Answered – Top Finance Questions Every Founder Has!

Neobanks have revolutionised financial services. But it can seem pretty complex for first-time founders or even experienced ones.  Founders come across multiple questions revolving around their business banking and finances.

And they might not end up finding the right answer. It can get confusing. Vexing.

We’ve curated this blog post carefully and covered all the top finance questions every founder might have.

Let’s hear this conversation between a sales representative(SPOC) and a founder.

Founder:” Why should I get a secondary Current Account? “

SPOC: “Sure,  let me help you.

Running a business involves a lot of inflow and outflow of cash in the form of operational expenses, salary payouts, funds storage, etc. Hence to manage this huge monetary traffic many businesses have multiple Current Accounts. It also helps founders to keep their account statements organised. 

Businesses opt for a secondary Current Account in search of better rates and better banking services that are tailored to the specific needs of their business.

With RazorpayX, founders can bring everything under a single platform & enjoy the benefits of the entire Razorpay ecosystem.

 We have automated solutions for receiving money, making payouts, compliance payments, payroll, accounting, collateral-free credit cards & even working capital loans. 

With RazorpayX in the front-end, now be tech savvy & efficient and with a bank in the back-end still avail all the benefits of traditional banking in a compliant way.”

Founder: What is Neobanking?

SPOC: Sure, let me simplify Neobanking for you.

Neobank is like a digital bank without any branches. It aims towards bridging the gap between what traditional banks offer and what customers expect. Smart platforms enable more data-driven decision-making and automate a lot of the manual work. It supercharges business finances and helps focus on growing their business.

Would you like to spend time understanding the account statement & reconciling data or rather spend time looking at a ready-made business report to understand your most profitable product? 

The answer is simple.

RazorpayX-powered Current Account will help supercharge your financial operations.

Founder: What are the features provided by RazorpayX powered Current Account?

 SPOC: “Here are some of the features provided by RazorpayX:

• Instant Beneficiary Addition and no cooling off period
• Collateral-free Corporate Credit card with 20X higher credit limits
• Easy Accounting Integration with Accounting Tools like Zoho, Tally, Quickbooks.
• Easy tax payment( Advanced Tax, GST, TDS)-all in one platform
• Seamless Vendor Payment and automated Payroll and so much more.

And all of the above from just a single smart dashboard.

I will be sharing some material with you over email as well. Please let me know if you have further queries.”

Merchant:How is RazorpayX better than banks?

SPOC: “RazorpayX is better than your banks and here is how:

Founder: How secure or transparent is it?

SPOC: “Razorpay takes the confidentiality of your data extremely seriously, and has adopted several measures to ensure its safety :

• We are SOC2 and PCI certified. That means that external auditors have looked at our data practices, and have given their stamp of approval.
• We have an in-house security team that periodically runs penetration tests on our entire infrastructure looking for weaknesses, and coordinates with our tech team to ensure everything is patched and kept up to date.
• We use Amazon AWS for hosting. All your data is kept on servers in India, behind the best security that Amazon has to offer.
• Data backup is done every few hours, and is accessible only in the case of a catastrophic failure (something which has yet to happen to us thankfully!”

Founder: Sure, so what are the documents needed to open a Current Account?

SPOC: “There are certain mandatory documents that you would need to open a Current Account for your business and you can further refer to the documents needed to open a RazorpayX-powered Current Account which has been segregated based on the business type.

Please do let me know if you have any further queries.”

Merchant: Sure that helps, thank you for the support.

FAQ