{"id":6131,"date":"2024-05-13T10:52:25","date_gmt":"2024-05-13T05:22:25","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=6131"},"modified":"2024-05-21T13:46:03","modified_gmt":"2024-05-21T08:16:03","slug":"business-banking","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/","title":{"rendered":"Business Banking"},"content":{"rendered":"<p>Business banking also known as commercial banking refers to a company&#8217;s financial interactions with a bank that offers services like credit, loans, savings and checking accounts.<\/p>\n<p>Unlike retail banking, where common people use a bank&#8217;s services, business banking is intended solely for businesses.<\/p>\n<p>Platforms like RazorpayX Business Banking+ offer a centralized dashboard where businesses can manage every facet of business finances &#8211; payroll, <a href=\"https:\/\/razorpay.com\/learn\/business-banking\/vendor-management\/\">vendor management<\/a>, payouts, payables and receivables and more.<\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?r=blog_cta_business_banking_corporate_account&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Get Business Banking+ <\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e712bc9070f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e712bc9070f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#What-is-Business-Banking\" >What is Business Banking?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Difference-between-Business-Retail-Banking\" >Difference between Business &amp; Retail Banking\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#How-does-Business-Banking-work\" >How does Business Banking work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Pros-Cons-of-Business-Banking\" >Pros &amp; Cons of Business Banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Benefits-of-Business-Banking\" >Benefits of Business Banking<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#1-Clean-Accurate-Bookkeeping\" >1. Clean &amp; Accurate Bookkeeping<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#2-Makes-Tax-Filing-Easy\" >2. Makes Tax Filing Easy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#3-Safeguard-against-Legal-Liability\" >3. Safeguard against Legal Liability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#4-Helps-Build-Business-Credit\" >4. Helps Build Business Credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#5-Lends-Legitimacy-to-Business\" >5. Lends Legitimacy to Business<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Types-of-Business-Banking\" >Types of Business Banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Types-of-Business-Banking-Services\" >Types of Business Banking Services<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Financing\" >Financing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Wealth-Management\" >Wealth Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Cash-Management\" >Cash Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Payroll-Management\" >Payroll Management<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#Best-in-class-Business-Banking-Experience\" >Best-in-class Business Banking Experience<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/razorpay.com\/learn\/business-banking\/business-banking\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What-is-Business-Banking\"><\/span><strong><span data-preserver-spaces=\"true\">What is Business Banking?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Business banking includes all activities and services banks and financial institutions offer to businesses. Businesses and corporations have unique, complex financial needs that are served by a suite of financial products and services.<\/p>\n<p>Business banking is also called commercial or corporate banking, depending on the size and complexity of the businesses serviced. For small and medium enterprises, business banking services are sufficient, but for larger companies and corporations, corporate banking or investment banking is required.<\/p>\n<p>RazorpayX is a business banking suite offering a one-stop-shop solution to all your business banking needs. Manage payroll, procurement, payments and more, all from one single dashboard.<\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?utm_source=blog&amp;utm_medium=cta&amp;utm_term=informational&amp;utm_content=business_banking\" data-schema-attribute=\"\">Get started now<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Difference-between-Business-Retail-Banking\"><\/span><strong><span data-preserver-spaces=\"true\">Difference between Business &amp; Retail Banking\u00a0<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Quite often most small business owners &amp; founders use retail banking services convinced that they don&#8217;t need <a href=\"https:\/\/razorpay.com\/learn\/business-banking\/what-is-a-business-account-for-startups\/\">business bank accounts<\/a>. When in reality, business banking products are created to help make business money management seamless.<\/p>\n<p>Here are some of the key differences between the two:<\/p>\n<table style=\"height: 767px;\" width=\"772\">\n<tbody>\n<tr>\n<td><b>Product Offering<\/b><\/td>\n<td><b>Business Banking\u00a0<\/b><\/td>\n<td><b>Retail Banking<\/b><\/td>\n<\/tr>\n<tr>\n<td><strong>Checking and savings accounts<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><strong>Certificates of deposits (CDs)<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><strong>Money market accounts<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td>No<\/td>\n<\/tr>\n<tr>\n<td><strong>Business loans<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td>No<\/td>\n<\/tr>\n<tr>\n<td><strong>Business credit cards<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td>No<\/td>\n<\/tr>\n<tr>\n<td><strong>Equipment lending<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td>No<\/td>\n<\/tr>\n<tr>\n<td><strong>Payroll service<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td>No<\/td>\n<\/tr>\n<tr>\n<td><strong>Business insurance &amp; investment services<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No<\/span><\/td>\n<\/tr>\n<tr>\n<td><strong>Asset management services<\/strong><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td>No<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"How-does-Business-Banking-work\"><\/span><strong><span data-preserver-spaces=\"true\">How does Business Banking work?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Banks and financial institutions offer financial products and services to businesses of all sizes. These financial offerings are tailored to the unique needs of each business. For example, <a href=\"https:\/\/razorpay.com\/x\/?utm_source=blog&amp;utm_medium=cta&amp;utm_term=informational&amp;utm_content=business_banking\">RazorpayX Business Banking+<\/a> has 3 tiers:<\/p>\n<ul>\n<li>Core, with the most fundamental banking features for businesses just starting up<\/li>\n<li>Pro, with reliable and scalable systems offering total control for mid-sized businesses<\/li>\n<li>Advance, with automated solutions for the complex needs of scaled-up businesses<\/li>\n<\/ul>\n<p>Business banking services include loans, credit lines, deposit accounts, credit card services, investment advice, payroll and vendor management and more. Banks and financial institutions offering business banking services usually make money in the form of fees, interest or commissions.