Business payments: choose an account and ways to get paid

Begin with the way money will move

Do not choose an account only because the app looks good or an opening offer is attractive. Write down how customers will pay, how often suppliers need paying, whether you handle cash, whether you trade abroad and which bookkeeping system you expect to use.

Choose the account

Compare the monthly fee, transaction charges, cash deposits, international payments, accounting connections, additional users, support, borrowing options and what happens if the account is frozen or unavailable. Check eligibility and whether the account is provided by a bank or an electronic-money institution, because the protections can differ.

A limited company should keep company money separate from personal money. A sole trader may not always be legally required to hold a separate business account, but using one usually makes records, tax and cash decisions much clearer. Check the provider's terms: many personal accounts do not permit business use.

Decide how customers can pay

• Bank transfer or payment link: often suitable for invoices and services.
• Online checkout: useful where customers order, book or pay on a website.
• Card reader: useful for face-to-face sales; compare hardware, transaction fees, refunds, chargebacks and settlement time.
• Direct Debit: useful for repeat payments where the service and cancellation process are clear.
• Cash: still relevant for some businesses, but needs secure handling, deposits and accurate records.

You may need more than one method, but every extra system adds reconciliation and security work.

Before opening or connecting anything

Prepare the identity, address, ownership and activity details the provider asks for. Use multi-factor authentication, give collaborators their own access and agree how any change to payment details will be verified. Never send full bank credentials or security codes through the marketplace or save them in your roadmap.

What to record in My Business Path

Save only the provider name, the payment methods chosen, application status and next action. Keep account numbers, card details, passwords and balances in the bank or approved finance system—not in the roadmap.