Best Mobile Banking Options for Small Businesses

Mobile banking has become an integral part of our daily lives, but it wasn't always the case. The concept of mobile banking has been around for nearly three decades, but it was only in the mid-2000s that it began to gain in popularity. Nowadays, you'll be hard-pressed to find a small business that doesn't use mobile banking in some form or another. From checking your balance to making payments on the go, mobile banking is the most frequent channel for small business customers to interact with their bank.

Unlocking the benefits of mobile banking for small business owners

Mobile banking first appeared in Australia in the late 1990s when banks started experimenting with basic SMS services. Customers could text a phrase such as 'Balance' to receive a response with their current account balance. Because devices were basic, and phones were mainly used for calls and text, the services reflected the capabilities of handsets at the time. It wasn't until the early 2000s that mobile banking started to take off.

In 2008, Apple introduced the iPhone to Australian consumers, revolutionising the mobile phone industry. The iPhone offered a better user experience, a touch screen, and various apps, making it significantly more advanced than the popular Nokia and Blackberry devices at the time. Mobile banking apps soon followed, and banks started to realise the potential of the smartphone for mobile banking. The rise of better mobile devices, better download speeds, the prevalence of apps, and the banking industry's desire to reduce costs, meant that mobile banking became a priority for banks.

"In 2008, Apple introduced the iPhone to Australian consumers, revolutionising the mobile phone industry."

By 2014, mobile banking had become mainstream. A survey of bank customers showed that 51% of smartphone users had used mobile banking in the previous 12 months. The convenience of mobile banking was a significant factor in its popularity, and customers were using it more frequently than visiting a bank branch. Most banks reported seeing double-digit logins per month to their mobile banking apps.

Understanding mobile banking for your small business

Today, mobile banking is ubiquitous. Nearly all banks offer mobile banking apps, and customers can access various services through their mobile devices. For most small businesses, being unable to bank on the go would feel as foreign as riding a horse and cart to work. The COVID-19 pandemic only further accelerated the adoption of mobile banking, as customers were forced to stay home and rely on digital channels.

There are now plenty of different types of mobile banking services available for small business owners. Most banks and credit unions offer mobile banking apps that allow customers to check accounts and make payments on the go. Many of these apps also support money transfers and direct deposit, making managing finances from any location easy. Other mobile banking services may include intelligent alerts and integrated budgeting and spending tracking tools. No matter your needs, there is likely a mobile banking solution that can help you manage your business finances quickly and efficiently.

Thriday Android app

The importance of having a separate business bank account

It is important to have different personal and business bank accounts for several reasons:

Easy bookkeeping: Having separate accounts allows you to easily track business expenses and income for tax and accounting purposes. Mixing personal and business finances can make it difficult to keep accurate records, resulting in errors and missed deductions.

Funding options: If you need to apply for business loans or credit, having a separate business bank account can help you demonstrate the financial stability of your business and increase your chances of approval.

Professionalism: Having a separate business bank account shows you are serious about your business. It helps maintain a professional image and makes conducting transactions with customers, vendors, and suppliers easier.

Having separate personal and business bank accounts is essential in running a successful business and protecting your finances.

How do I set up mobile banking?

Setting up mobile banking is a straightforward process. Depending on your bank, the method may differ slightly, but generally, there are a few steps you need to take:

Step 1: First, you must ensure your mobile device is compatible with your bank's mobile banking app. Most major banks have apps available for Android and iOS devices.

Step 2: Next, you must download the app from either the Google Play Store or the Apple App Store. Once the app is installed, you can open it and enter your account credentials to log in.

Step 3: Once you're logged in, you can view your account information, transfer money, and view your transaction history. Depending on your bank, you may have additional options, such as setting up account alerts or automatic payments.

Step 4: Some banks may require you to set up additional security measures, such as two-factor authentication, to protect your account. By following these steps, you'll be able to set up mobile banking and take advantage of its convenience and flexibility.

How mobile banking can help your small business grow

To compare mobile banking apps for small businesses, you first need to determine what features you want to compare. In this guide, we'll be assessing banks on the following 13 key elements that are essential to helping your small business grow:

 
1. App quality: Whilst somewhat subjective, we will be looking at the product design, user experience, and app store ratings to provide a qualitative measure of app quality.
 
2. Registration: Signing up quickly is important, so we'll assess the ease of registering for the app, including whether you can sign up online.
 
