Revolut for Business 🏢


#27

Hello

I am working in a company with many employees that travel abroad
that would benefit from your service and rates…

the ideal for us would be something like one main account, that would be monitor buy company’s accounting, that can top up many cards, that we are going to give to the roaming employees…
with full monitoring, of what each card does and the ability to top up each card or refund back the money to the main account…


#28

I work for a small (<10 people) company in the UK, but we work all around the world (principally EU, US and Singapore). I would consider making the case for getting Revolut used in the company (I have already recommended it for personal use), but there would have to be a simple way of managing pre-pay across the cards, perhaps by having a single account and multiple individual cards linked to this account.

We currently use credit cards, and although the rates and charges would be higher than Revolut, it helps our cash flow to use credit (particularly since some of our customers cover our T&S).

Monthly summaries would need to be produced (as a pdf?), preferably splitting out any tax incurred on spends.


#29
  • Affordable for small business / freelancers:
    One important point that will drive adaption is affordable fees, lowest price that I’ve found with my ‘premium’ banks for a credit card linked to business account is € 12 / year. Some offer free cards for business but they lack decent reporting and tooling, I don’t think that is the way to go for business users. I think that SMEs, freelancers and startups will drive the initial adoption.

  • Limitations imposed by management:
    Limitations such as day/week/month limits, disallowing cash withdrawals, internet payments, POS payments, …
    Having an EUR/GBP/USD account only adds confusion for most companies, the default should be to limit to one currency. Some currencies are missing, in europe, the CHF is well respected, North America is missing the CAD and no Asian currency is present (RMB/JPY). This of course depends on your target audience.

  • Overdraft:
    Prepaid cards are awesome for the customer market and maybe freelancers. If you’re running even a small business you do not want to waste your time on making sure every card is topped up. Providing an overdraft / monthly spending limit is necessary when the number of users exceeds 3 per company. Revolut could limit the credit risk and limit the number of outstanding payments by mandating the use of SEPA Direct Debits B2B scheme, every serious business account offers this. If your business in the euro zone haves a cheap bank account not offering this, then well, you don’t need an overdraft facility probably.

  • Reporting:
    Next to view and detailed PDF-statements, it is necessary to include computer process-able reporting formats. For bank statements both MT940 (legacy SWIFT standard) and CAMT.053 (fancy XML based, part of SEPA and based on ISO 20022) are used, I’m not sure if there is a credit card equivalent?
    This should also be flexible, combining multiple cards onto one statement, or having a statement for each card. You should provide it.

  • Transparency:
    Clear fees and invoices, but also, do not bother me with € 0,50 invoices each month.

  • Clear legal agreements:
    Account should be governed within the same jurisdiction as the enterprise is based (EU/EEA, US, … probably the UK depending the legal situation). Please, choose a country with a stable legislation.

  • Provide credit cards:
    Cards should be of the CREDIT-type and not only DEBIT-type as I have my Revolut card declined a few times. It’s also OK offer DEBIT-cards, but only if CREDIT-type cards are available.

  • Multiple payment brands:
    Offer both MasterCard and VISA initially, these are accepted on most places worldwide. Next address regional markets or cards with limited acceptance with cards such as American Express, China UnionPay, Maestro, V PAY, … The last two are sometimes accepted exclusively by some POS-systems because of the lowered transaction fees. However, less popular cards are not a big issue at this point.


#30

I am very interested in fact i already used it for my business as the rates are so good to pay my suppliers but last time i used it took very long to reach the beneficiary. Keep us updated.


#31

I’d like to be a part of the growth of Revolut for business. I run an 8-person tech consultancy who often travel. Working in teams of 2 means we often have different ‘team leaders’ responsible for project expenses. We currently pay for AMEX and Xero, but want a better way to manage all aspects of business expenses.

Using Revolut as a means of moving money internationally without paying Paypal withdrawal fees would also save my company a great deal.

We should talk!


#32

Expenses:

That great bug bear of the travelling class.

Would be great to be able to mark transactions as expenses/personal. Then export expenses to 3rd party tools - ideally Xero as this is what we currently use.

Location aware:

If Revolut could use location to automatically select local currency options in Exchange screen it would be nice.

