Our Daily Business Account BlogHere is a small selection of Businesses we help on a daily basis.
Today was another day with lots of variety with an assortment of business looking to open new business accounts, mainly due to their poor credit rating but with some due to the nature of their business.
The first enquiry of the day was from an obvious creative business person who was looking for a new account for a production company, had some adverse credit but not too much that will cause them not to get a business account. Had full ID and could prove their identity, so application taken and being processed.
Next up a loan company who provides small medium type loans – been given notice by high street bank so needs an account quickly as has current loans to manage. Found a UK provider, not a perfect fit but a very good compromise so application taken and awaiting all ID docs. Account approved in principle.
Building maintenance and general odd-jobs, new Limited company that needs a business account. Has a variety of CCJs against his name so declined by two high street banks so applied for an online account. Does get a small amount of cash but basically needed to accept online transfers and to pay cheques into – problem solved & account applied for!
Healthcare professional, new limited company who invoices via time sheets. Was declined by Barclays Bank and didn’t want to apply elsewhere as knew they would be declined again and needed to simply open a new business account in order to receive their payment.
Importer of pet products, new business but struggled to get a new business account due to some adverse credit. Only needed to take online payments so online business account was ideal solution as can now accept all online payments and get paid into their proper business bank account.
Another loan company, another decline by the high street banks and another application taken for our new account designed for all MSBs. Account fee paid and awaiting docs to be sent through but expect to have their account opened in a couple of days.
Pub & restaurant, owner has small chain each with their own Limited Company but has been declined for the latest business bank account they applied for, which seems strange as he has other accounts but could not get one for his latest business. Has full ID and whilst not a perfect fit, we found an excellent compromise until he can convince his regular bank to open him an additional business account.
Another very busy day with inquiries for business accounts, merchant services and credit repair, so no time for enjoying some warmer weather here in Essex!
A UK limited company offering travel card, money cards and other ‘ore-paid’ type solutions but unable to open a business account. We have a solution but has suggested looking at an offshore account first although they too may wish to avoid their type of business. So trying for an offshore business account but we have a UK based solution if that fails.
UK resident, been away from the UK for some time, has ID but no credit history – which could be just as bad as having a poor one – so struggling to get a business bank account. We have two solutions and confident either will work well for their business.
Cheque cashing business based in Midlands has been given notice on their accounts so needs to get a business account opened within five weeks or their business will close – we have found a suitable solution which will allow cheque cashing businesses to open an account, so waiting for their application and ID before we can process – they promised they would spread the word about our service, so thanks!
Construction contractor, works for one company but uses his own Limited company. Has got severe credit problem so declined by Barclays, Nat West and Lloyds – we took application and expects to get account opened by early next week as account based on identity and not credit report – he was very happy as solved a big problem for him.
Another contractor, but this time a nurse! Similar situation but in an IVA so no chance of getting a regular high street bank account due to her credit report. Application completed, ID sent and (hopefully) account will be opened early next week.
Bankrupt sole trader, has the most basic of personal accounts but knows he is at risk if HMRC wanted to check his accounts so really wanted to get a proper business bank account of his own. Completed application and should be good to go!
Injury claims management needed both bank account and merchant services, has good credit but just nature of business a problem. We think we have the business bank account, so as soon as we have confirmation of the account details, we will be able to get the merchant services.
Mobile mechanic called for merchant services to take his payments but when explained he should not be using a personal account for his limited company, he agreed to apply for a proper business account and subsequently merchant services. He does have some defaults and missed payments but not too severe so no problems expected with this situation.
Today we had steady flow of business looking to open up new business accounts and merchant services, most of which we were able to help straight away, others we will need to work a little harder to find a suitable solution.
Some of the types of business include the following examples:
Application from a European resident who operates a UK business and needed a business account for his Limited Company – we have a solution and sent our full application, so that has now been received with their payment, so ready to process.
Accountant with some personal adverse credit needed information on our new business bank accounts – obviously has sufficient ID so opened an online account as all their transactions were online – low cost and easy to open.
New start up business, applied with two high street banks but been declined, so applied with us. Offered an online account as a good option with a view to repairing their credit report so that they can then apply for a high street bank account.
