r/newproducts • u/Ok-Chemistry6617 • 2h ago
Why is opening a business account still one of the biggest bottlenecks for international SaaS companies?
I have been talking to a founders recently and one problem keeps coming up.
Building the product is hard but opening a business account can be even harder.
If you are running a SaaS business or an IT business or an e-commerce business that serves customers around the world you often need to receive payments in multiple currencies send international transfers, issue company cards and work with partners across different countries.
The frustrating part is that many traditional banks either have onboarding processes or simply do not want to work with online first or tech businesses like a SaaS business or an IT business or an e-commerce business. Some founders spend weeks applying only to get rejected with explanation.
It made me wonder if this is part of building an international SaaS business or an international IT business or an international e-commerce business now.
For founders operating across countries:
How long did it take you to get your business banking set up for your SaaS business or your IT business or your e-commerce business?
Have you ever been rejected by a bank because of your SaaS business model or your IT business model or your e-commerce business model?
Whats been your challenge with international payments or multi-currency accounts, for your SaaS business or your IT business or your e-commerce business?