Penta now offers Sub-Accounts

Alina
Alina June 2020 3 min

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« I don’t want to refund my customers or pay out salaries from the bank account I use to receive my income or trade with my business partners » is an important observation we received time and again from Penta customers who, as their business grew more sophisticated, wished to shape their banking so as to mirror the structure of their company, teams or even projects. Doing so usually starts with channeling various payments flows to distinct bank accounts — or sub-accounts, as they are commonly referred to in Germany.

Unsurprisingly perhaps, opening sub-accounts is, in 2020, no less of a nerve-racking task than opening your very first business account. Many of you, though known to your bank and running a successful business, get turned down. Others scratch their heads in disbelief as they endure nonsensical formalities, consent to hefty fees and sit through weeks of wait until they can finally get their hands on a second bank account, let alone at third or a fourth.

Sub-Accounts for Everyone

Today we’re delighted to announce that, over the next couple of weeks, all freelancers, sole proprietors and business owners on an Advanced or Premium Plan at Penta will receive the opportunity to open additional accounts in just minutes to put aside tax money, pay out salaries, segregate budgets for teams, and more. With no cumbersome formalities nor additional registration required, you’re literally a couple of clicks away from shaping Penta a little more closely to your business. 

From their Accounts page, Advanced customers may request the opening of 1 extra account as part of their Plan, while Premium customers may open up to 4 additional accounts. We don’t mean faux bank accounts like digital wallets but genuine accounts complete with their own German IBAN, SEPA payment capabilities, and bank statements (Before you ask: Yes, they also accept direct debit collections from your favorite Internet service providers). Watch your Penta app closely!

What’s next?

This product release is meant to become the cornerstone of a bigger edifice. Over the upcoming months, we’ll work on enabling you to authorize additional users (for the time being, only administrators of your Penta account are able to act on these sub-accounts), link Penta debit cards to all of your accounts, initiate large batches of payments from each of them, push your accounts data to accounting softwares, automate money movements between sub-accounts, and much more. We’ll keep in touch to make sure you hear about these useful additions.

Can’t wait to try it out? Open your first Sub-Account on this page and join our Slack community to get early access to our upcoming releases.

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