Neobanking, also called challenger banks, are fintech companies or startups that offer nontraditional banking services online.
Neobanks are not a new idea; they first appeared in the 2010s following the Great Recession. The banking data platform Plaid estimates that by 2026, there will be 350 million Neobank customers worldwide, up from about 150 million in 2021.
The payment platform offers several fintech solutions for businesses and individuals to make their financial handling easier.
What Are the Payment Challenges of Traditional Banking?
- Traditional banks typically charge higher fees.
- They have limited operating hours, which can be inconvenient if you need banking services outside of business hours.
- Traditional banking systems are often characterized by slow and cumbersome processes.
What is Neobanking?
Do you know the meaning of Neo? Neo means ‘new’. These are modern banks that are only available online and have no physical locations. They provide digital, mobile-first financial solutions for payments, money transfers, and more. Users can make deposits and withdraw money without time restrictions. However, most neobanks do not have a banking license and cannot operate stand-alone—most neobanks partner with licensed banks to provide financial services.
Zil.US offers neobanking facilities for small and large businesses. The platform offers instant access to online checking accounts, digital wallets, and flexible payment solutions.
4 Advantages of Neobanking for Small Businesses
- Affordable fees
Since Neobanks do not have physical locations, they are not wasting money on other things that deplete funds. The all in one platform offers financial transactions at affordable fees. There are no hidden fees, maintenance fees, or minimum balance requirements. Users can make transactions with no initial fees and without any transaction limits.
- Ease of Use
The process of opening an account at a traditional bank is long and challenging. There are forms to be filled out and waiting time. In order to verify the user’s address, traditional banks even require the user to visit the physical branch and also visit their home.
Zil.US offers online checking accounts that can be easily managed from anywhere. Users can create checking accounts from their mobile phones and laptops. Businesses that prefer comfort and safety at home can sit and relax and conduct business operations via the software.
- Smoother Interface
Zil.US offers mobile payment solutions that are built to improve the digital transactional experience. The platform’s app can be downloaded and installed on Android or iOS devices. Users can easily manage their finances, check their account balances, transfer money, pay bills, and much more, all from the convenience of their smartphones.
- Lesser Restrictions
As neobanks do not operate physically, there is no restriction on time to make transactions. The platform allows you to make transactions at any time. For example, a small business owner can process supplier payments late at night or on weekends without waiting for traditional bank hours. Also, with Zil.US, users can conduct unlimited transactions simultaneously with vendors, employees, suppliers and individuals.
Multiple Payment Methods
- ACH
The platform offers same-day ACH transfers with affordable transaction fees. You can directly transfer the money from one checking account to another electronically. As NACHA controls the network, your payments are completely safe and secure.
- Wire Transfer
Zil.US offers wire transfers, where you can make international and domestic transactions with fast processing techniques and low processing fees. With the payee’s name, bank account number, and amount, you can quickly process transactions.
- Virtual Card
The all in one platform offers a virtual card feature for online and contactless payments. They are the digital version of physical debit cards. It provides a unique card number, expiration date, and CVV, where your debit card details are completely safe. You can generate unlimited one-time usable virtual cards with spending limits. Businesses can give cards to employees and have strong control over their business budget.
- Check Mail
Businesses can make affordable check mail transactions from the digital wallet. Zil.US allows you to send check mails without manual handling. Users only want to enter the amount, select payee, payee email, and invoice number. Payees receive their payments as checks without writing, enveloping, and postage.
API Integration: Payments in a Professional Way
Zil.US offers API integration with your application or website to use distinctive features without logging into a third party. Through a simple request, you can enable API integration to your platform. In order to support your small business, the software manages all payment services and technical support in the background. With the API feature, users can utilize neobanking services like instant fund transfers, transaction notifications, and secure payment processing to enhance the overall user experience.
Conclusion
Zil.US is a smart, modern solution for small businesses looking to save time, cut costs, and streamline their financial operations. With affordable fees, flexible payment options, and features designed for convenience, it’s built to keep up with the demands of entrepreneurs. From 24/7 transactions to secure API integration, the platform ensures your business stays ahead of the curve.
