Arro Money has launched its brand new alternative to the more traditionally used business banking avenues. It is intended that this new business to business platform will provide easier access to an instant payment system than small businesses might have had previously.
The service primarily targets start-ups, entrepreneurs and contractors giving these businesses the ability to start processing transactions straight away. In a feature unique to the financial services sector the service also has on-board payroll.
Arro also benefits from a strong partnership with global card provider MasterCard. This alliance means they can offer higher spending and card balance limits than their competitors. MasterCard also benefits from being widely accepted as a payment method around the world.
Arro created this new business account to plug what they saw was a gap in the market. They believe that all businesses regardless of size should have access to a bank account. In the past entrepreneurs had been hamstrung by stringent regulations when going to traditional banks. This led to many people having to use their personal accounts for business purposes creating all sort of issues when it comes to managing finances and taxes of the business.
The technology used by Arro eliminates lengthy set up times and over-the-top credit checks that plague the traditional banking sector. Despite this Arro maintains the same high security standards offered by these banks. The whole system has been certified by an independent security quality assessor meaning that customers’ data is well protected.
Speaking about the new business account offering, Muhammad Asim, Director at Arro Money, explained: “We have spent the last four years building this solution. We took time to conduct first-hand research to establish what businesses truly needed from their bank accounts. We combined this with best practice across the industry to provide a flexible and unique solution which puts customers first.
“While other, now high-profile providers, rushed to market, Arro put the customer first to ensure that when our product was launched to market it had the best offering to meet the needs of the individuals using it.”
Arro initially focused on personal accounts and saw that number of customers grow month-on-month throughout 2017. The company is now hoping its business offering will be just as successful as 2018 progresses.