7 Reasons Why Every Business needs a Digital Business Account

4月 21, 2021

With the rapid growth of social media as the biggest medium for businesses to connect with their target audience, it is important for businesses to adapt their approach towards the modern-day consumer. Unlike conventional marketing and customer management strategies, it is important for customers to adopt a redefined approach towards the customer management process.

In today's business market, eCommerce is rapidly becoming the most important factor for businesses to expand their sales and transition towards a digital customer base. Businesses have to be equipped with the right tools to correspond with their customers and scale their growth trajectories.
Today, we explore some key reasons why it is important for businesses to have a digital business account to supplement their growth and manage their customer journey.

However, before we delve deeper into the reasons, let's explore what a digital business account actually is. 

What is a Digital Business Account?

Digital Business Accounts are specialized corporate accounts designed to provide comprehensive financial service support to businesses. Business accounts come with integrated payment processing and other supplementary financial management services to streamline business workflow and provide a consolidated business management solution for business in the digital arena.
Thanks to their specialized nature, these accounts can include multi-currency support, lower payment fees, prompt settlement, and virtual debit card facilities. These business accounts are a centralized tool for global businesses to improve their international payment management and have complete control over their financial affairs.

If you're looking to get a corporate account, here are some of the biggest reasons why they could be a game-changer for your business.

Reasons to Opt for A Digital Business Account


Opening a typical bank account for your business can be highly time-consuming, especially if you are an offshore registered business wish to open a business account in Singapore. As the physical presence of a company’s directors are generally required, the waiting process for an offshore company to open an account can range anywhere between 2 to 4 weeks. This can be a major hassle for businesses. Digital business accounts however, are opened through a fully digital process with an e-Know-Your-Customer (eKYC) process.

Simplified Expense Tracking

 Comprehensive expense tracking is a central aspect of most businesses. It is important for organizations to have the right resources to ensure that every expense is adequately captured and categorized for financial management purposes.
Digital business accounts support simplified expense tracking by offering integrated management tools that tabulate cashflows and real-time transaction management. The embedded tools add an additional layer of management by including an expense management module with scanning and evaluation tools. This is optimal for business looks for increased management control and auditing.

FX Savings

According to a recent survey, currency conversion costs and FX rates are amongst the biggest concerns shared by business owners. Given the nature of the business payments, it can be a major hassle to invariably lose a major chunk of the revenue to FX conversions.
Corporate accounts save a major percentage of the FX fee by providing exclusive conversion rates to encourage transaction management. The dual-currency nature of the business account also simplifies the transaction management in two currencies to prevent incurring FX fees and conversion-oriented financial losses for the business. For businesses across China, payments are often received in different currencies. This makes it integral for the digital account to have user-friendly FX rates to support business operations.

Multi-user Access Allocation

Conventional bank accounts are highly limited in their access mechanisms. This can be incredibly challenging for organizations that are relying on a multi-modular management mechanism to manage their digital accounts.
Opting for a corporate account simplifies multi-user management by providing streamlined access control. The security mechanism is configured to be adaptable towards multiple users of the company. This gives your company the freedom to improve your management process by having multiple users manage the account in a secure environment.

No Late Fees

One of the biggest hassles associated with conventional banking channels is the late payment fees. The late payment fees can add up to a significant cost for businesses that are struggling with delays due to unpredictable market conditions.
Digital business accounts simplify the process by providing a supportive experience free from any late fees. This gives your business the freedom to configure its operations and expand its cashflow possibilities.

Exclusive cashback and rewards

The ideal corporate account allows you to benefit from their service by offering you integrated bonus and cashback programs that incentivize your partnership with the company. From discounted purchases to integrated regular cashback on transfers, going for a business account can streamline your management by providing you with a hefty incentive for embracing digital payments.

The primary purpose of business-assistive tools is to simplify the business and assist with core management functions. Based on the aforementioned reasons, going for a viable corporate account can be the ideal way to save key expenses and enhance control over your business.

Explore the Optimal Platform to Configure Your Digital Business Account

Figuring out the right platform can be a challenging process. There are so many different options to choose from. You want to get the best financial management without compromising on any element of control. It can be a struggle to find a platform that provides integrated support for business management within countries like China.

This is why we would love to recommend the best option to you!

The AP-1 Business Account is the ideal choice for companies that are looking for seamless and affordable cross-border payments into China. The account allows you to have complete control while benefitting from faster payments.

The transfer process is streamlined with reduced fees and in-app support. The account's utilization of UnionPay’s network makes it ideal for remittances, money transfers, and local payment management.

So whether you’re sending money to suppliers in China, or sending salaries to staff overseas, choose speed and certainty.
Get ready to experience the future of business payments. Get started with AP-1 Business.

For more information, visit https://www.aletaplanet.com/ap1/business 

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