Oct
2022

Starting a Company With a Guaranteed Bank Account

Many entrepreneurs have great ideas, business plans in place and a desire to get a new company started. Unfortunately some people think that they cannot move forward with their new project due to their credit history. When starting a new business it is important that you are able to open and use a bank account for the business. There are alternatives to the high street banks and poor credit history should not deter entrepreneurs from getting their new venture up and running.

Conducting any business will require buying and selling goods and services. The most efficient way of doing this is with a business account that provides online banking and a payment card. The world of eCommerce has made purchasing items simple and fast but it also means that having access to a payment card is essential. More traditional service providers will also expect payment at the time of order and a payment card for electronic or in person transactions makes life a lot easier.

Therefore it is recommended that when forming a new company you work with an organisation that can provide a guaranteed bank account. Company registration agents should offer a range of banking options for their clients. It is not advisable to operate a business through a personal account and in many circumstances the banks do not permit this. If your company directors have a clean history then most high street banks should be able to provide an account with very few charges. This is recommended in most circumstances.

For any company director with bad credit history approaching high street banks for a bank account may be a futile exercise and a waster of time. Each financial institution sets its own criteria for accepting new account holders. There is no set rule on who will or won’t be accepted as a customer. If for any reason you have acquired adverse banking history then you need to select your account provider with care. When forming a company choose an incorporation service that can offer a guaranteed bank account.

Check your bank can provide you with-
No account set up fee just a small annual fee
No monthly fees, stay in control of your monthly costs.
No charges to make or receive bank transfer payments
No charges for setting up direct debits or standing orders
No charges to pay cash in to your account at over 14,000 locations nationwide – including the Post Office
Inclusive MasterCard payment card with all accounts
Free Online Banking

These features will allow you to start a business and process payments without any fuss or hassle.

Opening a specialist business bank account when registering your business will get you processing orders and receiving payments in just a few days. Having bad credit is no reason to avoid starting your new company.