If you've tried to open a new business bank account recently, chances are you ended up frustrated at the amount of admin required and the time it took to finally get it open. Or maybe you're sick of managing employee expense claims and petty cash? Emerge Business could be your solution (no, this isn't an ad - we just love the product).
Emerge isn't a bank; it's a registered financial services provider. But it behaves like a bank. It takes less than 10 minutes to get set up. No paperwork, no branch visits, no setup fee. Once that's done, you have immediate access to a virtual card to add to Apple or Google Pay. You'll also receive a physical card.
Why we love it
You can issue virtual or physical cards to your team, with customisable spending limits and merchant restrictions. No more letting employees loose with a credit card or making them pay for business expenses from their own money and paying them back.
The Growth Savings Account has a higher interest rate than other business bank savings accounts, without having to lock in for a specific term - perfect for setting money aside for tax!
You can set up auto-transfer rules, so when money comes in it can automatically split the GST portion into your GST savings account or when you get over a certain balance is sweeps the excess into a savings account.
It integrates with Xero and syncs every few hours - no more waiting until the next day for the bank feed to pull through. Attach your receipt using the app and it will attach to the transaction in Xero.
You can make batch payments to pay multiple Xero bills in a few clicks.
EmergePay uses QR codes so customers can pay you instantly - no more eftpos terminals.
You can set payment approval rules to require multi-signatures, tailored authorisation, and custom approval thresholds. You also receive account activity notifications so you have complete oversight of your account.
It's perfect for businesses of all sizes; whether you're a sole trader or have a big team, Emerge can work for you.
They take security seriously, which built-in fraud protection, disposable virtual cards, and transaction-level limits. Setting up a dedicated virtual card for online payments and subscriptions is a simple way to limit your risk exposure.
If you'd like to find out more about Emerge, check out all the details on their website. If you have any questions about how to streamline your banking or ensuring you're putting enough money aside for tax, get in touch with us.