What is the difference between Business account and Lending account?

Created by Chinwendu Nwazojie, Modified on Wed, 06 Mar 2024 at 08:09 AM by Chinwendu Nwazojie

The Veend Business product has two main account

  • Business account
  • Lending 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 AccountLending Account
Funding is from Bank transfer and expense and payment linkFunding 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 assignedCards cannot be assigned
Sub-accounts can be createdSub-accounts cannot be created.

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