Is an individual entrepreneur required to open a bank account: why is it needed and is it possible to use a personal account instead of a current account?

What is a current account for individual entrepreneurs and how to use it

A current account, in fact, is a special account that can only be opened by individual entrepreneurs and legal entities. persons for making various types of payments in commercial and economic activities. These accounts can be used both to receive money from various counterparties and individuals, and for expenditure transactions related to business activities. An individual entrepreneur can keep accounts both on the main taxation system and when using special ones. modes (UTII, simplified tax system, etc.).

Individual entrepreneurs must follow certain rules for using the account to avoid unnecessary questions from tax and other control authorities. For example, you should not use it to obtain other income not related to business activities. Otherwise, the tax inspectorate will definitely be interested in the discrepancy between the figures in tax returns and the company’s turnover.

Here is a list of transactions for which an individual entrepreneur's current account is often used:

• receiving payments from enterprises and other individual entrepreneurs;
• receipt of funds from the population when paying using bank cards;
• payment to suppliers;
• transfer of mandatory payments to the budget and various funds;
• settlements with employees.

Accept payments from clients and counterparties

Payment from individuals

Customers pay for goods and services in cash, card, electronic money, non-cash or online payments. If you have a checking account, you can give them a choice. If you don’t have an account, you won’t be able to connect a terminal, Robokassa or Qiwi. There is cash left.

There is, however, another option - payment to your personal account. For example, a client can transfer money to your Sberbank card using a phone number.

Formally, this is not prohibited. The letter of the Federal Tax Service dated June 20, 2018 No. ED-3-2/ [email protected] states that an entrepreneur can receive payments from clients to a personal card, cash out this money and put it into his individual entrepreneur’s current account. It turns out that if an individual entrepreneur works without a current account, he simply withdraws payment from his card.

But if there is no current account, problems with the tax authorities may arise. If “business” money that is in no way related to business goes into one account, it will be difficult for you to explain to the inspector why you do not pay taxes on all income.

Another difficulty with this scenario is that not every buyer will transfer money to your personal account. Some people don’t have a Sberbank card, while others simply don’t want to pay a physicist for the company’s services.

If you are required to use an online cash register, the situation is worse. Payment to your personal card will mean one of two scenarios:

1. You make the payment past the cash register and do not give the client a receipt. This is a violation of Federal Law No. 54-FZ dated May 22, 2003. Failure to use the cash register will result in a fine of ¼ to ½ of the unaccounted amount, but not less than 10,000 rubles. (clause 2 of article 14.5 of the Code of Administrative Offenses of the Russian Federation).
2. You make the payment through the cash register, and then deposit the required amount into the cash register later, withdrawing it from your personal card. There is a high risk that you will get confused and there will be less money in the cash register than there should be.

Payment from legal entities or other individual entrepreneurs

Many companies are not ready to pay in cash. The only option left is to accept payment into your personal account. The law does not prohibit this. But difficulties may arise during the payment process and after.

The bank may be against it

Banks look differently at the current accounts of individual entrepreneurs and legal entities and the current accounts of individuals (Instruction of the Bank of Russia dated May 30, 2014 No. 153-I). According to bank rules, current accounts can only be used for personal purposes and not for business.

The payment may be rejected for formal reasons. For example, the contract says “IP Nekrasov”, and in the payment slip the counterparty will indicate “Nekrasov” as the payee. Having requested documents, the bank will see a discrepancy between the payee and the account owner and will refuse to transfer money due to the inability to identify the recipient.

Another scenario is also possible. Transactions that violate the account regime are considered suspicious. The bank may request an agreement and closing documents for them (clause 11, article 7 of Federal Law No. 115-FZ of August 7, 2001). The documents will make it clear that the transaction is indeed related to business. The bank may strongly recommend that you terminate the contract.

The company that sends you the payment may also have difficulties. Transfers to individuals are under close scrutiny by banks. They may block the account or refuse to carry out a specific transaction. It will not be difficult for the counterparty to prove that this is a regular payment under the agreement and not cashed out, but it will take time to clarify all the circumstances.

