We’re launching the first 100 Monzo Business Accounts!


(Jordan) #61

Hey there! :wave: We’ve sent these out to let you know that you’re on the list!

We’ll be in touch via in-app chat within the next week if you’ve been selected for the initial version of business accounts.

If you don’t hear from us, hold tight. We’ll keep you up-to-date with our progress and let you as soon as something is available!


(Dan) #62

Hey @jackcully

I get in the long run Monzo need to make money and £5/month would be acceptable… but I actually think charging the people who you NEED to help develop and innovate in this product isn’t really on…

Yes, we’d be getting a service but in exchange for that we are giving you our feedback and experiences for you to make the account great and thus making more money in the long term… so charging £5 for test users to me is wrong…

Once the accounts are fully up and running by all means but I do think this should be reconsidered in the first instance?

Does anyone agree?

Dan


(Chinedu Umeh) #63

True…but there’s no compulsion to try out the business accounts either.


(Dan) #64

Also true… but you can’t build the product without the people :wink:


(Nick) #65

If the question is “will people pay for a business account” you can’t really test it without asking them to pay for a business account.


(benjaminlbowles) #66

I run several businesses and £5pm for a good bank account (even in beta test) is a bargain.


(Splodf) #67

Agreed. £5 for a bad bank account however isn’t a bargain.

We don’t know which it will be yet.


(Chinedu Umeh) #68

You can and people have…I’m not sure i’ve seen i bank be this open about testing their products. If it’s such a terrible idea to charge people and people agree with you, they should vote with their wallets and give monzo that feedback.


(Jolin) #69

Given that one of the aims of the Monzo business account is clarity of fees, won’t it be confusing to have limits based on the user for an account with multiple users? For instance, with foreign withdrawals, if a business wants to know what its costs are going to be, they have to ask all the account users to tell them how much of their individual withdrawal limits they’ve used. For cash deposits, to know how much can still be deposited, it will be the same thing. I would think that to make a multi-user account easy to use and manage, the limits/fees have to be tied to the account (even if they scale based on the number of users on the account), so that anyone managing it can tap in and see the current limits, etc.


(Chris C) #70

Any updates on when trial users will be notified?


(MikeF) #71

Accounts are open and people have cards so it’s either already happened or is happening.


#72

The thing to get right with the business accounts, is how Monzo can differentiate and provide a uniquely different service than what people get for free at Starling or Tide.


(MikeF) #73

Can any bank really do anything unique? There are only so many things to play about with so it’s a struggle to see quite how to manage that.


(Nathan Steer) #74

Any suggestions on the sorts of things Monzo could offer in order to work towards that goal?


#75

No - It’s not my job, but it’s theirs!


(Splodf) #76

I thought Coconut was onto something fairly unique, if they get their app to start communicating tax and VAT positions with HMRC automatically that would be a brilliant feature.


(Nathan Steer) #77

It’s the job of everyone to contribute ideas. Frankly, the customers are generally the best people to form ideas since they have the best idea of what they need and want the product to do for them.

A company providing a product is realistically never able to think of every possible use case for said product.


#78

You’d be surprised. Just a simple webhook when payments arrive in the account seems beyond the wit of people for some (all?) banks.

Edit: phrasing


(Emma (still not the app)) #79

Good job Monzo employ women as well then :+1:


#80

Fixed.