3. Login: With most businesses logging in 20 times a month, logging in quickly and securely is essential. In this section, we'll review login, biometrics and time-out settings.
 
4. Security: Being able to transact securely is of the utmost importance, so we'll review the app's security, including two-factor authentication options.
 
5. Account opening: Rating the ability to open a bank account directly via the app, which is surprisingly still very uncommon for most banks.
 
6. Payments: All businesses need to get paid and pay for things, so in this section, we'll rate the payment options available such as direct entry, BPAY and account transfers.
 
7. Transactions: Ranking if the app provides detailed transaction descriptions and the ability to categorise expenses for easy budget tracking.
 
8. Accounting: Can you track income and expenses based on a chart of accounts and compare periods to see company performance?
 
9. Receipts: Does the app support the ability to upload, scan or forward expense receipts for digital storage and GST reconciliation?
 
10. Invoicing: Does the bank allow you to send invoices and quotes from a mobile app to enable small businesses to generate revenue from their clients?
 
11. Tax: The ability to view tax forecasts, estimates, and even lodge information to the ATO to ensure the business complies with its tax obligations.
 
12. Reports: Does the bank provide detailed descriptions and insights into business performance to support better decision-making?
 
13. FCS protected: Finally, we'll check if the provider provides real bank accounts covered under the Financial Claims Scheme (FCS) guarantee.

Best Small Business Banking Apps Compared

In this detailed review, we'll be comparing the following brands:

 
• Thriday
 
• CommBank
 
• ANZ
 
• Westpac
 
• Judo
 
• Hnry
 
• Airwallex
 
• Prospa
 
• Tyro

Thriday (13 out of 13)

Thriday is a game-changing new app for small businesses that provides an all-in-one solution. With Thriday, business owners can sign up in a few minutes to apply for a business bank account* and Visa Debit card*. Thriday provides the most comprehensive feature set of the apps compared as it includes invoicing and advanced accounting and tax features. Thriday represents a new breed of startups disrupting the status quo.

App quality
Thriday has a beautiful app design that is intuitive, modern and clean. The contemporary design looks excellent and is backed up by an app store rating of 5 out of 5 on both platforms.

Registration
Thriday is one of the few apps allowing you to register via the app as a new customer. You can even start registering on the app and finish on the web, or vice versa.

Login
Thriday supports multiple login methods, including biometrics and standard username and password. With Thriday, you can use FaceID or fingerprint login on Android and Apple devices.

Security
Thriday has in-built two-factor authentication using notifications. This offers a high level of security without the inconvenience of dealing with text messages or separate apps.

Account opening
Thriday allows you to seamlessly open multiple bank accounts* via the app with a tap of a few buttons. You can even name the account and colour it for easy identification.

Payments
Thriday supports instant and scheduled payments to other bank accounts and via BPAY. Customers can manage their list of recipients and payment limits. Thriday also has an automated accounts payable feature called Bill Manager, which streamlines bill payments significantly.

‍Transactions
The Thriday app provides crystal-clear transaction descriptions, and all expenses are automatically categorised. Thriday even displays merchant logos, addresses and contact details. This level of detail makes it easy to know where you have spent your money.

Accounting
Thriday is the only platform to provide accounting reports and a chart of account breakdown. This makes it easy to compare your spending over time and understand your business's performance.

Receipts
Thriday offers the most advanced receipt scanning capability. Using image recognition, once you forward or upload a receipt to Thriday, the receipt is reconciled, and any GST paid is calculated for tax purposes.

Invoicing
Thriday has a very comprehensive invoicing and quoting system. You can send unlimited invoices, brand your template, manage your clients and add discounts. Thriday issues automated reminders when an invoice is overdue, and once the invoice is paid, the income is automatically reconciled.

Tax
Thriday provides tax forecasts and estimates to assist businesses with staying compliant and even allows BAS lodgment to the ATO if the company is registered for GST. Knowing your tax position ensures you don't have an unexpected tax bill at year's end.‍

Reports
Businesses are run on the go, so accessing important information on your phone is always handy. Thriday allows its customer to generate detailed financial reports and insights into business performance to support better decision-making.

‍FCS Protected
Thriday has partnered with Regional Australia Bank, which issues bank accounts under their Authorised Deposit-Taking Institute licence. This means any money is protected by the Financial Claims Scheme (FCS) guarantee.

Commbank (7 out of 13)

Commbank is the largest of the big four major banks in Australia. The Commbank app is functional but lacks in many features required by small business owners.

