Revolut Business Review

When you open a Revolut Business account, you automatically get access to both a UK and a European bank account. You can accept funds in Pounds or Euro and exchange up to 28 other currencies, with more coming.

With the option to hold IBANs in different currencies, you can exchange and transfer money without excessively high exchange rates and hidden fees. You can even set up a Euro direct-debit to quickly pay for international subscriptions, and this is all done with the Revolut app.

For organisations that have multiple employees on the books, you can process weekly or monthly payments in bulk. It’s as easy as the click of a button with a Revolut account.

It’s easy to stay in control of your business finances. Recurring, automated, and similar transactions can be created once, and then set to a schedule. Just store and forget. As a time-saving practice, see payment overviews with schedule and status details and execute all transactions from the app.
The automation doesn’t stop there, Revolut can automatically notify recipients that you’ve sent a payment, including the estimated payout date.

A Revolut Business account offers prepaid debit cards. These can be used in shops or online like any other debit card. If your sales team requires multiple cards, you can arrange that too.

Mix and match your requirements, link several multi-currency accounts to one card, or connect multiple ones to a single account. For businesses that do not need physical debit cards, virtual cards are also able to be generated.

Via the app, managers can grant access to multiple team members. This can be done as limited account access based on their role in your business. Thay way, you control who can manage users, payments, accounts, and card settings. You can even control the level of access to each user. For example, no access, edit rights, and read-only.

Set up payment approval processes to avoid mistakes. Let individual team members review and approve payments before they’re sent. These can be straightforward or as complex as required.

As well as linking to accounting software Revot can also build custom integrations to meet your business needs.

This integration can automatically trigger transactions based on client or supplier behaviour. Examples are:

Suppliers – payments can be triggered directly from inventory management systems.
Delivery – successful delivery of a food order can trigger an automatic payout to drivers.
Insurance – an insurer can pay a weekly “no claims” payout to all of their customers who haven’t claimed on their insurance policy.

Revolut has partnered with companies across the UK and Europe to offer special discounts and bonuses to other businesses. The list of partners grows daily, but some current offers are:

• Kaspersky – 6 months of free business protection
• Apple – get up to 6% off Macs, 2% off iPhones and iPads, and 10% off Accessories.
• Amazon Business – get 25% off your first order, up to £200.
• Sparqa Legal – get free access to legal guidance and a £50 credit to purchase legal documents.
• Deliveroo – get 5% cashback on your food and beverage expenditure in the first month.
• Lifesearch – get free advice and up to 10% discount on life insurance and business protection.

There’s a lot of buzz throughout the business community about the safety of deposited funds with digital banks. Revolut holds your funds in secured accounts with Barclays and Lloyds, where they can’t be invested or lent elsewhere. Then, in the unlikely event that anything untoward should occur, Revolut follows FCA, EMR, and Payment Services Regulations. That way, your funds are guaranteed.

Every card transaction is processed and protected with a second-step provided by Mastercard, Maestro, or Visa. Revolut also uses cutting-edge device learning algorithms that analyse cardholders’ behaviour. This enables them to detect any suspicious transactions. If identified as abnormal, your card is frozen while you investigate. Cards can be frozen and even unfrozen, via the app.

Even though there’s no telephone assistance, Revolut offers 24/7 in-app support and responds very quickly. Business holders get priority over standard account holders, for even faster replies.

Their website has an online help-centre which already has a library of commonly asked questions and answers. This library is growing all the time.

Coming very soon, dependant on the price package are these additional business features:

• Loans and overdrafts.
• Local accounts in other currencies.
• The ability to raise, send and track invoices.
• Accepting card payments for free.
• Easy direct debit management.
• Fully integrated payroll.
• Metal cards.
• Customisable card designs.
• Google authenticator.
• Google SSO.