Business account owners: let's get to know you

(Jack Cully) #63

Hey @Stuskl! Thanks for this, it’s all super useful :heart_eyes:

There’s no limit on payments made into your business account :blush:We’re working on what outbound limits will look like for businesses in the future, but please do reach out to me on Monzo Chat if you have any problems here :+1:

We’re hearing this! We’re thinking about this a lot, stay tuned over the next couple of months :blush:

Thanks for your feedback on the other points! Keep it coming :raised_hands:

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(Jack Cully) #64

Thanks everyone for all your feedback here! We’re reading every post, and it’s really helping us understand what to work on next :smiley:

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(Stephen Early) #65

This is going to be an interesting one! I think the requirements will vary a lot more from business to business than they do from person to person.

Let’s use my business as an example: we’re a small pub company. The turnover reported in our accounts is about £1.7 million per year. That’s excluding VAT, though, so the actual cash that comes in is £2 million.

Our current account doesn’t accumulate money over time, so whatever comes in must go out again. That’s about £5.5k per day (or £7.7k per day if you only include weekdays) — so, well within Monzo’s existing limit of £10k per day on the personal accounts.

However, we don’t pay out at a constant rate. Some days we don’t pay anyone anything at all! Once a month we pay all our staff, once a quarter we pay our VAT, and once a year we pay corporation tax and dividends. Very occasionally we make even larger payments, for example when we buy a new pub.

To deal with these payments, we have a limit of £100k outgoing per day on our current current account.
We find it adequate: usually we’re nowhere near that, but once or twice per year we get close to it. (When we know there’s a very large payment coming up we can plan to make it over more than one day.) I wonder whether this limit (5% of annual receipts) would be appropriate to most businesses, or whether there’s a lot of variation per industry?

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(ANDREW TIMOTHY BAYNES ) #66

I want to move my business banking to Monzo
I am on the wait list for full launch
My company is an LTD we are a consultant that turns over 50,000 per year minimum

I have been asked what we want to from a business account:

So easy access to information instantly - like Monzo right now
An easy interface our current bank’s online interface is very clunky
We get charged £5.50 per month for one statement
There is no value added and logging in on line is difficult
All the good stuff of Monzo in a Monzo business account is a dream!
THANKS. Tim.

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(Michael) #67

Welcome to the forum Tim

Are you sure you are happy to have your email address shown?

(ANDREW TIMOTHY BAYNES ) #68

Please remove my email address. Good call Hopefully my comments otherwise are of value

Thanks

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(Michael) #69

Quickest way would be to edit your own post using the “pencil” icon below and to the right

Otherwise hopefully someone from @Coral-Crew can help you out

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(Chris) #70

Hi Tim, you can edit the post to remove your email address. I gather it’s usual on this forum to then add a comment explaining the purpose of the edit.

Cheers, Chris

(Adam Walker) #71

I’ve just started a limited company, hoping that there is some movement in account release before the end of next month when I start trading.

Quick question, when I joined the waiting list I used the email address attached to my current account, once I have an account will there be an option to change the email address to my work one? I’d prefer any contact from Monzo on my business account to go through my business email and visa verca.

Keep up the good work!

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(Viggo) #72

Business Account trials: oh if only I was on the trial , asked constantly if I could get on but to no avail , I have two accounts at other v sad banks , hopeless customer care at those banks , please MONZO either put me on your trial, or HURRY UPwith the role out of accounts to us business people who are gagging ney choking from the hapless !! Old banks we have to put up with on a daily basis … PLEASE MR TOM B… I beg of you… thank you in advance you you putting me on your trial!!! Tack Merci etc etc

#73

I would like to see account limits tailored to accounts individually.

I run a small company that, at a very high level, recharges payments from clients to their clients and we take a tiny margin. This means that we move huge sums of money very frequently. While we’re still so small, on the first day of each month we still pay out around £2m.

We’d love to move to a bank like Monzo and have access to an excellent and reliable API to help with our automation.

Our priorities would be:
1 - acceptable/no limits
2 - API based on cleared payments (or configurable to only report on cleared payments, report each stage of a transaction etc.)
3 - configurable access for multiple staff members
4 - website access

I appreciate Monzo may never want to take on a business like this, but it would be nice to have these sorts of shiny new features that are so lacking in business accounts available to us currently :slightly_smiling_face:

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(Charles Burdett) #74

I love Monzo, so having the same great experience for my business account is fantastic. However, I know this has been said before, but I’ll add to it:

QuickBooks integration is a must for me to continue using Monzo’s Business Account

(Matt) #75

Hi,

I am a trial user and just want to say I am looking forward to integrations with external software like Xero or FreeAgent.

I’d really like the ability to see when scheduled payments ie direct debits are due to come out. Clicking on a direct debit doesn’t give this information and I can’t see a way to tell when this payment is due to go out.

Are there plans to have integrations with TransferWise within Monzo Business banking? I know there was some integrations for personal accounts.

(yas) #76

Hi there,

Recently started using the monzo business account and was wondering if the address details are linked between the personal and business account. I updated my address in my personal account and it seems to have updated in the business settings too.

Would be ideal if the the address details synced with companies house so the address on file is what the registered business address is.

+1 for transferwise
+1 xero integration

1 Like
#77

Do you have Summary in the business account beta?

(Matt) #78

Yes, but I can’t see a way to tell when scheduled payments are due to be drawn from the account.

#79

There are two ways on the personal current account:

  1. In Summary, go to Committed Spend then tap a category. You should then see a list of forthcoming direct debit payments for the current month under their expected date.

  2. Alternatively, go to Payments then the Scheduled tab. Scroll down to Subscriptions and Direct Debits - they should be listed there with an expected next payment date under each one.

You’ll need to have had a Direct Debit payment come out already, and have set up the frequency on the first transaction, I think though before this will work.

Are you seeing any of that on the Business Account?

(Matt) #80

Ah I don’t have any on my Personal so I am unfamiliar with how they should work.

I haven’t had a DB come out of the business account yet, I was anticipating being able to tell when it was due to come out before it had come out for the first time.

I can see two under “Scheduled Payments” I just have no insight into when they are configured to come out. I had assumed when the Direct Debit was agreed that a date is usually set and that this would show in Monzo. I shall have to wait for it to come out first.

#81

Ah, I think that’ll be it - I don’t think the direct debit system provides details of expected dates, so Monzo needs to learn it / be told it.

You should see outgoing direct debits the working day before greyed out in the feed, though. :+1:

(Tom ) #82

A little bug. The account fee is being seen as Monzo Plus. Pressing it creates a full screen JSON RSOD (red screen of death).

Further to that:

  • How’s the trial going?
  • What feedback have you been gathering from the 100 accounts (I’ve not been asked for any)
  • What new features or changes have you got planned?
  • Do you plan on rolling out any more accounts soon?
  • Is a Desktop version planned? Or integrations with Xero for example? Or another way of doing batch payments in an easier form?
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