Get €60 for every business you refer.
Find out more
Find out more

What the Ideal Business Account for Doctors and Pharmacists Should Offer

Alina July 2020 6 min

Table of contents

Doctors and pharmacists have special requirements for their bank account. In particular, a smooth process is important to them. Everyday practice life is stressful and the team must be able to rely on the fact that working with their bank is simple and efficient, that internal processes are ideal supported, that the highest security standards are provided and that no unnecessary extra work is caused.

Challenges for Doctors and Pharmacists in Banking 

At present, doctors and pharmacists in particular are beginning to feel the impact of reliable IT systems on the provision of modern functions such as banking apps or the trouble-free processing of financial transactions. If there are delays in payment transactions due to technical faults, customers quickly incur debit and overdraft interest. Even if these costs are reimbursed, the customer will still incur considerable additional expenses. In addition, the security of patient data, payment information and bank data naturally plays a central role in the decision for a reliable financial service provider.

Requirements of a Modern Business Account

Like all business people, doctors and pharmacists naturally want an account that is as inexpensive as possible. In addition to a cheap business account they also pay attention to additional costs that arise for transactions such as bank transfers, direct debits or standing orders. Frequently, providers who offer a business account without fees can be expensive due to these additional costs. In addition to the costs, the range of functions also plays a decisive role: For example, credit notes for fees should be visible in real time. A smooth account view is a must have, especially in the course of quarterly statements.

Digital Products and Features for High Demands

Professional doctors and pharmacists put the patient first, in order to cure them with the best possible treatments and therapies. They can also expect this focus on the customer from their bank. Innovative, digital products that are easy to use and meet the requirements of mobility and digitalisation should provide real added value and make everyday practice easier.

A modern banking app which allows you to keep an eye on your business account at all times and provides real-time information on transactions, ensures transparency at all times, even when you are on the move. Banking transactions can be carried out easily and conveniently on a smartphone or tablet while on the move. With the help of sub-accounts, different payment flows that occur in medical practices or pharmacies can be clearly separated from each other. Employee access and own employee cards relieve doctors and pharmacists, who place the responsibility for the practice account in the hands of their team to devote themselves fully to their patients and their health.

Fintechs like Penta are increasingly focusing on transparency in their product development and provide their customers with insight into their product roadmap. They are open to suggestions and feedback and let these flow into further development. This results in tailor-made products and functions that meet the needs and requirements of doctors and pharmacists for efficient and mobile banking or a modern business account.

Maximum Flexibility and Availability Combined with Premium Support

Salaries are usually paid via the business bank account. Doctors and pharmacists are therefore dependent on having unrestricted access to the online banking account. Independent of the opening hours of a bank branch, transfers can be made at any time. Starting with the opening of an account, questions about products and functions, and assistance with certain processes, customers with an online business account also benefit from customer service that provides friendly and professional support by phone, e-mail, or, as with Penta, in the community.

business banking laptop cards

Looking for the ideal business account for your practice?

The Quarterly Financial Statements Are just around the Corner 

Most self-employed people are familiar with the following: depending on the type of tax and the legal form of the company, tax prepayments are regularly incurred. Those who employ staff also have to complete salary statements on time every month and pay social security contributions to the social insurance agencies. Doctors have four additional appointments with the quarterly statement which must be kept on time. Here, the interaction of the banking software with the accounting and payroll systems in the medical practices is of immense importance.

Sensitive Patient Data Require Data Security

During billing, sensitive patient data is transferred that requires special protection. In addition, there are other elements that contribute to the security of a business account.

  1. Cybersecurity: In order to ensure the security of money, banks regularly carry out professional attacks on the platform and accounts to test whether there are possible security gaps. In addition, sensitive data such as e-mail addresses and passwords, but also transfer data is encrypted using SSL certificates.
  2. Platform stability: For quality assurance, new products and functions are put through their paces by certified specialists using a wide range of manual and automated tests.
  3. Security functions: TAN authentication for transactions, customized account authorizations and spending limits, simple blocking and unblocking of a lost bank card and simple unblocking of a recovered bank card, and a two-factor authentication login ensure maximum security for online banking.

Penta goes even one step further

The Penta Card not only has an extraordinary design. The card number on the back of the card is much smaller than other cards. This makes it much more difficult for thieves to steal card details.

Financial Strength and Deposit Security 

Customers must be able to rely on a strong financial services provider at their side. Penta, for example, handles transactions via its partner solarisBank as holder of a banking licence that is regulated by the Federal Financial Supervisory Authority (BaFin). This means that deposits of up to 100,000 EUR are secured and customers benefit from maximum protection for their money.

Flexible Financing Options

Whether starting up their own business, working as a doctor in an established practice or arranging a succession – doctors and pharmacists go through different phases of their careers and lives, in which they have to make numerous business decisions. Starting with their studies, continuing with further training and ending with their own practice or pharmacy, they face various financial challenges.

In particular when founding a practice or opening a pharmacy, solid financing has a decisive influence on economic success. In addition to the required start-up capital, founders must also consider their financial scope for future investments in their financial planning. Penta’s flexible financing solutions offer exactly this scope so that nothing stands in the way of liquidity in the start-up phase. In cooperation with partners such as iwoca and Auxmoney, Penta gives founders direct access to the right loan.

Penta offers ideal business banking solutions for doctors, pharmacists and care institutions. Convince yourself.

business banking laptop cards

Looking for the ideal business account for your practice?

Back to top