We have recently started using Monzo Business for our Business. We make around 150-180 payments out a week to contractors. Our previous bank had a “Bulk Payment” option where we could upload an excel spreadsheet saved as CSV file and it would send it all automatically. The past few weeks we have had to manually do each and every payment which as I’m sure can imagine takes HOURS and HOURS. We changed to Monzo because of the amazing break down options Monzo has for expenses (makes life so much easier) and the fact they do not charge per transaction (our previous bank charged 60p PER transaction; which after 150-180 a week, amounted to a lot per year)
From a google I found this from April 2020:
Our goal is to take the pain out of business banking and make your lives as easy as possible. But there are some needs that we can’t easily meet on a mobile phone, and these are what we’ll focus on building in web next.
Two items that fall into this category and are high on our priority list are:
Bulk payments - so you can easily pay multiple people at once
Restricted access - so you can give your accountant, bookkeeper or employees the access they need
Does anyone know if and when this is going to be implemented??
Many thanks in advance, from a very tried, finger hurting company director who’s in desperate need of a bulk payment option!
I’ve been asking for this feature for a few years, but it’s fallen on deaf ears…
Unfortunately, even after a full and frank convo with the Monzo Business Team, there seems to be little eumph in features for the SME rather than the sole trader. It’s a really shame and I’m not really sure why we’re paying £5 a month… legacy banks are doing what the Monzo Business Pro account does for free!