Business Admin

Very much agree with the points apeace makes.

Would need to be able to centrally administer (web interface) and add funds and produce separate statements for individual linked cards. Would be good for individual card holders to still be able to add personal funds so they can use single card for business/work. (See my first point - being able to mark purchases as work expenses or personal)


#33

I volunteer on the management committee of a local charity. Our current bank has withdrawn their pre-paid credit card, which is our preferred method of managing business expenses. We need something fee free or with very low costs. I am considering asking one of the staff to open a standard Revolut account to be used for expenses, but linking it direct to the business would be better.


#34

Hi - I use my revolut card during both business as well as personal travel. being able separate these transaction types and export the detail would be great (ideally being able to export them directly into concur would be even better as the combo of their app and online service is poor and time consuming.)


#35

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#36

I think Revolut investors (via CrowdCube) should be given priority access to Revolut for Business, don’t you? :slight_smile:


#37

Would be keen to use the card for my customers actually. Will help paying them in the currency of my choice and they won’t have to pay transfer fees, transaction fees or FX spread fees.
Would that work?

And do you now provide cards to Russian residents?


#38

I’d definitely use it in my e-shop. Very good idea :slight_smile:


#39

I currently use CaxtonFX Business for prepaid debit cards and TransferWise Business for money transfers GBP to IDR.

It would be great if we can combine these two functions in Revolut.

Also please consider clear separation in the App for personal and business, allowing both personal and business email and different top up sources.


#40

Looks fantastic - definitely going to work for us. Our use case:

We’re a soon-to-launch UK-based import company, specialising in high quality Mexican food and alcohol. We’d use Revolut Business to pay Mexican suppliers in MXN and to expense our trips back and forth from the UK to Mexico.


#41

I wonder how difficult it would be to implement plugin scripts for e commerce software like sellerdeck for example . We currently use realex who are great but revolut would be a nice additional payment option.


#42

I second lukeoconnell’s comment. Having employees able to mark a payment as “business” in the app at the time of sale or whithin a window and then having that payment automatically sent to whichever expense management system the company uses (Expensify, Concur, Coupa etc.) and actually file the expense would be a huge benefit to employees. It would save corporates lots of time wasted filing expenses on top of the FX charges for spending when travelling for business.

A handy ROI calculator based on where a business travels most, the US for example, could help speed adoption up by showing what the costs to business are of using existing company cards abroad vs Revolut for Business.


#43

Great Idea, this would be useful to pay my employees in their currency with best rates and no fee! and certainly useful, for purchasing other currency products under the Business Name.

The options I would like to see are:

  • Transfer money to any account.

  • Be able create standing orders, e.g; create a standing order weekly/monthly to pay your employees.

  • Having more than 1 card active under a Business Account. e.g; have 2 or more active cards for the same account.

  • Being able to print statements (although i think this is something with revolt has standard)

  • If large amounts will be exchanged, somewhere on the screen it will tell you the COMMISSION COST, so we can know immediately the cost BEFORE exchanging any amount or a section detailed on COMMISSION cost charged and the range amounts stated. e.g; 50.000 -100.000£ to $ or euros = 1% commission. (just to avoid searching online or asking support)

  • If I have a personal account and a business account, the app both should be merged together and swap/switch/select the account you want to be on instantly.

keep up the good work!
Glad to be in the Revolut team!


#44

the website is showing a demo of a future webportal implementation for the business service.
is the consumer version getting a website anytime soon ?


#45

I hope it comes with IBAN :slight_smile:


#46

I am not sure if this is the right topic but here we go:

We (an unregistered network of 25 organizations each registered in a different country), are actually looking for a bank account/ system/ you name it, to self-manage our common pot (approx. USD 1m per year, redistributed between us).

Something like Revolut or Revolut Business could be extremely useful, since each of the organization is in a country (it will save us a good deal of expenses and transfer rates). Also, ethically, to go with a start-up would mean a lot more to us. However because of country of residency limitations, I am not sure it could work.

Potentially a Business Revolut where the ‘network’ could be seen as a business and each organization as an employee could be a good fit.

I am not sure if this could work?

We are also opened to any other suggestions, outside Revolut (and are a bit desperate).