In our world, with what we do, we and many of our clients may wish to separate our personal lives from our work / activity.
Banking however may compromise this. Here are some of our thoughts ….
For yourself
If you use your own personal bank account your clients will know your identity the moment you send them your bank details for payment. The best way around this is to open a business bank account, with a different name. These however are very expensive, and not that easy to open.
We use Tyme bank. It’s free while you a sole proprietor. Just download their app, open a personal bank account and then open a linked business account. Note, we do not have any affiliation to Tyme bank. It’s just what we found to be easiest. There may be other banks out there that offer free or low cost business banking accounts without to much hassles.
Alternatively just use Yoco, or similar service. They are a bit expensive in that they will take about 4% of your transactions in fees. Open a Yoco Account in your business name and transact with your clients through that. Note, we do subscribe to Yoco affiliate program.
For your clients
When opening up your business account with Yoco or a bank, or both, think of a name that your client would be comfortable to see on their bank statements.
If you use Yoco, all your clients personal details are stored with Yoco, and you can assure your clients that you will not receive any of their personal details.
Concluding note
The reason we like these two organisation’s is that you can open accounts with them in 5 minutes and have no need to leave the house. But you should get out of the house every now and then …