The counterparty may be against

Not every company will agree to work with an individual entrepreneur who indicates his current account for settlements and asks not to mention in the payment order that he is an entrepreneur.

The tax office may decide that this is not a payment to an individual entrepreneur under a contract, but a transfer to an ordinary individual, accuse the company of not withholding personal income tax, and charge penalties and fines. It is easy to prove the opposite: it is enough to submit to the Federal Tax Service an agreement with the individual entrepreneur and all documents related to the transaction. But many people prefer not to take risks.

It will not work not to inform the counterparty that you are using a personal account: this can be seen by the account number. The numbers of current accounts of individuals begin with the numbers 40802, current ones - 40817, bank deposit accounts - 423.

The tax authorities may be against it

The situation is the same as with money from individuals. If your personal account receives more than just “entrepreneurial” money, it will not be easy to explain to the tax authorities why not all receipts are taken into account as income when calculating taxes.

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Can an individual entrepreneur work without a current account?

Many novice entrepreneurs wonder whether it is possible not to open a current account, because you need to pay the bank for its maintenance. The law allows an individual entrepreneur not to have a separate account for a business, although this does impose some restrictions. For example, it must be drawn up to work with any large customer or to sign government contracts. It is better to decide for yourself whether a current account will be needed in your work, rather than looking for an answer to the question of whether it is required or not for an entrepreneur.

Also read: How to get a small business loan from the government

It is quite possible to do without a current account in the following situations:

• the entrepreneur's turnover is small;
• settlements with other entrepreneurs and organizations are kept to a minimum;
• settlements with physical individuals do without the use of non-cash payments and bank cards.

Can an entrepreneur use a personal account?

If you already have a regular account registered to an individual. person, it cannot be used for business activities. Through a personal account, you can only carry out personal transactions, for example, pay for mobile communications or housing and communal services, buy household goods, etc.

If you conduct settlements with counterparties through a personal account, the following difficulties may arise:

• Large companies will refuse to cooperate with you. When the tax office checks the reporting of an organization and sees a transfer in favor of an individual, it withholds personal income tax and insurance premiums from the payment amount. Therefore, legal It is not profitable for individuals to work on such a scheme; they prefer not to take risks and make payments through business accounts.
• You will not be able to report expenses paid with your own debit card on your tax base. On the other hand, any receipts can be recognized as business income, for example, money borrowed from a friend. You will also be required to pay taxes on this amount. Therefore, it is more profitable to use different accounts for personal and corporate needs.
• You risk falling under suspicion from the bank's financial monitoring service. At best, the transaction will simply be rejected; at worst, the account will be blocked. Until you convince the bank that the payment is legal, you will not be able to use the account.

Do I need a current account to open an individual entrepreneur?

Opening a current account in a bank is the right of an individual entrepreneur, not an obligation. Legislation allows you to do without it in a number of situations even during work, especially since it will not be needed to register an entrepreneur with the tax office. Moreover, the bank will not be able to open a current account without registering an individual entrepreneur (as for an individual) and conduct transactions on it. Only after receiving documents from the Federal Tax Service about the state. registration, you need to decide whether a particular individual entrepreneur should have a current account, and if necessary, open one.

An individual entrepreneur can open an account at any time after registering a business, but it is necessary to understand that this procedure is not instantaneous, and in a number of situations it will be very difficult to do without it. For example, some businesses refuse to pay funds in cash or transfer them to personal accounts.

Entrepreneur current account - how to choose a bank

Before entering into an agreement with a financial institution, check the reliability ratings. Then evaluate the territorial location of the bank and calculate the annual amount of service. If you are satisfied with all the parameters upon first consideration, it would be a good idea to make a personal visit to get acquainted with the services offered by the bank for small businesses, clarify the cost of settlement services and the timing of transactions. Many banks today have developed software of the “Client-Bank” type, the presence of which significantly increases the efficiency and security of settlements.

What financial factors should you pay attention to:

• Cost of opening an account and subsequent servicing (by type of transaction).
• Amount of commission for cash withdrawal.
• Availability and amount of subscription fee.
• Amount of fee for Internet banking.
• Salary projects and tariffs.
• Terms of loans for MB, including overdrafts for individual entrepreneurs.
• Length of the operating day.
• Availability of various electronic services.
• Location of terminals and ATMs.