Limited company, sole director but has bad credit and needs a proper business account as been trying to use a personal account for their business. Solution provided and application processed.
Call from India requiring new business account with merchant services – might be difficult due to their location, but we have an account we know they can get and are positive we will find a solution for him – ongoing work required but confident we will help.
Ltd company business bank accounts required, declined by two high street banks, no credit required but needs online banking and a debit card – solution found and application completed.
Management consultant needed both business account and personal account – both provided and applications completed.
Application from South African residents who has a UK business – application received along with all necessary ID so should be ready to process in next day or so.
Engineer who uses Ltd Co to get paid but has been declined so was very appreciative we were able to find a solution – online account, all applied and should have sort code & account number in the next day or so.
Another interesting day in helping open new business bank accounts.
Some of those include the following:
Mobile Phone repair company requires new business bank account and merchant services but has some past credit problems – options included an online business account along with a guaranteed merchant service facility.
Mobile dog grooming businesses trades as a sole trader, has been using personal account but concerned account will be closed by bank and that HMRC might require her personal and business money to be separated.
Security company, offering a variety of security services who needs to open a business account for their limited company. Sole director who has some adverse credit made a successful application for an online business account.
Application made for a guaranteed business account who when phoned said he doesn’t need it – so why spend your valuable time filling in the form – idiot!!
Railway contractor, opened Ltd company and needs Business account to invoice but has an IVA – applied for an online managed business account, an easy to open solution and with guaranteed acceptance.
Full application made for new non-conforming business account by a Pawn Broker – previously told their account was to be closed so happy we could help – also asked about if we could help with cheque cashing, which we could!
Another MSB, but more involved in short term loans and cheque cashing – had two online accounts but both been closed so needing new facility. Offered a new account based on identity, has already completed and sent in ID, so has paid his application fee and account being processed.
IT Contractor – usual Limited company, sole director who had some previous default and a ccj, needed a business account to invoice his employer. Account applied for and awaiting confirmation.
Painter & Decorator – sole trader, declined by two high street banks (Barclays and Nat West) as got very poor credit rating and didn’t want to use his personal account, so applied and paid for online account based on identity.
Today we had another day of variety for those looking to open either a new business bank account or Merchant services.
So here’s a broad selection of just some of them:
Sole Trader business account – specialist car repair who was unable to open a high street account
Limited company account required for a claims management company – no high street banks want these but we have found a solution.
Food wholesaler has Ltd company and needs new account but has some adverse credit, so was declined by Barclays.
Take away Pizza company was looking to open a merchant service facility to accept all payments both online and via a terminal
Electrical engineer has some adverse credit but needed a new business account.
Healthcare professional, has Ltd Co and needs to open a new business account.
Money transfer business, fully regulated but refused for a business account – we have an option, so he was happy!
Another healthcare professional – weekly time sheets but needs a business account to pay into
Hairdresser been refused a high street account so been using her personal account, we opened a proper business account which means she can separate her business money from her personal money
Limited Company Bank Account for a construction worker – Works for a variety of companies under his Limited Company structure, had some previous adverse credit and needed a proper business account in order to invoice his clients.
Lead Generating Business Account – Generates leads for a legal practice but did not have a business bank account so was using a personal account for his business as was declined by one of the main high street banks. Applied for a no credit check business account with guaranteed acceptance.
Merchant Services – Applicant has some mild bad credit and needed to accept credit and debit card payments but was refused by one of the main stream providers so used our Guaranteed Merchant services service and now has two offers to choose from.
MSB needs Business Account – Money transfer business has been told their business account is being closed so needs to open a new one ASAP. We have offered our new business accounts specially designed for MSBs which is based on Identity and not teh activity of the business. Application completed and awaiting confirmation.
Pub Landlord requires business bank account and merchant service – has had an IVA so declined by high street bank so applied for a no credit check business bank account along with our guaranteed merchant services for taking card payments.
Healthcare Professional requires Ltd co business account – has some bad credit but needs a business account for their limited company. Declined by Barclays so applied for a no credit check account with sort code, account number, Internet banking and bank card.