Let us further tell you about the 7 main benefits of a zero balance current account:

1) Unlimited Transactions – There’s no limit on the number of transactions and the daily upper limit is very high which ensures maximum fluidity in business operations. 

2) No Transaction Charges – Businesses can make single or bulk payments through multiple modes like RTGS, NEFT, ECS, IMPS, and UPI without worrying about the transaction charges.

3) Manage Business Funds Exclusively – A current account will help you keep your business and personal funds separately. The business cash flow can be easily audited which will help you to plan the budget and expense better. It will also be useful for tax calculations and deductions. 

4) Business Legitimacy – Running the expenditures through a personal account is often seen as an unprofessional way of handling business operations. Having a current account adds to the legitimacy of a business and also helps at the time of availing of business loans.

5) No Standing Instruction Charges – Businesses often have to make periodic scheduled payments for fund transfers, third-party payments, EMI for running loans or repayments. The current account helps them to avail standing instruction facility to automate such payments with zero charges.

6) Creditworthiness – Businesses may want to avail lending facilities at the time of shortage of funds. Having a current account in a reputed bank will help prove your creditworthiness and will help in easing the lending process.

7) Value-added services – There are several types of current accounts based on the different requirements businesses might have. All the accounts have customised value-added services as well.

For instance, OpenBook Current Account caters to small and medium-sized businesses and offers tools to simplify the billing, accounting, and GST process.

Why payment collection is necessary for small businesses?

Any business runs on the basis of cash flow. The lack of proper cash flow can disrupt business for small and micro-businesses. Therefore, timely payment collection becomes an integral part of any business.

The role that payment collection play at any business:

• Timely payment collection helps in the steady growth of business
• Helps in maintaining proper cashflow
• Proper maintenance of inventory and stocks
• Business finances are managed better
• Builds good customer relation

Present status of payment collection for small and micro-businesses

NO CREDIT!

This is one of the most common stickers visible on most small and micro-businesses. Despite this often businesses work on credit as it is convenient for carrying out the sale. Some customers pay on time while there are some delays by others. Often there is confusion regarding the mode of payment collection as some customers choose to pay via cash as well. Tracking of payment received on different platforms and using this money for business is also a major challenge.

In this digital age, businesses have the option to send payment links to collect payment. Moreover, they can also send payment reminders to stay updated on top of any pending payment.

Collect payments easily on OpenBook

Payment and its collection remain a major challenge for most small businesses. Keeping this in mind OpenBook was built for the need of small and micro-businesses in India. Businesses can manage their billing, banking, accounting, and taxes all in one place with OpenBook.

Here are some OpenBook advantages:

• Firstly with OpenBook, businesses can send payment links with invoices to customers via SMS, WhatsApp, etc
• Secondly, customers can pay via the payment link using their preferred modes of payment like UPI, net banking, etc
• Further, businesses can even collect international payments from customers
• Additionally, businesses can send payment reminders to customers to receive payments

Isn’t this amazing?

Imagine different use cases for this app among small and micro businesses for all their payment requirements. On top of this, any payment received is auto-matched with the invoice generated. Most importantly, this helps with reconciliation/account settlement for payments. OpenBook helps businesses to manage business finances better.

In short, download the OpenBook app today and manage your business in one place. #BusinessKaroSimple

Why the name AtriaOne card?

AtriaOne card is an e-debit card that is combined with your OpenBook online account, to manage business finances better.

The name Atria came from a concept of A trillion-dollar that is the contribution of MSMEs in the current GDP. Micro and small businesses constitute about over 30% of the Indian GDP. These small businesses are also the source of employment for over 12 crore people in India.

Most small businesses have to struggle a lot in managing their finances. The majority of small and micro-businesses depend upon cash-based transactions. Cash-based transactions are often difficult to manage. The accounting and settlements for cash transactions are often complicated. We have seen people opting for online transactions in recent times. A lot of MSMEs don’t have the access to a current account or business cards to manage their business.

AtriaOne card is the one card that you will ever need to manage all your business payments. It is similar to any other debit card with a card number, expiry date & CVV number. The best part about this AtriaOne card is it can be activated instantly. Also, this card is free of any charges forever. Isn’t this amazing.

All you need to do is complete your KYC by giving your Aadhar and PAN card details. That’s it and you get your AtriaOne card details and you can use it for any of your business related transactions. All the transactions made by AtriaOne card is reflected on OpenBook that is automatched. Thus making your business finance simple.

AtriaOne Card can be used for:

• Online purchases
• Bill payment
• Vendor payment

India is poised to become a 5 trillion dollar economy in the next 5 years. And MSMEs are the backbone of the  Indian economy. MSMEs are going to be both a contributor  & a beneficiary of this growth. We at OpenBook are committed to helping micro and small businesses in achieving this dream.

So, what are you waiting for? Download the OpenBook app today and manage your business-related billing, banking, accounting, and taxes in one place. #BusinessKaroSimple

Just imagine the trouble that a small business owner goes through for his banking needs. Suppose, an electronics showroom owner has to go to bank branches to deposit cash or cheques, also to get his passbook updated for bank statements. After this spending hour on matching it with payments to manage his accounts. All this time could have been well spent on customers, thus growing the business.

Banking issues that most micro and small business in India face are:

1. Need to visit bank branches during business hours
2. Documentation takes longer hours for its completion
3. Reconciliation of bank statements based on cash register and daybook
4. Even the digital banking platforms are a bit technical for most small business owners

With the growing and mass-scale digitization, we have seen how businesses have adopted digital payments. In this way, business banking has also evolved for all kinds of businesses. 

OpenBook online account to the rescue

OpenBook comes with an online bank account that is made for micro and small businesses in India.  This has everything that your regular bank account has such as account holder name, account number, and IFSC code. The unique part about this is you don’t need to go to any physical branch to access it, it’s available right there on your OpenBook app. You get an OpenBook online account as you complete the sign-up on the OpenBook app. It takes less than 2 minutes to create an online bank account on OpenBook.

OpenBook’s online account is designed to simplify business banking of the micro and small businesses of India. 

How OpenBook account helps your business:

• Collect money from your customers directly to this online account
• Transferring money to vendors is simplified
• Pay for staff salary of your business
• Add money and store your balance
• Pay for utility bills for your business

Isn’t this wonderful? The best part is all your business finance and transactions are auto-matched. This means now you can save hours that are spent on manual reconciliation of the bills, invoices, accounting books, and bank statements. This is probably the best and the only bank account they would need to manage all of their business finances. 

There are certain things that you can’t do with an OpenBook account i.e. use it for applying for bank loans or VISA approvals or for making investments. But still, there are a lot of things you can do on OpenBook to make your business finance simple. 

So what are you waiting for? Download the OpenBook app today and manage your business-related billing, banking, accounting, and taxes in one place. #BusinessKaroSimple