In what cases does an entrepreneur need a current account?

Many individual entrepreneurs ask the question: “Why create a special account for a business and pay for its maintenance if it is not necessary.” But in reality the situation is somewhat different. Although the legislation does not establish the obligation of individual entrepreneurs to open a special account for business, it does introduce certain restrictions. Transactions with a current account for individual entrepreneurs will be mandatory if the price of at least one agreement exceeds 100,000 rubles.

An individual entrepreneur will also need a bank account in the case of working with government customers: they cannot make payments in cash. Many commercial structures also prefer not to deal with cash once again. In most cases, a current account is needed to accept card payments.

PC opening process

It is worth talking about what is needed to open an individual entrepreneur current account. Some banks set minimum requirements and allow clients to open a personal account only with a passport and application. But in most cases, you will still need other documents to open an individual entrepreneur current account.

The list of documents and requirements is practically the same in different financial institutions, but it is still worth clarifying it in advance.

An entrepreneur may need:

• passport and/or other identification document;

• TIN;
• certificate of registration as an individual entrepreneur (in 2020, issued electronically);
• if more than 1-3 months have passed since registration - an extract from the Unified State Register of Individual Entrepreneurs;
• if required by the type of activity - licenses and patents;
• if other persons will have access to the account - powers of attorney and their passports.

Additionally, the bank may need financial statements, certificates from the National Tax Service on the proper fulfillment of obligations (payment of taxes, fines, penalties), reviews from the financial institution where the entrepreneur was previously serviced.

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Can I use a personal bank account?

Is it possible not to open a current account, but to use a personal one for business-related payments? Until 2014, the Tax Code of the Russian Federation obligated entrepreneurs to draw up special accounts for conducting commercial activities. This provision has now lost its force.

It would seem that now individual entrepreneurs have the opportunity to use a personal account for business purposes. However, for non-cash transfers in the interests of business, you will have to open a separate account, even if it is an individual account. he already has a face. There are the following reasons for this:

1. Central Bank Instruction No. 153-I is still in effect. It directly prohibits the use of current accounts for individuals. persons for business-related settlements. In fact, the lending institution may simply not make such payments.
2. Large amounts deposited into a personal account will lead to questions from the security service and financial monitoring. Under Federal Law No. 115, the bank will first ask to explain the source of income, and then will prefer to refuse service and terminate the contract. There is even a risk of being blacklisted and then facing big problems when opening new accounts.
3. Organizations and other entrepreneurs in most cases refuse to pay into the account of individuals. faces. Tax authorities may not accept such expenses as deductions from the tax base or consider such partners as tax agents and require payment to the personal income tax budget.
4. Inability to share income. The IRS will try to collect taxes on the entire amount deposited into the account, regardless of the source of income. As a result, you will have to pay additional taxes on income not received from the business.
5. Inability to verify expenses. Payments made from a personal account will not be considered by the tax authorities as expenses associated with doing business; as a result, the individual entrepreneur may face an increase in the tax base.

Individual entrepreneur without a bank account - disadvantages of work

If you plan to work with legal entities, then you cannot do without a current account. All payments in the amount over 100 thousand rubles. must be carried out only in non-cash form.

Large companies often refuse to cooperate with an individual entrepreneur who does not have a current account. If you conclude an agreement with an individual entrepreneur and transfer the payment to the account of an individual. persons, the Federal Tax Service has the right to recognize this as labor payments. Personal income tax of 13% and insurance premiums will be withheld from the specified amount. Therefore, many organizations prefer not to take risks.

In addition, any transfers to your personal card may be included in the tax base. For example, you take out a large amount of debt. The tax office may consider it revenue and charge tax.

Without a current account, you cannot use most banking services and online services. For example, you will not be able to connect acquiring, as a result of which you will lose profit.

