Who’s loving wamo? This series of case studies gets feedback from real businesses who are enjoying the difference that wamo has made to managing their business finances.
Opening a business bank account can be a formidable challenge for even the most determined entrepreneur. A lengthy list of requirements generating stacks of paperwork and taking up unreasonable amounts of time is standard. Applications can often be refused unnecessarily, taking small business owners, sole traders and freelancers right back to square one. We’re highly motivated to take all the hassle out of opening and maintaining a business account and have created a business account with a full suite of features to do just that and then some.
But is this our customers’ real experience?
wamo made it easy
For Patrick, Austrian owner of a marketing company in Malta, opening a business bank account was proving painful. Thanks to Malta’s greylisting, the process of opening a traditional business account in Malta can be an infuriating hassle: “Aside from the 10-25 pages of forms to be filled out,” Patrick told us, “the banks haven’t yet digitised everything, so forms must be printed, filled out, scanned and sent back, taking up dozens of hours of time. Then there’s the waiting (up to weeks and months) and the missing information, not to mention the strong possibility of being refused at the end of it all anyway.”
After losing hours to applying to multiple banks simultaneously, Patrick turned wamo and was sold immediately.
“The process was incredibly easy and smooth because everything was digital and intelligent. It took me hardly any time. So I stopped trying with the banks and went for wamo.”
Just like a business account - but better.
Patrick uses wamo as his main corporate bank account - paying his own salary, sending invoices and receiving payments from the wamo platform, “The whole structure and flow of the product is very intuitive, very easy to understand. The recently added statement function is great too - I could immediately send everything to my bookkeeping company to check in no time at all. It’s really easy to transfer money to suppliers and to send payment requests to clients - I fill in their details and IBAN and that’s it.”
Sub-accounts are a game-changer
Our customers love wamo sub-accounts. They allow an account holder to create a limitless number of accounts within their main account. Each sub-account has its own IBAN and you can pick a currency, link a Visa debit card (virtual or physical) and use it as a separate account according to its purpose.
For Patrick the sub-account feature has been a game-changer, “The sub-account function is incredibly cool for me because I have a number of ventures and business partners - I just have to send them the correct IBAN per project, and from the dashboard, I can see immediately which amount is allocated to which project and person which is incredibly helpful.”
For businesses like marketing agencies, virtual cards linked to sub-accounts are even more of a game-changer making it super easy to stay on top of managing multiple clients and projects with ease. For a business like Patrick’s the ability to spend on a client’s behalf - on ad platforms, for example - through that client’s named sub-account and linked virtual card is a perfect business fit. Every virtual card (and linked sub-account) transaction history is separate and reports can be made for each one at the tap of a screen. Virtual cards appeal to customers because they are safer, instantly deletable once the project is done and don’t require sharing any account details.
Would this marketing agency owner recommend wamo for your business?
Patrick would definitely recommend using wamo instead of trying to open a regular business bank account in Malta. “It’s a really quick and convenient way of getting a business account and the support is just excellent - personal and consistent and really this makes a huge positive impact.”
Just how easy is it to open a wamo business account?
We have made it as easy and simple as humanly possible. Download the wamo app and go through a few steps including providing your details, your company details, a photo of an ID document and a seconds-long video of yourself so we can ensure your security. The whole process should take no more than 10 to 15 minutes. You can start taking payments instantly through wamo’s multiple payment options, you can issue yourself and your team virtual Visa debit cards to use immediately, and order your physical debit cards that will be with you in a few days. It’s our mission to pave the way for your business growth, not to place obstacles in your path.
We’re always available to chat about how wamo can work for you. Visit our website to see more and to get in touch!
Parts of this blog first appeared in this Times of Malta article.