To build credibility to customers, investors and partners, a business bank account acts like a seal of approval. That goes aside from the purpose of record keeping and easy monitoring of fund transactions. Opening one has always been on top of the to-do list when starting a business.
However, opening a bank account has become more and more difficult as the years go by. Regulations have become more strict and the process of approval is a take it or leave it matter.
It goes the same for entrepreneurs in Hong Kong. That’s why today, we will look at the HSBC Sprint Account, if it is any different. And, if it can live up to its name and well, sprint its way to us!
Hurdles of opening a bank account
Getting an approval for an account opening is not as easy as it seems. It is most tasking on budding entrepreneurs who find themselves in a chicken and egg situation. They need a bank account to get their business going. However, the bank needs an established financial performance for at least, with some banks, two to three years.
The KYC (Know-your-client) process of the banks, while it varies, can sometimes take weeks, even months. There’s the time factor to consider plus the fact that there isn’t always a guarantee of approval.
Responding to startups’ needs
The HSBC Sprint Account promises smarter banking for businesses to take off. It also puts the limelight on those who are just starting a business or are getting ready to launch.
By this alone, you can see that it was designed with the startups in mind.
Suite of banking solutions
You might think that it will be just like any other bank account. But what goes with it counts a great deal for any type of entrepreneur.
The suite of banking solutions that HSBC Sprint Account offers, do respond to the needs of entrepreneurs for almost every aspect of their operations. For a clearer presentation of their services that we loved the most, we divided these into three categories:
- Digital Banking
- Collection Services
- Value added services
This is a mobile entrepreneur’s wish granted. You can access your account anytime and anywhere you are. Not only that, they went several miles beyond the regular banking and offered digital solutions backed by smart technology.
The sub-products under Sprint’s digital banking are:
- Easy access to your account via the internet
- New web design and easy navigation
- With tools such as activity tracker and business insights tailored to your business’s banking needs
- With privileges and other exclusive offers especially if actively used
- Access your account via mobile phone
- Secured access with the use of fingerprints or facial recognition
- Submission of identification documents can be coursed through the app.
- You can do banking transactions real-time such as balance inquiries, fund transfers, payments and others, through the app
- Receive banking service notifications via WeChat
- Follow the official WeChat account of HSBC Hong Kong Business – WeChat ID: HSBCHKBusiness
- Easy application for banking products and services with a shared-screen
- Read information, electronically sign and submit documents in one screen while being assisted by a Financial Services Specialist in the other screen.
- A virtual assistant chatbot that can provide service support to users 24/7
- Available in both desktop and mobile, in english, traditional and simple chinese
Payment and Collection Services
The Sprint Account also offers a string of payment and collection services that you can really use to facilitate a faster turnaround of cash transactions. While it also offers the usual payment services that most banks provide, what makes them stand out are two of their collection services:
- PayMe for Business
- HSBC Business Collect
While this is yet another mobile payment solution, what makes this different is the use of a QR Code. QR codes are used to settle bills for product orders and for merchants’ invoicing.
This makes tracking and monitoring easy and efficient with fully integrated reporting.
What goes with the QR codes? Right, security. It gives a certain level of comfort for both merchants and customers that the transactions are safe and secure.
Your customers in Hong Kong would probably know PayMe when it started as a peer-to-peer (P2P) social payment system. It is a mobile wallet of some sort that facilitates payments through a mobile app linked to a bank account or credit card.
It is good to know that it expanded to businesses that allows instant cash collection. Another good thing to note there is, you can connect to PayMe’s over a million users.
Value Added Services
What shouldn’t be taken aside are the value-added services that will really elevate this digital business solution to a whole new level:
- Connects your bank accounts to a cloud-based accounting software, Xero.
- Bank transaction data flows directly and securely to the software daily.
- It’s like having a finance assistant working at the palm of your hands.
- Less manual intervention, hence, less risk of errors.
- Automatic computation of payroll and MPF contribution
- Processing of monthly payroll and MPF contributions are done in a single platform
- Manual intervention is also reduced
How to get started
Don’t ever think yet of rushing to the nearest HSBC branch to open an account. You might want to know that it is now more simple with the Sprint Account. All, because you can do it online through their website.
Basically, there are three easy steps to follow:
- Create a profile and fill out the application form in their website
- Prepare and submit online, the required documents; other business details; and contact information as listed on their account opening checklist.
- Confirm your appointment for an interview
You don’t need to go to a branch at this stage, saving you time and effort.
HSBC recognizes the limitations of a startup company hence, they expanded their KYC on a visioneering level. They do this to understand in what direction you plan to take your business.
Aside from the usual information that the banks ask during account opening, HSBC will also ask these from startups:
- The nature of the business
- Business plans
- Revenue forecast
- Credentials of the business owners
- Information on your expertise in line with the business
Talking about your business plans can really rev up your game. The more serious you are about your business, the more solid your plans will be. This will be a good indicator for HSBC too to see if you are not another fly by night kind of business.
Notwithstanding the usual documents required by banks, HSBC qualifies the documents they will need from newly established businesses. This is a chance not being offered by most banks. You can submit the latest financial information on the individual owners. This could be in the form of bank statements of their personal accounts.
Also, while you are fairly new, you still have to show proof of your business dealings.
You will be required to submit an agreement between you and your potential customer or supplier; or other documents that will prove that your business is operational. We believe this is more doable than producing audited financial reports when you are just starting.
Perks and Offers
As a way to encourage their clients to open the Sprint Account, HSBC has various offers that you can take advantage of.
They give discounts on application fee, that can go up to 30% if you can open an account within a certain period. They can also waive the minimum deposit balance requirement for a period of one year.
These are just some and they change overtime. So, you better check their website for updated offers.
From what we have learned, HSBC Sprint Account is more than just a bank product. It is more of the solution to the needs of entrepreneurs or business owners, especially startups.
Once you’re in, you will also gain access to the other products of HSBC that can also be of optimum help to you and your business – financing, insurance, foreign exchange services, trade services and investments.
So, click on the apply now button to start your innovative digital banking journey.