Select an account for an individual entrepreneur

Current account for individual entrepreneurs on the simplified tax system

The legislation does not oblige individual entrepreneurs to open an account for business using the simplified tax system. The businessman will have to decide whether he needs an individual entrepreneur under the simplified tax system in 2020 on his own. For a very small scale of work, it is quite possible to do without it. But you need to take into account that when applying the “income minus expenses” calculation procedure, you need to justify your business expenses in order to reduce tax payments. It is much easier to do this when paying for goods and services through a current account. At the same time, do not forget about limiting the amount of cash payments.

Criterion 3. Cost of service

It is important to choose a tariff that takes into account the specifics of your business and allows you not to spend too much.

The cost of a current account consists of seven components:

1. Opening an account;
2. Service fee;
3. Transfers to legal entities - intrabank/interbank, remote/on paper;/li>
4. Transfers to individuals;
5. Cash deposits through the cash register and through self-service devices;
6. Cash withdrawal through cash registers and self-service devices;
7. Other (certificates, etc.).

Let's deal with each one. You can find out information on these parameters on the bank’s website or in special aggregator services.

Cost of opening a current account

You can find it out in the service podelu.ru. Enter a city to see prices in your region.

Most banks open accounts for free, but this is not always completely true. Some banks will charge a fee for issuing a card with sample signatures. There may be other paid services that they will try to force on you. For example, Sberbank often insists on insurance for a business card.

Service fee

The monthly fee for cash management services (SSC) depends on the number of payments per month. The more there are, the more expensive the maintenance will be. But there are exceptions: Gazprombank has the same prices for 5 and 100 payments.

There are banks that offer free service if there has been no activity on the account for a month. For example, Sberbank and Alfa Bank have such conditions.

Some banks periodically organize promotions. Tinkoff Bank offered 4 months of free service to those who open an account before December 15.

Some banks compensate for free services with other unfavorable conditions. Modulbank has a “Start” tariff with free service, but for withdrawals of up to 100 thousand rubles in cash you will have to pay a 2.5% commission. Tinkoff will not charge a penny for this, but for each month of service you will have to pay 490 rubles.

Payments and transfers to legal entities

They can be divided into intrabank, interbank and paper payment orders. Banks also include entrepreneurs in the category of legal entities, because they, like companies, have current accounts.

In almost all banks, up to 3 electronic interbank payments can be made free of charge. Estimate how many transfers to legal entities you will have per month. It depends on what you do. If you have a stall, you will need to constantly purchase from wholesalers and pay for goods from your current account. And if you do a massage in a salon, it is unlikely that there will be more than 3 operations.

Intrabank payments are usually free. You can save money if you open an account with a bank that your regular counterparties work with. You will not spend money on interbank transfer fees and will speed up payment processing.

Another type of transaction is transfers based on payment orders. They cannot be done at every bank, and they can cost more than 5,000 rubles per transfer.

Transfers to individuals

If an entrepreneur transfers money from a current account to an individual, the tax office considers that this person has received income. And you need to pay personal income tax on your income. When you have an employment or civil contract with a person, you pay tax as an employer. In other cases, he pays the tax himself. If the transfers are regular, but personal income tax is not paid on them, the tax office may have questions.

Transfers within the framework of the salary project do not affect the limit on transfers to individuals. If you transferred 250 thousand rubles to employees on a salary project, and then pay 40 thousand rubles under the GPC agreement, the commission will be the same amount as for transfers up to 100 thousand rubles per month. The bank has a separate commission for payments under the salary project.

If you want to transfer money to a friend or relative, make a transfer to your card first, and only then to him.

The withdrawal of money to an individual entrepreneur’s personal card is also considered a transfer to an individual. This is not receiving income, because the data of the recipient and the sender are the same. But you need to look at which bank will cost you less. There are no strict limits on the withdrawal amount, but the amount of the commission depends on the amount. For example, in Rosbank you can transfer up to 150 thousand rubles for free, and in Sberbank the commission is 0.5%.

You don’t have to pay a commission if you apply for a card in your name as an individual at the same bank. The main thing is that the owner of the card is the entrepreneur himself, and not his spouse or father. This option is also not perfect, because not all banks separate transfers to individuals into intrabank and interbank.