<\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_business_banking_business_banking_all_you_need_to_know&amp;utm_source=blog&amp;utm_medium=cta\" data-schema-attribute=\"\">Explore Business Banking+<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pros-Cons-of-Business-Banking\"><\/span><strong><span data-preserver-spaces=\"true\">Pros &amp; Cons of Business Banking<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Pros of Business Banking<\/b><\/td>\n<td><b>Cons of Business Banking<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Segregates business and personal finances<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Involves fees and additional costs<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Organized business finances and payments, making tax payments and calculations easier<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Requires documentation and compliance to get strated<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Unique products and services to aid in business growth<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Digital and tech-forward products and services have a learning curve<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Business banking accounts offer enhanced security features compared to personal accounts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">There&#8217;s no legal requirement to have a separate business bank account, especially for very small businesses<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Benefits-of-Business-Banking\"><\/span><strong><span data-preserver-spaces=\"true\">Benefits of Business Banking<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1-Clean-Accurate-Bookkeeping\"><\/span><strong><span data-preserver-spaces=\"true\">1. Clean &amp; Accurate Bookkeeping<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Starting a firm would mean creating a legal entity separate from you, and therefore, your personal finances. As a business owner, you must keep your money and your business&#8217;s funds separate, which will keep the tax woes that arise out of mixed funds at bay.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Needless to say, if your personal finances are mixed up with those of your business, separating them will be a time-consuming and difficult process.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Keeping a separate\u00a0<\/span>business account<span data-preserver-spaces=\"true\">\u00a0for all transactions would ensure that you have a clean record to provide your accountant with, every year. Bear in mind that you must keep all invoices and receipts to match up with your chequebook and bank statement. This will go a long way in keeping your financials clean and comprehensible.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In short, don&#8217;t mix your money with that of your business &#8211; <a href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_ca_business_banking_services_offered&amp;utm_source=organic\">open a business account instead!<\/a><\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2-Makes-Tax-Filing-Easy\"><\/span><strong><span data-preserver-spaces=\"true\">2. Makes Tax Filing Easy<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Mixing business and personal transactions over a considerable period can make your financials look confusing. More often than not, this is a direct result of not having a separate business account. It is vital that you sort all of this out, especially before their taxes fall due.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This distinction is critical if your business is being audited. The accounting requirements for any business are generally complex in nature. If all your funds are together, the classification of personal and business transactions can prove highly difficult. This can get you into trouble with the tax authorities.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3-Safeguard-against-Legal-Liability\"><\/span><strong><span data-preserver-spaces=\"true\">3. Safeguard against Legal Liability<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Regardless of its size, a business is vulnerable to legal issues for a dozen reasons. To avoid those, for starters, you must create a separate business entity to minimise the risk of losing personal assets if a lawsuit is filed against your business. You have several options \u2013 from a sole proprietorship to partnerships and corporations of various kinds.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When it comes to liabilities, the first thing that the courts look into is whether the business has a dedicated bank account or not. They also check if business funds have mixed with your personal funds.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4-Helps-Build-Business-Credit\"><\/span>4. Helps Build Business Credit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">If your personal finances have mixed with business transactions at any point, then your personal assets may be at risk. This is why you must ensure you don&#8217;t use your personal bank accounts for business purposes after the incorporation of the business.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5-Lends-Legitimacy-to-Business\"><\/span>5. Lends Legitimacy to Business<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Using a business bank while conducting transactions with suppliers, vendors, or clients makes your company more credible &amp; legitimate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types-of-Business-Banking\"><\/span><strong><span data-preserver-spaces=\"true\">Types of Business Banking<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the world evolved, so did business banking. Today we have both traditional business banking which operates from physical branches as well as digital banks that exist entirely online. Even though the services offered are mostly similar in these modes, digital banking has become more popular on account of its ease of use, smoother UI &amp; smart dashboards.<\/p>\n<p><strong>Traditional business banking:\u00a0<\/strong> These are organisations that are present in physical locations. They often provide the whole spectrum of banking services, such as credit cards, checking accounts, savings products, and loan products.<\/p>\n<p><strong>Digital business banking<\/strong>: This type of banking operates solely online. Online-only banks may typically provide banking products with cheaper costs and higher rates than their conventional counterparts since they don&#8217;t have to cover expenses like rent and utilities.<\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_business_banking_business_banking_all_you_need_to_know&amp;utm_source=blog&amp;utm_medium=cta\">Get started now<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types-of-Business-Banking-Services\"><\/span>Types of Business Banking Services<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Financing\"><\/span>Financing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Banks and financial institutions provide businesses with the money to expand, acquire new businesses or purchase equipment or raw material; or even just to keep up with rising costs. Banks and financial institutions offer different kinds of loans and credit lines: fixed term loans, asset-based loans, flexible credit lines.