What is the difference between Business account and Lending account?

Created by Chinwendu Nwazojie, Modified on Wed, 6 Mar at 8:09 AM by Chinwendu Nwazojie

The Veend Business product has two main account

This is for separation of concern and also to help you resolve your finances and reports better.

The business account is for all business expenses like paying utility bills, paying salary, paying allowances and assigning cards.

The Lending account is for the disbursement of loans and repayments of loans.

This captures the differences between the two accounts.

Business Account	Lending Account
Funding is from Bank transfer and expense and payment link	Funding is via bank transfer and loan repayments
Withdrawal is via card and transfer to other bank accounts.	Withdrawal is only to the business account.
Cards can be assigned	Cards cannot be assigned
Sub-accounts can be created	Sub-accounts cannot be created.