Cash deposit via cash register or self-service devices

Many entrepreneurs sell goods at retail or provide services: haircuts, manicures, shoe repairs. Customers often pay in cash, but suppliers have to pay from the account, so it has to be replenished regularly. To avoid problems, the bank must have an adequate commission for replenishing your account with cash.

You can compare commission conditions in the RKO calculator.

Cash withdrawal via cash register or self-service devices

This category includes withdrawals from bank cash desks and ATMs. Most banks charge a fee for cash withdrawals. You can compare its sizes in the summary table on the website.

Current account for individual entrepreneurs on UTII

When planning to open an individual entrepreneur on UTII, many people think about whether they need a current account. Quite often, the scale of the business of such entrepreneurs barely reaches even a micro-enterprise, and most clients are individuals. Theoretically, they don’t really need a current account.

But there are a few points to consider:

1. Recently, business owners have become obligated to ensure payments in stores using bank cards. And sales at a retail outlet is one of the main activities of entrepreneurs on UTII. All funds for such payments are transferred only to a current account under an acquiring agreement with a bank or specialized organization.
2. The limit on the amount of cash payments of 100 thousand rubles can significantly limit the possibilities of payments, including for rent. Not every partner will agree to enter into a new agreement every few months.

Theoretically, the answer to the question of whether an individual entrepreneur can open an account on UTII will be positive, and in fact, few people manage to work without using non-cash payments.

Our rating of the best banks for individual entrepreneurs in 2020

International and Russian rating agencies compile ratings based on financial indicators: assets, profit, creditworthiness. Of course, a good bank should not only offer clients favorable conditions, but also take care of its financial stability. When compiling our rating, we took into account the opinion of professional experts, customer reviews and the criteria discussed above for choosing the best bank for individual entrepreneurs.

From the top 30 banks according to the portal banki.ru (the rating is compiled using public reporting on the Central Bank website), we have selected five institutions in which we recommend opening an individual entrepreneur account in 2020.

Tinkoff Bank. It takes first place in the Business Banking Fees Rank 2020 in terms of the cost of servicing Individual Entrepreneurs and first place in terms of the cost of servicing B2B services. Second place in the independent national rating of banks on banki.ru for quality of services. Ideal for beginning entrepreneurs and for all those who are not ready to spend heavily on banking services.

Alfa Bank . Main areas: full range of settlement services, corporate and investment business, leasing and factoring, trade finance. Our users, having opened an account here, receive additional bonuses: a promo code for advertising in Yandex.Direct, a free month of Beeline communications, a gift certificate for recruiting from HeadHunter.

Open a current account in Alfa-Bank

Bank opening.

The bank has been operating in the financial market since 1993 and is included in the list of systemically important credit institutions in Russia. Serves 2.7 million individuals and about 190 thousand legal entities. Present in 61 regions of the Russian Federation, has 442 offices. Supports beginners and experienced participants in foreign economic activity, accompanies and finances foreign trade contracts on favorable terms.

Sberbank. The largest credit institution in Russia, with a reputation as the most reliable bank. In recent years, it has been actively working to improve its service, which has allowed it to receive the title of the bank with the best customer support of 2020 according to banki.ru.

VTB. A bank with state participation, which enjoys special trust from individuals. According to all significant indicators, it is consistently included in the TOP 5 banks in Russia. For small businesses participating in government procurement, the bank provides guarantees to secure obligations under contracts.

Current account for individual entrepreneurs on a patent

The situation with a patent will be somewhat different. First of all, you should understand why an entrepreneur with a patent in 2020 may need a current account. This may include payments to suppliers and other partners, such as landlords. In this case, an invoice is needed only if suppliers refuse to accept cash or if the contract amount exceeds 100,000 rubles.

You can also receive payments from clients into your account. And there is no ban on accepting non-cash payments under PSN. Considering the prevalence of bank cards, it is almost impossible to do without accepting them. This means that you will need an account, because the acquiring bank will transfer funds to it.

Whether an account is needed to make payments to partners is decided by the individual entrepreneur working on a patent. The law does not oblige him to contact the bank to open an account, but does not prohibit it either.

