Having a main settlement account is a mandatory requirement for conducting financial activities for organizations of any type - commercial, budgetary, charitable, or public. It implements all its payment tasks and needs.
Most banks in Ukraine offer cash management services for businesses, servicing accounts in national and foreign currencies, as well as multi-currency accounts. The conditions for their support vary in terms of commission fees and the speed of payment processing.
When choosing a bank to open a settlement account, entrepreneurs should pay attention to the following criteria:
- the bank's reliability - experience in the market, customer reviews, actual assessment by an independent rating agency, financial state and balance of the service package;
- availability and capabilities of internet banking - with its help, many financial operations can be expedited and reporting can be made cheaper;
- account opening time - the bank may take from 1 to 14 days to check documentation and register a new client, which is a significant difference if access to the account is needed urgently;
- account registration cost - in most cases, the service is provided free of charge;
- continuous maintenance cost - the amount of the monthly subscription fee for account operations;
- commission rates for various operations - in particular, for cash deposits and withdrawals, transfers to accounts of individuals and legal entities, foreign exchange transactions;
- transfer duration - payments can be made instantly or arrive in the recipient's account within hours or days, and to expedite the process, the bank may charge additional fees.
Along with the main service conditions, it is worth assessing additional services offered by the bank. The acquirer option and automatic overdraft can be included in the cash management package. In this case, the client will simultaneously gain access not only to their account but also to transactions with payment systems and an open credit line.
Acquiring will be particularly useful for trading companies that regularly use POS terminals and serve retail customers. Overdraft is necessary for businesses in industries with long production cycles that provoke prolonged cash gaps. With its help, a company can maintain stable financing for repaying its short-term obligations. When funds arrive on the main account timely, large interest costs won’t have to be borne.
It is also worth finding out the conditions for opening a deposit for business if an increase in income is expected in the future, in particular, interest rates, the possibility of replenishing the account, and early withdrawal of funds. It is advisable to consider the availability of short-term and long-term deposits for different business development scenarios.
Banks value their business clients and therefore offer cash management packages with bonuses and benefits. First of all, these can involve reduced or entirely waived fees during the first months of service, including additional services, and personal manager support. This last point is especially important for novice businesses. When carrying out various financial operations, questions and difficulties may arise, so it is crucial to have the opportunity to obtain expert advice that can quickly resolve any situation.