Faster access to business accounts
When you set up a new limited company, access to business banking can be a challenge. The high street banks might expect to see past trading results – which new companies just don’t have – or a five-year business plan or bulging order book.
Even if you have any of these things, you might not want to show them to your bank just to open a new business account. With Arro Money, you don’t have to.
You can apply with basic details, including your name, UK address, date of birth (to show you are over 18) and your registered company name, plus a few contact details so we can send you your account number and Business MasterCard® information.
The simple signup form takes just seconds to fill in, and it’s possible to have a new Arro Business Account approved, authorised and up and running within around three minutes.
We still run checks to make sure the information you have supplied is accurate, using online databases that cover 160 countries down to street-level, but importantly there are no credit checks or any marks on your credit file, so your personal financial circumstances will not affect your approval.
The Arro business card
No paperwork, no appointments
No credit checks
Set up standing orders and pay salaries
Start using your account immediately
Make payments with contactless Mastercard®
Manage cashflow and expenses
Arro has changed the way my business works.
“Trying to get a business account from my high street bank simply wasn’t straightforward at all. In the time it would take to get set-up I would have lost out on an important new contract. Getting an account with Arro meant I was up and running the same day. And I won that new contract too!“
Manage your limited company’s finances online
The Arro Business Account is an online-only business account, which means you can log in and manage your limited company finances from any suitable internet connection.
Our online dashboard is designed to be mobile-friendly, so you can even access your account from a smartphone or tablet without having to install a standalone app.
We built it in-house from the ground up to very high standards of security, including OWASP compliance, secure encrypted servers, and two-factor authentication for the account login process – and we future-proofed the platform with support for biometric login, once the financial services industry adopts this.
Of course much of this is not visible to you as the account holder, but it is all part of producing a fully secure and encrypted online business account that keeps your company finances safe.
Plenty of ways to get paid
Importantly, an Arro Business Account gives you plenty of ways to accept payments from customers and to pay your own suppliers and utility providers.
Your business account sort code and account number means people can pay you by online bank transfers, just as they would if you had a business account with one of the high street banks.
Similarly, you can make online payments out from your account. That includes Faster Payments and Standing Orders, so you have several ways to directly pay suppliers as a one-off or regular scheduled payment.
When you open your account, we send you your PIN and CVV number for your Business MasterCard® debit card details via SMS immediately, so you can start making card payments online to pay business expenses, even before your physical card arrives in the post. You will be able to locate the rest of your details via the online dashboard.
And once the corresponding physical debit card arrives, you can also use this in-person to make card purchases in shops, or to withdraw cash from ATMs nationwide and abroad, so you can always obtain some of your business’s capital as cash when you need to cover some costs.
Sign up today in just 3 minutes
To open an Arro Business Account, we just need the following details:
- Registered Company Name
- UK Address
- Date of Birth (you must be over 18)
- Contact Details
Please make sure when you apply that you use the Business Account signup form – there should be a space for your company name – or if you are a sole trader or individual, consider applying for an Arro Personal Account instead.