Advantages of opening a current account for individual entrepreneurs

The law does not say that every individual entrepreneur is required to open a bank account. But if there is an account, this gives the individual entrepreneur many advantages.

1. The current account is opened for an indefinite period. That is, the entrepreneur will not be required to visit the bank every few years, as is the case with cards whose validity is limited.
2. Not all payments can be made in cash. The Central Bank has set a limit of 100,000 rubles for cash payments under one agreement. If the transaction amount exceeds the specified amount, it is necessary to break the payment into smaller payments and draw up several contracts. When opening a current account, all this is not required.
3. Many buyers prefer cashless payments, whether individuals or legal entities. It is unreasonable to neglect clients who want to pay for a purchase or service with a card, because if you send such a client to withdraw cash, you may not receive them back. Moreover, banks charge interest for withdrawing money from some types of bank cards. On the contrary, non-cash payments are a convenient and transparent payment method for the client. Of course, under the acquiring agreement, the bank takes a certain percentage of the turnover, but it can be reduced if you refuse the terminals provided by banks and install your own. You will have to spend about 20,000 rubles once to purchase the device, but this will significantly reduce acquiring costs.
4. Having a current account provides complete freedom of movement. By connecting to Internet banking, an entrepreneur can make payments to suppliers, tax authorities and employees from anywhere in the world.
5. Reduced settlement costs. When transferring to a personal card, the bank may charge interest. And with non-cash payments, only the cost of the service for generating a payment order is paid, which is fixed or is even included in the bank’s cash settlement package offer.
6. A current account and analysis of statements on it increase the chances of approval of credit or leasing products. Many banks offer their clients more favorable loan conditions. Therefore, having a current account can be a decisive factor in this matter.
7. The current account is a deposit account; interest can be accrued on the balance, so you can even cover the cost of maintaining it. In some cases, these percentages may be higher than on a personal account.
8. Opening a current account allows you to differentiate between personal and work financial flows. Many people use regular cards in business. This is fraught with sudden blocking of the card at the slightest suspicion of the bank of dishonest activity. In addition, the bank can transfer information to the tax authorities, which will lead to an audit and additional taxes.
9. Payment of taxes and contributions. An entrepreneur can pay taxes and fees without a current account, but many banks charge a commission for the transfer. The human factor also plays an important role: if there is the slightest error in the details, the entrepreneur will have to additionally communicate with the tax authorities, and in some cases even pay a late fee.
10. Built-in online accounting. Many banks, along with cash register services, also offer online accounting services. This is a convenient solution for small business owners who receive a functional service that helps in preparing reports, generating statements, payment orders and paying taxes.
11. Another important advantage is the cancellation of notification to all funds and the tax office about opening a current account. Indeed, until May 2014, all entrepreneurs who opened a bank account were required to notify the Social Insurance Fund, Pension Fund and the Tax Inspectorate as soon as possible. Now this responsibility is assigned to the bank itself.

How to open a current account as an individual entrepreneur

If an LLC is required to have an account (otherwise it simply will not be able to pay taxes), then an individual entrepreneur opens it at his own discretion. Usually this procedure is simple, but it is rarely possible to carry it out quickly.

Let's take a step-by-step look at how to open an account for a private entrepreneur:

1. Choose a suitable bank. Many financial institutions are ready to open an account for individual entrepreneurs, but their conditions can vary greatly. It is necessary to select the best offers in terms of tariffs and ease of service, taking into account the specifics of a particular business, for example, for some entrepreneurs, inexpensive payment processing will be important, and for others, cheap cash withdrawals will be important.
2. Collect documents. You only need a passport and a license to conduct certain types of activities (if provided); the bank receives the remaining documents in electronic form. If you have rented offices or retail space, rental agreements may be required.
3. Apply for opening. Depending on the bank you choose, this can be done remotely or by visiting the office and filling out paper forms.
4. Wait for the contract to be prepared. This procedure is not always quick, since the individual entrepreneur must be checked by the bank’s security service. Typically, all checks and preparation of documents take from 1 to 5 business days.
5. To sign documents. You need to sign the agreement, fill out a card with sample signatures and a seal impression (if any). Before signing, be sure to study all documents.
6. Connect to Internet banking. This service allows you to minimize the need to visit branches of a credit institution and significantly speeds up payments.

