banq’s Organizational Building Blocks: Spaces & Accounts

Traditionally, banks let you have two—maybe three—accounts: checking, savings, and (sometimes) business.

But what if you were no longer restricted on the number of accounts you get and the purposes they serve? You could create an account for discretionary spending, another for monthly bills like rent, mortgage, utilities and subscriptions, and several for your business—using them like digital document folders with added functionality.

What if you were no longer restricted on the number of accounts you get and the purposes they serve?

Our mobile banking app, banq, allows users an unlimited number of accounts. Now, all your payments are in the right place. Your money is no longer piled in one account, like laundry strewn on the floor. Read on to learn how banq’s two key features—accounts and Spaces—can help bring order to your financial life.

How banq Uses ‘Accounts’ and ‘Spaces’ to Simplify Financial Organization

banq is a mobile transaction app similar to Venmo and CashApp, but better. We design it to go further: helping you organize all your finances under one login.

banq’s organizing units come in two sizes: Spaces (big), and accounts (small). Spaces are the parent to the account’s child, nested one step higher. Think of a Space as a house, and accounts as your rooms.

Say you decide to separate your finances between your personal and business life. Your Spaces would be “Personal Finance” and “Business Finance,” and the accounts nestled under them might be “housing expenses” and “housing repairs” for personal, or “operations budget” and “payroll” for business.

Accounts aren’t just different; they’re better

Accounts aren’t just static buckets you can slot money into; they’re fully-featured banq accounts—each with their own unique PayName, Display Name, and banQR—so other users can pay right into the place you need them to.

You can send and receive payments in a ton of ways: QR codes, links, P2P; wires, checks, debit cards, bank accounts. Also, you can hold multiple assets in them: USD, BTC, and ETH, with more coming.

You can create as many accounts within a Space as you want, allowing you to personalize your finances to accommodate the priorities and lifestyle that make you unique.

Other Features of Accounts & Spaces

As banq’s foundational organization units, accounts and Spaces offer extensive utility for a wide range of users. But they aren’t the only features.

Automatic Record-Keeping

All your payments are automatically organized as soon as you make them.

Even today’s digital banking makes record keeping a hassle. When you’re stuck with finite accounts, you have to consolidate multiple records from multiple banks.

Not with banq. All your payments are automatically organized as soon as you make them. You can direct funds to specific accounts to maintain budgets or expenses.

Each and every transaction you make is saved and easily accessed in several convenient formats. You can instantly download a complete ledger of transactions from all your accounts in a few taps.

No clumsy bank portals, no switching between platforms and banks. Everything under the same roof.

Share Control with Authorized Users

Banq also facilitates collaboration. Add authorized users like your spouse, accountant, or billing manager to specific Spaces and accounts.

They’ll be able to pay or get paid, manage, and view or download account information, depending on the role you assign them.

Transmit Payment Data Conveniently

We have a rule at banq: don’t make users do what the app can do for them. No longer will you have that awkward conversation asking for someone’s phone number when you just want to pay them.

Simply share your account’s QR code, a customized link, or your PayName through text or email.  They’ll get a link to the payment, which they can process in a few taps.

banq Works for Everyone

Ordinary people, solopreneurs, and business owners worldwide use banq and its limitless customizability to complement their unique lifestyle. See how the app can be used to make one of life’s most stressful struggles exceedingly easy.

Freelancers: Automate Expenses & Record Keeping

Independent contractor work is on the rise in a big way. banq helps gig workers separate their personal and business finance via Spaces. Receive invoices to banq Business Space, add accounts for quarterly tax savings, home office expenses, and leverage recurring payments for easy monthly bill pay. You can even have a separate banq account for each project or client.

With each transaction, invoice, and expense on a single ledger, you can say no to nasty tax-day surprises.

Financial Predictability for Wage Workers

banq is designed for the casual user just as much as the financial whiz-kids. Those who collect a steady paycheck can add their spouse for joint management, create accounts for college savings, rent or mortgage payments, or work towards paying off consolidated debt.

Financial worry happens from uncertainty. At a glance, banq shows you your financial present; dig a little deeper, and you’ll see your past and your future, demystified.

Professional & Flexible for Business Owners

Unlike other payment apps, we designed banq to facilitate business from the get-go. We nixed social features to give our users meaningful privacy and created a user interface that any self-respecting entrepreneur would adore.

banq business users often create accounts for each business department, whether for web design, operations, marketing, HR or product development. Many take advantage of authorized users to add accountants and finance staff or create dedicated accounts for major clients or regional offices.

And unlike other payment apps, all banq deposits are FDIC insured for up to 250,000.

banq for Landlords & Realtors

Banq is a handy tool for landlords and realty, too, imparting a positive user experience and offering convenient payment methods via linked bank account or debit card, among other methods.

Our landlord or HOA users typically create accounts for each property and assign revenue and expenses to each. Recurring payments make monthly rent collection a breeze.

Fantasy Leagues & Group Budgets

We know that trust is vital in any group-based financial transactions, even—no, especially—with friends.  The group’s resources and payments are transparent to all.

Recurring payments makes it simple to manage dues, payouts and do so more quickly. And unlike a typical bank, we won’t randomly freeze your account.

Experience an elegant solution for your financial confusion. Use banq.