What are the features of business accounts for sole traders?
We are looking at business transaction accounts, and it seems that Bankwest's Business Zero Transaction Account is the best.
We were wondering whether the following are possible:
1) Export Transactions to Excel/Accounting Software
2) Facilitates online shopping carts for business website
3) Compatible with PayPal.
4) Allows customers to pay with credit cards, direct debit, BPAY, and EFT.
Apurv Bhalla CPA ,
Accountant at Success Tax Professionals
Hi Rosella,Most business accounts do allow you to export the statements and transactions in Excel/Qif files ect.For shopping carts and credit card payments directly usually you will hav eto get a merchant account linked to your business account and then linked to your website.Paypal payments can be recieved in any business account. This service is provided by Paypal.RegardsApurv Bhalla
From personal experience Rosella, be careful - while Bankwest do offer a "fee free" account, you will get hit with fees for almost everything else. Not to mention that they take a LONG time to get an account opened - they took just over 6 weeks for me.
I have used it for one of my companies and I really regret doing so.
CBA have a better offering... even though you pay $10 a month for the account, it ends up being cheaper in a lot of cases, particularly if you are transferring money overseas (via paypal for example) plus you get an automatic $500 overdraft... quite handy when you are starting out.
As for Credit cards, direct debit and BPay - these are not managed by your bank account directly, these are from a Merchant facility.
It also depends on whether you intend to have a physical shopfront or an online only one...
Hope that helps...