Business accounts are now open!

[Ordog]

Thank you for your reply

@leepethers

Each business has very different needs,

I understand this but every business needs to be conscious of Tax so I’m not sure why the decision was made to paywall it.

Hopefully this changes in the near future and if it does I’ll gladly sign up

[misterm]

I suppose it’s possible that the tax pot ties in with either the accounting integration or the invoicing, if it does then having it standalone wouldn’t work ?

[Ordog]

Perhaps…

One day I’ll look at the API and will have a play about with it on my personal account. I’m sure I’ve read that people have achieved this already.

[lpoolrob (Rob)]

@Ordog

I understand this but every business needs to be conscious of Tax so I’m not sure why the decision was made to paywall it.

To make people pay. I think it is that simple Monzo are desperate to turn a profit, at least the £5/mo might cover costs.

[StuartL (Stuart)]

@Ordog

I’m not sure why the decision was made to paywall it.

I’d imagine it’s because it’s an attractive feature that will increase the likelihood of people/businesses signing up to Pro. I think it’s a good move.

[leepethers]

@misterm

Is the web access the same as emergency web access for personal customers ? If not will personal customers see improved web access?

Currently, with Monzo Business for web you can:

• make payments
• export statements
• see your transaction history

There is more to come for web in the future

Currently this is only available for business accounts (both Lite and Pro)

[Ordog]

@StuartL

I’d imagine it’s because it’s an attractive feature that will increase the likelihood of people/businesses signing up to Pro

@lpoolrob

To make people pay. I think it is that simple Monzo are desperate to turn a profit, a

Yeah for the most part I can understand it and I’m fine with it.

As I mentioned though, for people like me who only have a small business it makes it hard to justify the cost over other options that are available for free.

I have no need for batch payments, international or accounting integration. Those I can understand being on the paid plan but tax not so much.

[StuartL (Stuart)]

@Ordog

I have no need for batch payments, international or accounting integration. Those I can understand being on the paid plan but tax not so much.

I think that’s exactly why it’s good from Monzo’s perspective to have it on the Pro account, to attract those who like you don’t want the other features, but unlike you are willing to pay for access to the Tax Pot.

I do understand it from your point of view but overall I think it’s a smart move.

[Ordog]

@StuartL

I do understand it from your point of view but overall I think it’s a smart move.

It’s a risky move as it could easily swing the other way but time will tell

Perhaps I’m just being a scrooge

[StuartL (Stuart)]

@Ordog

It’s a risky move as it could easily swing the other way

How so?

Genuinely curious

[Ordog]

I was holding out for a Monzo business account so I can add it to my Monzo joint account and current account family and split out my business payments. I love Monzo.

For starters, now that someone has mentioned that Starling is a good option for my needs I’m now going to look at what they offer. I wouldn’t have considered them otherwise. This is sadly (and naturally) what happens when you paywall things.

[Rat_au_van (Em)]

Afaik they don’t do tax pots either so if that’s a must have feature you’re out of luck

[leepethers]

@Ordog

You can’t create a trigger for incoming payments on IFTTT. I doubt business accounts are supported, just like joint account aren’t? @leepethers can you add this question to the list please

Thats right, IFTTT is only available with personal current accounts. But we know how useful this is, and is something we plan to look at for business accounts in the future

[Ordog]

This is being made into a bigger deal than I wanted it to be I was just giving my feedback that pay walling tax pots in my opinion wasn’t a good idea and is why I now won’t be signing up.

I genuinely hope it all goes well for them

[jzw95]

@Ordog

I understand this but every business needs to be conscious of Tax so I’m not sure why the decision was made to paywall it.

Because the Lite account is for light usage scenarios. If you’re a light user, manually moving tax into a pot isn’t a big deal. If you’re a heavier user with lots of payments, then £5/month is a bargain to automate some of these things. Basically, if your time spent managing things manually is worth less than £5, use the Lite account, if not, use the Pro account.

As @leepethers says, having a separate account (with web access) is still useful for light users to keep things separate and clean. I’m not sure why there’s an expectation that Monzo should be giving business accounts away for free. Businesses have admin costs, £5/month is not much, and there’s a free option if you want to do it manually.

[anon95680666]

" Basically, if your time spent managing things manually is worth less than £5, use the Lite account, if not, use the Pro account "

what a great reason , £5 per month to save your time - 16p a day - 2 p an hour

[leepethers]

@lpoolrob

Native or Transferwise?

We’re looking at all options at the moment!

It’s high up on our roadmap

[Cerberus (There are no stupid questions, just stupid people.)]

I was paying £6.50 for a Barclays account that didn’t do that

[Cerberus (There are no stupid questions, just stupid people.)]

It needs to be higher, while I can live with it for now I have clients that are international and won’t use TransferWise

[craigy (Craig)]

The cards look different in those visuals - does this mean we’re getting new cards as well?