What documents will be needed

To open a bank account, you need to choose the best offer and contact the bank office. Modern financial organizations offer their clients convenient and comfortable service conditions, Internet banking, which allows you to pay without leaving home, and prepare reports based on data.

Required documents for the bank include:

• passport;
• certificate of registration of a businessman with the tax service;
• entrepreneur registration paper;
• statistics code;
• seal, if you already have one;
• If the activity is subject to mandatory licensing, a license will be required.

When concluding an agreement, the client is given a card with sample signatures, an agreement for remote servicing, and a key to access Internet banking.

A banking organization may offer a client to open an account using a pre-booking system. To do this, you will need to fill out a special form on the website, receive documents with details by email and contact the bank manager.

Submission of documents for opening a bank account

Pros and cons of a current account for individual entrepreneurs

In fact, among the disadvantages of a current account for an entrepreneur, one can only highlight the need to pay a certain commission for maintaining the account and making payments. But you can choose a very reasonable tariff or make do with offers of free services if your business is still very small.

There are many more positive features of a current account for individual entrepreneurs; here are just a few of them:

• expanding the list of partners to include those who refused to work with cash;
• the ability to accept payments from the public using bank cards (if there is an acquiring agreement);
• no limit on the contract amount established for cash payments;
• the opportunity to work with government customers under government contracts;
• full transparency of transactions provided there are no cash payments;
• increasing the safety of funds, since the possibility of their theft is eliminated.

When to open a current account

Not all businessmen understand why a current account for an individual entrepreneur is needed if they have a small turnover. Opening an account is necessary if you need to accept cash receipts from legal counterparties, as well as transfer funds through terminals. Personal accounts are not intended for this; a terminal cannot be linked to them. Large organizations with legal entity status may themselves be against transferring money to an individual. This will lead to malfunctions.

Any major transactions, participation in tenders, government procurement, wholesale trade are possible only with non-cash payments. All cash transfers with legal entities are limited to an amount of 100 thousand rubles. under one contract. For large transactions, a businessman will have to divide the contracts into several parts. This may not always be convenient for the organization; as a result, you may lose a client. In addition, cash payments are not profitable for organizations, since when cashing out they lose a commission of 2%.

Important! To gain a reputation, a businessman needs a positive image. It is the presence of a settlement account that will become one of the points of its formation. Its presence increases the chance of receiving more orders and participating in government tenders.

It is possible to work without opening an account for an individual entrepreneur if the businessman is engaged in retail trade or provides personal services. But buyers have recently preferred to pay with bank cards and transfer money for purchases. This leads to the fact that the transition to using cash register is still necessary.

Personal cards are inconvenient and unprofitable in case of regular transfers, since the bank charges a large commission. If we are talking about a cash account, then there is also a commission, but it is fixed in accordance with the bank’s tariffs.

In addition, there are problems with re-release. The current account is opened for an indefinite period; it can be closed only at the request of the businessman himself. If the card expires, then until you receive a new one, all operations on it are unavailable.

It is beneficial to store savings in current accounts. They are deposits, which means interest is charged on the balance. This will help offset the service.

Payment by bank card

Advantages of settlement and cash services for individual entrepreneurs

Main advantages:

1. Have a separate current account for individual entrepreneur transactions.
2. Accept non-cash payments.
3. Pay wages to employee cards.
4. Use non-cash forms of payment in Moscow, Russia and around the world.
5. Monitor financial transactions using account statements.

If it’s difficult to decide, you can select several options and apply to open two, three or four current accounts. For organizations and individual entrepreneurs in Moscow, many banks are ready to open current accounts for free and charge a low subscription fee, so it is quite possible to test different tariffs and choose the most suitable one for your needs.

You may be interested in a selection of cash settlement tariffs: Quick opening of a current account, Current account for business, Current account for legal entities, Open a current account online