When comparing business bank accounts, you'll likely come across a few issues:
In this article, we'll be comparing these well-known business accounts to help you pick the right one for your business. We’ll be comparing:
Note: want a business bank account that can be opened in 10 minutes online and easy to test? Sign up to Parpera's 30 day free trial
Parpera is an all-in-one money management tool for sole traders that includes a Volt business bank account and Parpera Business Debit Mastercard®.
Over the years, we’ve talked with hundreds of Australian freelancers, sole traders, and founders to make sure your Parpera membership gives you the tools your business needs in an easy-to-use app.
Here’s how your Parpera membership makes managing your business effortless:
You can get started with Parpera in minutes. Just download the app, verify your details, set up your business profile, verify your identity, and you’re in. You’ll have a free 30-day trial where you can test out all the Parpera features via mobile banking.
It’s also free of charge to cancel anytime directly from the settings menu with a click.
Your account comes with your own Branch State Bank (BSB) and account numbers so local payments are fast and fee-free.
Parpera is more than an account that only receives, sends, and holds your money. Through Parpera, sole traders can get a Volt business bank account where deposits are protected under the financial claims scheme (up to $250,000).
Register your business. If you still don’t have your ABN, apply for a sole trader ABN right away on our site or through the app during sign up.
Quick professional invoices. Parpera invoices are tax-compliant and designed specifically for Australian sole traders. Send professional invoices in minutes on your phone and receive automatic notifications when invoice payments arrive. We’ve designed our CRM to remember client details and your services for even faster invoicing.
A bank card with no fees. Get your virtual bank card instantly (coming soon) and your physical Mastercard® Parpera debit card in 1-3 days (instead of the usual 3 to 10 days). We know you need to make business purchases in stores, online, locally, and internationally, so you won’t find any additional fees from us. You’ll have total control over your business debit card and purchases with in-app bank card locking and unlocking, too.
As a sole trader, it means it’ll be a lot easier to separate your personal and business finances.
Parpera will let you know right away with payment notifications. Then your bank account will automatically reconcile your payments for you.
We know sole traders and freelancers struggle to receive timely payments. So, we designed invoices to encourage quick payments by highlighting your payment details, adding payment links, and creating no-nonsense emails with all the essential details clients need to pay you.
If your clients still forget, send them automatic payment reminders and past-due notifications.
Instead of spending hours sorting through invoices, adding up receipts, and estimating how much tax you owe, Parpera helps sole traders prepare for tax returns in minutes. Here’s how:
No more long wait times on the phone during business hours, figuring important matters out by yourself, or reading generic help articles that leave you with more questions than answers. With Parpera you’ll get your questions answered 24/7 via in-app chat, or email with real human beings.
You’ll also be able to use the community forum to chat with fellow Australian sole traders. Join live community events and webinars about topics that matter to you.
We’ve designed a smartphone app to make your business easier to run no matter where you are. Right now, you can create invoices, track your business expenses, and manage your business revenue in the Parpera App only. If you must have a desktop version, Parpera’s probably not right for you at the moment.
If you’re looking for a bank with in-person services, we might not be right for you. Volt and Parpera offer you virtual banking and business admin services. You’ll never feel alone with our 24/7 telephone, chat, or email support, but we’ll never have a brick and mortar building.
Parpera is available only to sole traders, freelancers, founders, and consultants at the moment.
Good for: Businesses that rarely do international transactions or in-branch business that already use accounting software like MYOB.
Good for: A small business that never does more than 20 electronic transactions or withdrawals a month, with most clients in Australia.
Good for: An entrepreneur or business owner doing mainly online transactions with Australian businesses and rarely using local branch services.
Good for: Sole traders and businesses who don’t need in-person banking services, do business primarily with online banking, are already using accounting programs like Xero, and have few international customers.
Good for: Businesses working with international customers that already use accounting tools like MYOB.
We hope this business bank account comparison makes choosing the right transaction account for your business easier. Getting started with an account that fits your company’s needs can save you more than just money. If you’re a sole trader, freelancer, or consultant, you can try Parpera free for 30 days.
Open a business bank account today and get a 30-day free trial.