Notes

7 Reasons why every company has a need for a digital business account

With the exponential growth of social media as the most effective way for companies to connect with their intended audience it is essential for companies to change their strategies to the changing consumer. Customers need to change their approach to managing customers. This is not the case with traditional strategies for marketing and customer management strategies.



In the business world of today, eCommerce is rapidly becoming the primary factor that allows businesses looking to increase sales and build a online customer base. Companies must be equipped with the appropriate tools to communicate with their customers and to increase their growth rates. In this article, we will explore the main reasons why businesses should use a digital platform to handle their clients and support their growth.



Before we go into the details, let's first look at what a digital account is.



What is the Digital Business Account (DBA)?


Digital Business Accounts (DBA) are corporate accounts that provide business with financial assistance. Business accounts offer integrated payment processing, supplementary financial management services, as well as other tools designed to help businesses streamline their business workflow. Due to their specificity the accounts can provide multi-currency support and lower payment costs. They also allow for rapid settlement as well as virtual debit card facilities. Business accounts are a centralized tool for multinational companies to improve their payment processing across borders and control their finances.



These are the main reasons to consider an account for your company if your business is looking to expand.



There are many good reasons for choosing a digital company account


Time-Savings


An average bank account may be up to 2 weeks to open, but this is especially true when your company is an offshore company. The physical presence of a director of a company is usually needed, the wait for an offshore business to open an account can range anywhere between 2 to 4 weeks. This could be a huge hassle for businesses. Business accounts that are digital are opened through a fully digital process, using an electronic Know-Your-Customer (eKYC) process.



Simplified Expense Tracking


Many businesses are in need to track their expenses in a comprehensive manner. Organizations need the resources necessary to efficiently record and categorize every expense for financial management. Digital business accounts facilitate simple expense tracking with integrated management tools which track cashflows and manage transactions in real-time. The embedded tools include an expense management program that can analyze and scan documents. This is ideal for companies that requires increased control over management and auditing.



FX Savings


A recent survey revealed that owners of businesses are the most concerned about the costs of currency conversion and foreign exchange rates. It can be very frustrating to lose a large portion of your profits due to FX conversions. Corporate accounts help save a significant part of the FX fee by providing exclusive conversion rates to encourage the management of transactions. Because of the dual currency nature, the business account facilitates the management of transactions with both currencies. This helps avoid conversion-related financial losses and FX charges. For businesses operating across China payment are typically made in different currencies. This makes it essential for the digital account to have user-friendly FX rates to help with the business processes.



Access allocation for multi-users


Conventional bank accounts are extremely limited in their access mechanisms. This can be extremely difficult for businesses that depend on a multi-modular system of management to manage their online accounts. Corporate accounts allow for the management of multiple users and streamlined access control. The security system is able to be customized to accommodate multiple users in the company. This allows your business the freedom to improve the way you manage your business by having multiple employees manage the account in a secure environment.



No late fees


Late payment charges are among of the most annoying elements of traditional banking channels. Businesses that experience problems with payment due to market conditions could end up paying a substantial cost. The digital business account simplifies the process and does not have any late charges. Your company can now begin operations and expand the cash flow potential.



Earn cashback, as well as other rewards.


A good corporate account will allow users to take advantage of their services through an integrated cashback and bonus program that incentivize your partnership with the business. There are discounts available on purchases as well as regular cashback when you transfer money. A business account can streamline your management.



Business-assistive tools are designed to simplify your business and aid in managing core functions. A viable corporate account is the best way to cut key expenses and increase control over your business.



Find the Right Platform for Creating Your Digital Business Account


Selecting the best platform for your business can be a challenge. There are a variety of alternatives. You're seeking the best financial management possible without losing control. It isn't easy to find a system with integrated assistance for managing business in countries like China.



We would be delighted to recommend the best choice for you!



The AP-1 Business Account is the best option for businesses looking for a seamless and cost-effective cross-border payments into China. You are in complete control and benefit from speedier and more efficient payments.



With reduced costs and quick assistance, the process of transfer can be made easier. The account's integration with UnionPay's network makes it perfect for money transfers, remittances as well as local payment management.

<img width="467" src="http://static1.businessinsider.com/image/571657d252bcd01b008bda0a-1200-900/consumerchannelschart-2.png" />



So whether you're sending money to suppliers in China or sending salary to staff in the United States, select speed and certainty. Get ready to experience the future of business payment. Begin with AP-1 for business.


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