App quality
The app is simple to use, barring some inconsistent navigation menus. It has an average app rating of 4, which is good.

‍Registration
You can't register to be a Commbank customer via the app, so you'll need to sign up via the website first.

Login
Commbank app login is pretty straightforward with biometric and PIN options available.

Security
Commbank provides two-factor authentication via notifications to the app.

Account opening
You can't open a new Commbank bank account online directly via the app like you can with Thriday.

Payments
Basic payments such as BPAY are available, however there is no automated accounts payable solution such as what Thriday provides.

Transactions
Commbank does not provide detailed transactions and categorisation like Thriday.

Accounting
Commbank does not offer accounting or tax features for small business.

Receipts
There is no option with Commbank to upload or reconcile receipts.

Invoicing
There is no invoicing feature available on the Commbank app but it is available on the website.

Tax
There is no tax estimates or predictions available on the Commbank app.

Reports
Commbank does not offer detailed reports such as an income statement.

FCS Protected
All deposits held with Commbank are protected under the FCS.

ANZ (6 out of 13)

The ANZ bank app has very limited functionality for small business customers.

App quality
The app looks nice and is very fast. It has an average app rating of 4, which is solid.‍

Registration
You can't register to be a ANZ customer via the app, so you'll need to sign up via the website first.

Login
Login with biometric and PIN options are available via the ANZ app.

Security
ANZ uses voice authentication as a second factor on app which requires an additional setup process.

Account opening
You can't open a new bank account online directly via the app at ANZ.

Payments
Basic payments such as BPAY are available, however there is no automated accounts payable feature.‍

Transactions
ANZ provide some basic transaction details and categorisation.

Accounting
There are no accounting or tax features provided for small business.

Receipts
There is no option to upload or reconcile receipts.

Invoicing
There is no invoicing feature available on the app.

Tax
There is no tax estimates or predictions available on the app.

Reports
There are no detailed reports such as an income statement.

FCS Protected
Deposits held with ANZ are protected under the FCS.

Westpac (6 out of 13)

The Westpac banking app does not cater to small business owners very well.

‍App quality
The app has a basic design which is reflected by its average app rating of 3.6, which is not very good.

Registration
The Westpac app requires you to be an existing customer. So you need to sign up via the website first.

Login
To login to the Westpac app you can use the same credentials as internet banking which is a bit tedious.

Security
Westpac provides two-factor authentication for the app.

Account opening
You can't open a new bank account via the Westpac app, you need to register via their website.

Payments
Basic payments are available, however Westpac does not offer an automated accounts payable feature like Thriday.

Transactions
Westpac does offer some basic budgeting and categorisation tools.

Accounting
Westpac has no accounting or tax features for small businesses like Thriday.

Receipts
There is no option to upload or reconcile receipts in the Westpac app.

Invoicing
Westpac does no provide a feature to issue invoices or quotes like Thriday.

Tax
There is no tax estimates or predictions available on the Westpac app.

Reports
There are no detailed reports such as an income statement.

FCS Protected
Deposits held with Westpac are protected under the FCS.

Judo (0 out of 13)

Judo bank does not offer an app at all and is more focused on traditional business lending.

‍App quality
Judo does not offer an app to customers which means you have to login via a web portal to view your balances.

Registration
You can't register to become a Judo customer via an app.

Login
Because Judo does not have an app, you can't login from a mobile device.

Security
Judo has no form of two-factor authentication for app customers.

Account opening
You can't open a new bank account via a Judo app, you need to register via their website.

Payments
Judo has no app-based payments functionality.

Transactions
Judo has no budgeting and categorisation tools.

Accounting
Judo has no accounting data for small businesses like Thriday.

Receipts
Judo does not provide automated receipt reconciliation.

Invoicing
Judo does no provide a feature to issue invoices.

Tax
There is no tax estimates or predictions available with Judo.

Reports
There are no detailed reports such as an income statement.

FCS Protected
Deposits held with Judo are protected under the FCS.

Hnry (3 out of 13)

Hnry is a New Zealand based firm that provides human accounting services.

App quality
The Hnry app looks very basic and has limited functionality. Its average app store rating is 3.8.

Registration
You can register to become a Hnry customer via the app.

Login
Hnry provides multiple options for login, including biometrics.

Security
Hnry has no form of two-factor authentication for app customers.

Account opening
You can open a trust account with Hnry via the app.

