world.
Varied currency options
Hold, send, and receive funds in 34 currencies to ensure minimal conversion fees.
Fast execution time
Make instant free payments to and from other Payset clients.
Real-time exchange rates
Access live rate quotes before a transaction is made.
Diverse payment network options
Gain access to a payment network that suits you, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.
Your money is stored in a dedicated client account in one of Europe's leading credit institutions.
Businesses We Serve
- Pay employees, freelancers & suppliers with low transfer fees
- Make payments in 38 different currencies
- Ensure full regulatory & tax compliance
- Send & receive payments in 34 currencies
- Deposit & withdraw funds to your traditional bank account
- Enjoy free transfers to & from other Payset users
- Accept payments from international clients
- Enjoy minimal transfer fees
- Withdraw funds to your traditional bank account
- Pay affiliate partners in their native currency
- Track all payments from a user-centric dashboard
- Leverage reporting features
- Send and receive payments in up to 38 currencies
- Enjoy minimal transfer fees
- Manage all payments from one user-centric dashboard
- Accept international payments with low transfer fees
- Receive international payments in your native currency
- Manage payments from multiple marketplaces
- Send & receive payments in up to 38 currencies
- Pay staff & suppliers via multiple payment networks
- Make cross-border payments with fast execution
- Easily pay suppliers and partners
- Make and receive payments in up to 38 currencies
- Send free transfers to/from Payset accounts
- Pay and get paid in up to 38 currencies
- Pay staff instantly for low or no fees
- Open up international markets
I wanted to express my appreciation for the successful cooperation between my firm and Payset. I would like to point out in particular the professionalism, the manner in which requests are handled, the quick response time and the satisfaction of the clients. I strongly believes that we will continue to move forward and create many collaborations in the future
The experience of using PaySet account was really interesting. It is one of the most ergonomic systems I have ever used. Support provided is fast and enquires are resolved in no time. I am very satisfied for using this account! Keep going guys!
Through our experience with Payset we are happy to say the services provided were accommodated to our needs perfectly and were performed professionally. The support and customer care is fast and efficient, no question or request is left unanswered or unresolved. 10/10
For the past year, we have worked hand in hand with Payset Limited to assist us with numerous payments related services. At no one time have they failed me, and they have always been on time, making them one of our top reliable business partners.
How Do I Get Started With a Payset corporate account?
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Corporate Accounts FAQ
What are Corporate IBAN Accounts?
Corporate accounts are also known as business accounts and are necessary for any business regardless of type or size to have. Professional organisations use business accounts to invest and save and also to cover day-to-day corporate banking needs.
An IBAN account differs from a traditional business bank account in the sense that it uses an agreed system of identification numbers to identify specific banks and bank branches. The aim is to facilitate the automated processing of cross-border transactions.
Corporate IBAN accounts can offer business owners many different benefits that are offered through a variety of banking services. Even if you’re a small business or regularly receiving payments from customers you should open a corporate account to protect your spending and payments.
What are the benefits of corporate accounts?
There are many benefits of opening a corporate account for your business. All businesses are considered to be legally separate from their owners and shareholders. This means that it is wise to consider having a separate business account from which you can complete all of your business transactions. There are many reasons for this:
Protection from financial liability and business failings.
If you have a corporate account and your business fails or their are any cases of fraud against the business then you are protected against being held personally liable for any profits lost. This also means you won’t be held responsible for any debt and your personal assets will not be taken away if your business goes into debt.
It helps your business to build a professional profile.
Not only are you likely to gain better deals from suppliers and vendors when contracting with a corporate account as it looks more trustworthy than a personal account would. It also looks more professional and helps to make your business look more reputable when making financial transfers and accepting payments from customers.
It makes tax returns much easier.
Having a separate corporate account is useful and much more convenient when completing tax returns as you can clearly see your income and expenses as well as any other deductions on a separate account statement. Having a business bank account helps you to avoid mixing up your personal and business spending and finances and helps you to provide an accurate tax return.
Personal bank accounts have their own restrictions.
You won’t be able to benefit from many of the rewards and offers that banks offer businesses when opening a corporate account if you solely use your personal bank account. Banks are also more lenient when granting loans to corporate bank accounts especially if they have a good credit rating.
It makes selling your business much easier.
If you ever want to sell your business having a corporate account makes it easier for both parties to track the performance of your business and provide clear and accurate information to the buyer.
Why is it important to keep my personal and professional finances separated?
There are many reasons why you should aim to keep your personal and business finances separate. Keeping your business dealings separate from your personal transactions helps to add a layer of protection to your business and your personal funds.
It helps you to build a good credit record.
Having a corporate account helps you to begin building your companies credit score. Without a business account you rely on your personal credit score when trying to secure a loan or credit card and this can cause some complications. You can slowly build a reputable credit history through repeated use of a corporate account.
Organise and manage your business in a better way.
With a corporate account spending and budgeting becomes more convenient as you won’t have two streams of income coming through a singular account. All of your bank statements will solely include your business finances which helps to add clarity when tracking your income and expenses. It also helps to show the true financial position of your business if you’re ever pitching to investors.
Corporate accounts help partnerships run smoothly.
If you ever want to enter into a partnership or are considering expanding your business then a corporate account will be needed to complete this transaction as the corporate account will mean that potential business partners won’t have access to your personal finances and spending. If looking to sell your business then potential buyers may also wish to investigate the business from a financial standpoint and having a corporate account will mean that there is a barrier between your business and personal finances.
What documents do I need to have when opening a corporate account?
There are a few pieces of information that banks and financial institutions will usually ask for or need to know when looking to open a corporate account for your business. You will usually be asked for:
- The legal name of the business
- What type of business you’re running (i.e. the industry)
- Legal proof that the business is legitimate and owned by you
- A business address
- Your contact details (usually including your personal address, email and phone number)
- Your driver’s licence number
- Photographic identification
Get in touch
Get in touch with a member of our team to learn more about how our corporate IBAN accounts can help your business.contact us