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Lately, the term neobank has been sweeping the fintech space for many reasons. Neobanks have taken business banking to the next level on the grounds of their enormous offerings to businesses.
Their low-cost business model has resulted in high adoption by small and medium-sized businesses that are customer-focused. And, if you are a business that has not tried a neobank yet, we are giving you 10 reasons why you should!
Neobanks offer round the clock business banking
With a neobank, you never have to worry about banking hours ever again! No matter what the hour of the day is, you can keep your money moving.
You can make 24*7 payouts, disbursals, refunds, and other financial operations via NEFT, RTGS, UPI, and IMPS.
Current account for all your business banking needs
RazorpayX Current Accounts helps you kickstart your journey towards efficient business banking. Apart from traditional current account features, RazorpayX offers payouts via Dashboard and API, approval workflow, apps and integrations, and more. Click To Tweet
Suggested reading: Importance of Current Accounts for Businesses
Get smart reporting and insights with a neobank
You can get an overview of your business expenses, along with a savings goal that can be customised to best suit your business needs. You can also access and download financial reports and summaries that help you make informed decisions.
Neobank scales with your business
Other than providing your business with 24*7 business banking operations, neobanks enable you to make bulk payouts, disbursals, contractor payments, and more, in one go. The features a neobank can provide, scale alongside your business.
Recommended: 2020 – The Year of Neobanking in India
No cooling period upon adding a beneficiary
With neobanking platforms like RazorpayX, you no longer have to wait out a cooling period to start transacting. Click To Tweet Think of it as adding a contact to your phonebook. Add your contact details and start transacting immediately.
User-friendly APIs for seamless banking
With powerful APIs, neobanks have more flexibility to provide features to streamline financial operations. The real-time capabilities of APIs have created a surge in their usage in banking, resulting in enhanced visibility in managing your business’ finances.
Also read: What is API and How it is Enabling Banking
Neobank offers a unified platform for all money movement
You’ll have access to a unified platform that helps you make, control, track, and analyse all forms of money movement. You also manage and track money movement to vendors, customers, employees, etc. through in-depth Financial CRM.
Handle payroll and compliance seamlessly
A neobanking platform like RazorpayX helps you automate and execute your entire payroll process, with minimum manual intervention. Also, you never have to worry about PT, ESI, PF, and TDS as they are executed automatically.
With a neobank, costs are minimal
Unlike traditional banks, neobanks have been proven to be cost-effective. Since most operations run online, you don’t have to worry about spending a lot of your resources on business banking operations.
Put your business banking on autopilot
Keep all your business banking operations running without having to intervene every now and then. Queue your payouts or schedule them, upload any number of contacts in one go and execute payouts in bulk, identify errors with intelligent error-code mapping, and more!
Suggested reading: Simplify Payouts Like Never Before!With RazorpayX, businesses can manage their entire financial operations and make timely payouts using our sleek dashboard or robust API. Click To Tweet
Businesses like CureFit, MPL, Dunzo, and others use RazorpayX to make payouts at scale via API while keeping costs low. This also helps them ensure their customers and partners are happy.
RazorpayX Current Accounts takes business banking further by including all standard banking services like debit cards, accounting statements, cheque books, and more.