What's the biggest pain with your current business bank?

What’s your biggest pain when dealing with your business bank? :upside_down_face:


I cant wait for parpera.
Went to deposit some cash on my business account today and of course it asked me for my pin which i havent used since i got the card… So i thought “oooh yeah i know what i can do… reset my pin on banks app.” Hmmm nope! Card not linked. Now card locked for 24 hrs… grrrr

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@rhd - love the enthusiasm and excited to address this (very easy to solve) problem!
Sorry to hear about the card issue… I’ve had a similar problem with one of my business accounts - I lost my card and was told I had to wait 2 weeks for a replacement - ended up having to use an old photo of my card details as a workaround :man_facepalming:
This can be easily solved with in-app card controls, a general hygiene feature of most fintech money apps have these days :slight_smile:

I’m so glad you guys are working on making banking for business better and being inspired by the European market.
I own a team augmentation business and we’ve been operating since 2017. Check it out, we may be able to help you find the right people for building Papera!

For us biggest Painpoint is not on invoicing. We have Xero for this and they do a great job.
It would be nice to have a better visibility on incoming recurring expenses and how is our cashflow going, but not a must have.
I will switch from ANZ if you can provide basic banking with frictionless experience. ANZ cost us $30/mth. So you’ll have to be cheaper too.

Basic banking means: send money instantly. Be notified when money comes in or goes out. Have description for internal transfer (FFS ANZ😱).
Security is important but not at the price of getting my job done. I had massive issues when trying to make payment to a new contractors above a certain amount while I was overseas.
I hate their security keycode thing that you never have with you and are forced to call customer support when wanting to do something basic.
I also want to get more from my money sitting in bank account. Having $100k producing 0.1% interest is shocking.

Oh and also I’m not aligned with their values, brand etc.
Give us something we can love about. Tell us you’re saving the world - or at least not ruining it.


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Hi @marc great to have you here and thanks for sharing your pain points in such detail. Our vision is to create a more prosperous community and society by building a fairer, and more transparent business eco-system. I hope this is something that excites you :slight_smile:

Instant transaction notificaitons are going to be part of our first app release. Cash flow monitoring and forecasting will follow soon.

What type of internal transfer descriptions were you referring to? Did you mean the ability to write your own description when creating the transfer?

Simple bank switching is definately on our product roadmap and as we develop our marketplace offerings, we hope we can partner with invesetment opportunities that allows you to do more with your money in our app.

Feels like we very much want the same things!

Will be happy to hear about other pain points and possible how you’re getting around them.

Hey @marc, thanks for your message and for sharing the info on your business and pain points with managing your money!

6AM Digital looks great and there’s certainly an opportunity to explore collaborating as we build out our team - would love to learn more! :slight_smile:

The incumbents have been slow in improving on providing their business customers with what you referred to as “basic banking” (and I regard as “hygiene features”), such as frictionless payments. I empathise with your frustrations with making payments while abroad.
I spent over 6 years extensively travelling, including living abroad and had to devise several workarounds to ensure I could access my money and make payments in Australia, while overseas - this included paying for my Australian phone SIM to remain active for 3.5 years, so I could receive authentication text messages, as my Big 4 bank couldn’t cater for international phone numbers :man_facepalming:

Making payments frictionless this is one of our first priorities :white_check_mark:

Ensuring security and maintaining data privacy are important additional hygiene factors, which, I agree, should not serve as barriers to doing business. Physical security tokens are frustrating and can be easily replaced by multi-factor authentication using your device and other convenient methods, which we will seek to incorporate :lock:

We agree that the ability to earn interest on business (and personal) funds is almost non-existent. With deflationary interest rates globally (not to mention the state of the economy), this is unlikely to change. We’re not a bank, so we won’t be able to pay interest on funds held in our wallets (the funds are held safely in an underlying third party bank). We are seeking to innovate on the options available to people to obtain a return on their money and as @Nathan illuded to, over time, we will build out a marketplace of products and services which will provide rewards benefits and potentially, investments services.

We look forward to taking you up on that promise to switch - in return, we promise we’ll do our best to deliver a product you can love… and, seeing as you mentioned it, we are purpose-driven and values-aligned and are hoping to make the world a better place! :wink:

We’d love to hear your thoughts and feedback as we progress! :slight_smile:

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Transactions simply take too long at the moment with current banks.

Would love for you to integrate with PayID, especially if we can use a papera shortlink as an accounts receivable. 15 second transactions as opposed to 48 hour will certainly help with small and frequent transactions from a cashflow perspective.

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Thanks Alex (@capnpineapple)! - we agree, reducing friction in payments is a high priority for us and will deliver a lot of value in improving cashflow for businesses! :money_with_wings:
PayID integration to receive and send money and real-time payments between Parpera to Parpera wallets are on our roadmap! :raised_hands:

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Hey all, I just wanted to add my two cents here about business banking.

I think my biggest frustration with business banking and I would even argue accounting software as well is how data is used as just a point of entry. I will give you two examples.

For my consumer banking, I mostly use Up. One of my most favourite things that they did was to make payments like a message conversation. So payments are attached to a persons name first. So if I am organising things with friends and had to send someone money for something. If I forgot to do it at the time(Highly likely haha) I can just click on that persons name and bang there it is, did I send them money for that thing or not. I think it’s the same for business. Has this customer paid for invoice X.

Secondly, I think this is more on the accounting side but maybe also business banking. The system has the data of what day the invoice was generated and what day it was paid. So I think it would be great to to get a pop up that says we expect this new invoice to be paid in 10 days based on their average time to pay an invoice is 9 days.

Just a few thoughts.