Running your business means consistently facing critical decisions, but few will be as impactful on your bottom line as those concerning your finances. To make the most of your resources, you need the right tools in place to support your business and its cash flow. Although many options are available, you might consider adding Revolut to your repertoire — its easy international payments, prepaid business cards, and open API offer a strong option for businesses.
Launched in 2015, this London-based digital banking company offers a wide range of services, particularly for businesses that operate globally. With the company currently seeking a United States banking license, we took a closer look at how Revolut can help you accomplish your business goals.
Revolut Key Features
One of Revolut’s main selling points is the ability to hold, receive and exchange funds in as many as 25 different currencies. Transactions like this would often incur exorbitant charges that undermine the value of conducting business internationally. But Revolut makes it possible to maintain a multi-currency account, and it’s easy to see why they emphasize this feature so heavily.
Revolut customers can utilize the real inter-bank exchange rate, which allows you to engage in rapid international money transfers at no extra charge. For international businesses, this is a game-changer. If you haven’t yet expanded your company onto the world stage, then perhaps this newfound savings will provide the incentive you need. You can also save on your travel expenses if you bank with Revolut by enjoying the best exchange rates.
If you join Revolut’s user base, you’ll be able to send money instantly to any of the nearly 20,000 businesses the company works with. There’s no waiting period or additional fees — this is one way Revolut cultivates connectivity among its customers.
In addition to making its interbank exchange rate available to users, Revolut equips them with the means to take advantage of that benefit wherever they are. With the company’s multi-currency Revolut cards, users have the flexibility to tap into live currency rates. The folks at Revolut seem to understand that while smartphones are valuable for many transactions, some businesses still prefer the option of a physical payment method.
Imagine you’re on a business trip and your mobile device is unavailable or has run out of battery power. Rather than being forced to pay by other means, you can still receive the best possible exchange rate using a Revolut card.
With a wide variety of options (including Revolut credit cards and prepaid business cards), you’ll be able to avoid foreign exchange markups and overseas transactions fees. In short, you can take Revolut’s advantages with you anywhere you need to do business.
Integration is essential if you want to optimize your business management, so it’s also good news that Revolut has a service specifically designed to work with several existing systems. The aptly-named Revolut Connect streamlines your business processes by linking to apps you already use. This option can help automate your business payments, manage your notifications and generally keep tabs on many financial aspects of your business.
Here are some examples of integrations already in play. Want to stay updated on your Revolut for Business account? Just sign up for real-time Slack notifications. Looking for a better way to balance your books? Sync your account with Xero. You can even import your transactions directly into FreeAgent, or simplify your workflow through Zapier. Instead of stressing about using multiple services, Revolut helps consolidate your business management, and the company is working to include many more business finance tools in the future. But before you make a final decision to use Revolut, be sure to look into whether it works with your favorite apps (or will soon).
Because Revolut offers an open API (application programming interface), it can also blend seamlessly with your other business processes and software. All payment processes, for instance, can be fully automated. Make, schedule or cancel payments with the click of a button, or generate customizable transaction reports to uncover new insights into your finances. These actions can help you identify trends, determine opportunities for growth and more accurately evaluate your profits and losses.
In addition to setting up payments and other financial actions through Revolut’s automated system, you can create specific events or behaviors that will trigger payments. If you’re waiting for a delivery of inventory before making the required payment, you can design your system to act accordingly, eliminating the need for you to manually schedule a payment. This can be especially useful if you’ve been struggling to manage many customers, business partners or payment processes.
The Big Picture
We think Revolut provides ample incentives for companies whose operation depends on frequent international transactions. If the scope of your business necessitates international payments, money transfers, and global spending, then you stand to benefit quite a bit from the absence of fees, integration services and open API that Revolut has to offer. Depending on your specific needs, having a Revolut card on hand might make sense.
Most of all, the promise of an interbank exchange rate can potentially save you a bundle. Revolut provides customers the chance to spend their funds in over 150 forms of currency at the best available rate — though it is a live rate and subject to change. Still, Revolut customers are all but guaranteed to save significant money during their international transactions, and the company’s comprehensive service is continuing to grow.
Of course, all of the above is contingent on your business embracing a global operation. If this isn’t currently a part of your vision, then Revolut may not be the best option for you. But if you think you can optimize your business banking approach with Revolut, then you may want to try them out — the company offers a free 14-day trial to new customers.
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