Business Banking – The Flow and the Grow
Keeping your business cash flow moving is crucial for a healthy business in the short term, but also for long-term business growth and effective business banking practices.
While the Arro Business Account is not a bank account in the traditional sense, it provides you with an online account for business transactions, with totally transparent low transaction fees.
Guaranteed approval for all eligible applicants in under five minutes means you can have your new business account up and running, accept payments in and make payments out, all within a matter of minutes.
A business account – faster
Waiting to open a business bank account can feel like an eternity, and can mean you lose out on work because customers have no way to pay you, or even worse, you miss a payment to a supplier because you have no business account suitable to pay them from.
The Arro Business Account is not a bank account, but an online money services account – this means we can open an account in your name within just a few minutes, which you can start using immediately.
Within just three minutes of starting the signup form, if all goes well, we can send you your sort code and account number, so you can start receiving payments to your Arro Business Account, transfer funds into it online, and make one-off and scheduled payments out via Faster Payments and Direct Debit.
Arro was created by entrepreneurs new to the UK who found it slow and hard to set up a business bank account. We want to make sure all businesses – whether native to the UK or started by new arrivals from overseas – have access to the online financial services necessary to keep business cash flow healthy.
Faster is better for business cash flow
It’s not just setting up a business account that needs to be fast – the sooner you can pay your suppliers’ bills and the sooner customers can pay you what they owe, the better position your cash flow will be in.
You know exactly how much money is in your business account at any one time, you have less outstanding debt with suppliers and less invoice finance owed to you, and this gives you the best platform for growth.
With your Arro Business Account, you can check your balance online at any time using our custom-built money management dashboard.
You can pay bills using Faster Payments, or Direct Debit for regular suppliers, and you can receive funds online using your sort code and account number, or transfer them in from any online e-wallet accounts you have elsewhere.
An instant Business MasterCard®
A lot of payments are made by card, especially online, so we don’t make you wait to get your Business MasterCard® debit card details when you open your Arro Business Account.
Every Arro Business Account comes with its own Business MasterCard® as standard, so you have unique card details to make payments from the account – and as it’s a debit card, not a credit card, there’s no need for a background credit check and again we can offer instant, guaranteed approval to eligible applicants.
Best of all, we send the card details to you immediately via SMS, so you can start using the virtual card on websites and anywhere else where you can manually enter the card number, expiry date and so on, even while the physical card is still on its way to you in the post.
This makes the Arro Business Account a truly instant way to start managing your business finance across the board, from online money transfers to card payments using your virtual MasterCard® details, followed by your physical card when it arrives.
All in your name
Your Arro Business Account is in your name and your company name if you have one. We can approve Business Account applications for sole traders too if you just need a separate account to manage your money from work separately from your personal finances.
All we need from you is:
- your name
- company name
- date of birth so we know you are over 18
- your UK trading address
- contact details (email, mobile phone) for us to send your account number and card details
We run a quick ID check but no credit check – there’s no overdraft or credit card, so we don’t need to access your credit history at all – and if everything passes, you’ll have your own new Arro Business Account in minutes.
Your Business MasterCard® debit card is also issued in your name, giving you everything you need to manage your business finances in a professional way and keep your cash flow ticking over effectively.