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Wealth-Management\"><\/span>Wealth Management<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>For medium to large-size businesses with large amounts of cash on hand, banks and financial institutions offer advice on how to most effectively put idle cash to use. This may include investing the cash in other businesses, government securities or other avenues to get the best returns.<\/p>\n<p>Banks can advise on optimizing cash flow through concentration accounts, automated sweeps to maximize interest earned, and minimizing idle funds.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cash-Management\"><\/span>Cash Management<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Businesses engage in hundreds, if not thousands, of cash and credit transactions every day. An important aspect of business banking involves managing receivables, payables, cash on hand and other highly liquid assets.\u00a0Good <a href=\"https:\/\/razorpay.com\/learn\/business-banking\/cash-management\/\">cash management<\/a> results in lower costs, more cash on hand and better resource allocation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Payroll-Management\"><\/span>Payroll Management<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/razorpay.com\/payroll\/what-is-payroll\/\">Payroll<\/a> makes up the biggest expense every month for most businesses. Most robust banks and banking service providers offer <a href=\"https:\/\/razorpay.com\/payroll\/learn\/payroll-management-system-software\/\">payroll management services<\/a>. RazorpayX Payroll, for example, offers automated payroll and compliance, allowing employers to execute payroll with just 3 clicks. It automatically calculates TDS, taxes and other deductions, and with 45+ integrations with other HRMS, streamlines the entire payroll process.<\/p>\n<p style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/payroll.razorpay.com\/signup?r=blog_cta_business_banking&amp;utm_source=google&amp;utm_medium=organic\" data-schema-attribute=\"\">Get RazorpayX Payroll<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best-in-class-Business-Banking-Experience\"><\/span><strong><span data-preserver-spaces=\"true\">Best-in-class Business Banking Experience <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Most SMEs sideline the importance of business banking simply because they believe that retail banking could easily take care of their smaller financial needs. However, according to <a href=\"https:\/\/razorpay.com\/blog\/exclusive-neobanking-report-for-smes-in-india\/\" data-schema-attribute=\"\">research<\/a>, businesses lose over 67 lakhs every year on conventional banking systems.<\/p>\n<p><span data-preserver-spaces=\"true\">Businesses are unique in their needs and styles of operations. But, business owners across the board seek business banking that is easy to work with, saves time and effort, and gives them a delightful experience by design.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Unfortunately, finding all of this with one business banking partner has long been difficult.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">We decided to change that.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Armed with automation and built for future-forward businesses, RazorpayX takes care of your business banking, so you never have to worry about your money again.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With <strong>RazorpayX Business Banking,<\/strong>\u00a0you can\u00a0<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Scan and fetch vendor details, and automate your vendor payments<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Make tax payments from a single portal<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Put your payroll and compliance payments on autopilot<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Get collateral-free credit cards with flexible limits<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">\u2026 and a whole lot more.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Running a business is hard. Managing your business finances doesn&#8217;t have to be.<\/span><\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/current-accounts\/?r=blog_cta_business_banking_business_banking_all_you_need_to_know&amp;utm_source=blog&amp;utm_medium=cta\">Get started now<\/a><\/div>\n<p><strong>Read more:<\/strong><\/p>\n<p><a href=\"https:\/\/razorpay.com\/learn\/business-banking\/current-account-opening-documents-required\/\"><span style=\"font-weight: 400;\">Current Account Documents<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/blog\/business-banking\/what-is-current-account\/\"><span style=\"font-weight: 400;\">What is Current Account<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/learn\/business-banking\/what-is-a-business-account-for-startups\/\"><span style=\"font-weight: 400;\">Business Account<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/learn\/business-banking\/mab-monthly-average-balance-current-account\/\"><span style=\"font-weight: 400;\">Monthly Average Balance<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/blog\/business-banking\/zero-balance-current-account-business\/\"><span style=\"font-weight: 400;\">Zero Balance Current Account<\/span><\/a><\/p>\n<p><a href=\"https:\/\/razorpay.com\/learn\/business-banking\/types-of-current-accounts\/\"><span style=\"font-weight: 400;\">Types of Current Account<\/span><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong><span data-preserver-spaces=\"true\">FAQs<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\t<div id=\"rank-math-rich-snippet-wrapper\" class=\"\">\n\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\n","protected":false},"excerpt":{"rendered":"<p>Knowing what business banking is, and why it&#8217;s important, is essential for every business owner. Here&#8217;s a quick read on business banking for the unversed.<\/p>\n","protected":false},"author":151156539,"featured_media":10866,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3437],"tags":[3581],"class_list":{"0":"post-6131","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-business-banking"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/6131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156539"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=6131"}],"version-history":[{"count":19,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/6131\/revisions"}],"predecessor-version":[{"id":10916,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/6131\/revisions\/10916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/10866"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=6131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=6131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=6131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}