Payments
Hnry has no app-based payments functionality.

Transactions
Hnry has no budgeting and categorisation tools.

Accounting
Hnry provides accounting support with team of accountants located in Australia and offshore.

Receipts
Hnry does not provide automated receipt reconciliation. You need to upload receipts manually.

Invoicing
Hnry has a basic invoicing feature.

Tax
Hnry deducts up to 55% of your income in preparation for tax time.

Reports
There are no detailed reports such as an income statement.

FCS Protected
Trust accounts and deposits held by Hnry do not fall under the FCS.

Airwallex (6 out of 13)

Airwallex is a Melbourne-based fintech that has a focus on international payments.

App quality
The Airwallex app has an average app store rating is 3.7.‍

Registration
You can register to become an Airwallex customer via the app.

Login
Airwallex provides multiple options for login.

Security
Airwallex has two-factor authentication for app customers but they are clunky. The two methods are SMS, or a third-party authenticator app.

Account opening
You can open accounts with Airwallex via the app.

Payments
Airwallex allows you to make payments via the app.‍

Transactions
Airwallex has no budgeting and categorisation tools.

Accounting
There is not accounting functionality available with the Airwallex app.

Receipts
Airwallex does not provide in-built expense management as you need to sync it up with your accounting system.

Invoicing
Airwallex has no invoicing functionality - you'll need to set this up with another platform.

Tax
Airwallex has no tax estimate features.

Reports
There are no detailed reports such as an income statement provided by the Airwallex app.

FCS Protected
Money held with Airwallex is not FCS protected.

Prospa (4 out of 13)

Prospa provides small business loans.

App quality
The Prospa app has an average app store rating of 4.2. It has a clean design by limited functionality.‍

Registration
You have to be an existing Prospa customer to access the app. You can't sign up directly via the app.

Login
To login to the Prospa app you need to enter your email and password.

Security
Prospa has two-factor authentication available for payments.

Account opening
You can open new accounts with Prospa via the app.

Payments
Prospa allows you to make payments via the app.‍

Transactions
Prospa has no budgeting and categorisation tools.

Accounting
There is not accounting functionality available with the Prospa app.

Receipts
Prospa does not offer expense management or receipt scanning features.

Invoicing
Prospa has no invoicing functionality.

Tax
Tax estimates are not available on the Prospa app.

Reports
The Prospa app has no detailed business performance reports.

FCS Protected
Prospa is not a bank, so any funds held on your Prospa account are not FCS protected.

Tyro (5 out of 13)

Tyro provides payment terminals to small businesses with a focus on retail and hospitality.

App quality
The Tyro app has an excellent app store rating of 4.8. It has some unique functionality that other payment providers do not offer.‍

Registration
You can't register to become an Tyro customer via the app. You need to be an existing customer to log in and use the app.

Login
Tyro provides multiple options for login.

Security
Tyro does not seem to have any additional security features.

Account opening
You can't open accounts with Tyro via the app.

Payments
Tyro allows you to make payments via the app.‍

Transactions
Tyro has no budgeting and categorisation tools.

Accounting
‍There is not accounting functionality available with the Tyro app.

Receipts
‍Tyro does not allow you to upload receipts or reconcile expenses via the app.

Invoicing
‍Tyro has no invoicing functionality - you'll need to set this up with another platform.

Tax
‍The Tyro app has no tax estimate features.

Reports
‍There are no detailed reports such as an income statement provided by the Tyro app.

FCS Protected
‍Tyro is a bank so funds held in your account are FCS protected.

Final Mobile Banking Rankings

So the final figures are in, and Thriday is the clear winner by a whopping 6 points. The total scores are:

 
• Thriday: 13 out of 13
 
• CommBank: 7 out of 13
 
• ANZ: 6 out of 13
 
• Westpac: 6 out of 13
 
• Airwallex: 6 out of 13
 
• Tyro: 5 out of 13
 
• Prospa: 4 out of 13
 
• Hnry: 3 out of 13
 
• Judo: 0 out of 13

Mobile banking is a powerful tool to access your bank accounts and manage your finances from a mobile device. Mobile banking can be secure and reliable if you take the necessary steps to protect yourself, such as using strong passwords and two-factor authentication. For small business owners, mobile banking is a convenient way to manage money, and it is more time effective than visiting a branch or calling up. Mobile banking has come on in leaps and bounds, and with new platforms like Thriday in the market, you can enjoy the power to run your business at your fingertips today.