Introduction to online banks｜Revolut Business
Since its inception in 2015, Revolut has been committed to revolutionizing the customer experience in the banking services sector. Alongside N26, Revolut is undoubtedly one of the leading fintech companies that has recently disrupted the banking industry, to the extent of being synonymous with the term neobank.
Since its inception in 2015, Revolut has been committed to revolutionizing the customer experience in the banking services sector. Alongside N26, Revolut is undoubtedly one of the leading fintech companies that has recently disrupted the banking industry, to the extent of being synonymous with the term neobank. By 2023, it claims to serve 28 million users in Europe (including 2.4 million in France). Its goal is to reach 100 million customers by the end of 2025. Revolut ranks first in our comparison of the best neobanks, so its millions of customers are not surprising.
Before diving into Revolut Business， it's essential to understand the you have also other options as well. For example: Micco.
Micco stands as an all-in-one financial platform tailored for business creators, facilitating a comprehensive array of services. These include streamlined procedures for company registration, professional bank account establishment, capital deposit management, and more.
Micco's commitment to empowering business creators extends to:
- Effortless company registration processes
- Seamless professional bank account setup
- Convenient capital deposit management solutions
- A suite of additional financial tools and resources catered to entrepreneurs
With Micco, business creators can access a one-stop solution designed to streamline their financial operations and support their growth endeavors effectively.
Table of Contents
- Key Points of Reviewing Revolut Business
- Suitable User Profile?
- Revolut Business Website
- Payment Methods
- Internationalization: Revolut Business's Strength
- Additional Services
- Customer Reviews
- Account Opening Process
- Conclusion
1. Advantages & Disadvantages
Advantages:
- One of the few business accounts to offer a free subscription.
- Revolut Reader: A mobile payment terminal for credit card payments provided by Revolut, with an excellent commission level.
Disadvantages:
- No cash deposits or check cashing.
- Unable to register capital online, which is less convenient for company formations.
2. Suitable User Profile?
Revolut Business is suitable for freelancers (e.g., micro-enterprises) as well as companies (e.g., SAS, SARL, SC).
3. Revolut Business Website
Revolut Business is the professional version of Revolut. It relies on the same solid foundations as Revolut:
- A banking license obtained in Lithuania, recognized in France, thus soon allowing French IBANs (currently Lithuanian IBANs).
- A fundraising of $800 million in 2021 to finance its development.
- Excellent expertise in terms of customer journeys, as reflected in the average rating of 4.8/5 on the Apple Store, with over 168,000 reviews.
4. Payment Methods
By opening a Revolut Business account, you should soon be able to obtain a French IBAN (currently Lithuanian IBAN). For the free package, you can enjoy 5 SEPA transfers or direct debits for free (€0.20 per transaction thereafter). The Professional package includes 20 SEPA transfers, the Grow package includes 100, and the Scale package includes up to 1,000. The good news is that these are all instant SEPA transfers.
5. Internationalization: Revolut Business's Strength
Like Revolut for individual users, Revolut Business stands out for its international payment services. You can enjoy multi-currency accounts, and once you subscribe to a paid plan, you can exchange currencies for free up to a certain amount each month (e.g., €10,000 for the Grow package).
Similarly, once you choose a paid plan, you are entitled to a certain number of foreign currency transfers each month. For a freelancer with the Professional package, they are entitled to 5 international payments per month for free (and €3 per transaction thereafter). This number increases to 50 for the Scale package.
6. Additional Services
Like most online business accounts, Revolut Business offers additional services to simplify your life and focus on your business. These services include:
- Invoicing tool, including automated reminders
- Integration with accounting software
- Expense reimbursement management
However, some services are missing, such as online capital registration (useful for entrepreneurs) or some insurances.
Micco provides the online Capital Deposit services for entrepreneurs, accelerate your business starting process.
7. Customer Reviews
For customer feedback, some websites like Trustpilot have reviews that cannot distinguish between individual and business customers, making it difficult to find specific reviews for Revolut Business. However, a separate Revolut Business app has been deployed, which has received very positive feedback:
- Average rating of 4.9/5 from almost 5,000 reviews on the App Store as of July 2023.
- Average rating of 4.5/5 from over 16,000 user reviews for Revolut Business on the Google Play Store.
Overall, the available indicators are very positive.
8. Account Opening Process
Opening a Revolut Business account is straightforward. You simply register on the website, provide your basic information and required documents, and then undergo verification. The entire process is done online and is easy and convenient.
9. Conclusion
As the offerings of online business accounts continue to expand, Revolut has successfully created an effective and relevant service proposition, particularly in international payments and credit card collections, with Revolut Reader. So if handling cash or checks is not critical to your business, then Revolut Business may be one of the choice for your professional account.
Considering Alternatives? Explore Micco
If you're intrigued by Revolut Business's offerings and are exploring similar alternatives, consider Micco.
As a financial services company, Micco provides comparable services and solutions tailored to the needs of modern businesses. With a user-friendly platform, competitive pricing, and a commitment to customer satisfaction, Micco is another viable option worth exploring.
Whether you're a freelancer, startup, or established enterprise, Micco offers the tools and support needed to streamline financial operations and drive business growth. Check out Micco today to discover how it can complement your business banking needs.
