simple application

Financial institutions and entrepreneurs have had a tumultuous relationship in the past. Entrepreneurs rely on banks for everything from business loans to checking accounts in order to fund their businesses and keep them running. Banks, too, require entrepreneurs; without small companies to drive the economy, there is nothing that banks can accomplish.

In recent years, entrepreneurs have demanded more as a result of their (sometimes hesitant) co-dependent relationship. Despite the availability of additional loan choices, company owners have a more difficult time obtaining funding. This feels like a double whammy in an era when some entrepreneurs are struggling to cut costs or protect their cash flow from unforeseen interruptions – how can they keep their company running if money is flowing out but none is coming in?

Others have struggled with exorbitant credit card interest rates, ineffective rewards apps, more complex company banking accounts, and a lack of business credit. This has left them with a sour taste in their mouth and a fear of financial institutions.

Many firms, on the other hand, are trying to create platforms that aid rather than hinder entrepreneurs. Here are three free banking applications aimed at making the life of businesses simpler.


Wave provides free financial software to firms with less than nine workers. This simple application  assists entrepreneurs with accounting activities such as tracking costs and sales, managing invoices, accepting payments and tracking accounts receivable, issuing paychecks, scanning receipts, and creating accounting reports. Business owners may also use the company’s free personal finance software to manage their personal and business money on one platform while keeping them separate.

The software allows company owners to instantly personalize their dashboard by connecting their bank accounts and payment cards. Wave helps entrepreneurs prepare for tax season by providing double-entry bookkeeping and structured monitoring. Entrepreneurs can also invite individuals who assist them manage their books — from CPAs to business partners — to participate via the app. Those who wish to manage their own financial data can use the app to create P&Ls, balance sheets, sales tax returns, and other documents. Wave also supports 256-bit encryption and read-only connections with bank data, as well as being PCI Level-1 certified for handling sensitive financial data.


Chime SpotMe is a free service that needs a minimum of $500 in eligible monthly direct payments to the Chime Spending Account. All qualifying members will be able to overdraw their account up to $20 on debit card purchases at first, but based on their Chime Account history, direct deposit frequency and amount, spending activity, and other risk-based factors, they may later be eligible for a higher limit of up to $200 or more. Within the Chime mobile app, your limit will be indicated.

Any modifications to your limit will be communicated to you. Chime has the right to alter your limit at any moment. Non-debit card purchases, such as ATM withdrawals, ACH transfers, Pay Friends transfers, and Chime Checkbook transactions, are not covered by SpotMe. See the terms and conditions for further information.

Withdrawal from an ATM that isn’t in your network Except at MoneyPass  ATMs in 7-Eleven, Inc. stores and Allpoint or Visa Plus Alliance ATMs, there are fees. Other costs may apply, such as third-party and cash deposit fees.

The payer’s prompt submission of the payment file is required for early access to direct deposit funds. We typically make these funds available the day we receive the payment file, which might be up to two days prior to the scheduled payment date.

You must have received a qualifying direct deposit of $200 or more to your Spending Account within 365 days of your Credit Builder application to be eligible for Credit Builder. Details on qualifying direct deposits may be found at

Members who started utilizing Chime Credit Builder in September 2019 had a median credit score (VantageScore 3.0) improvement of 30 points by January 2020, according to a TransUnion representative survey. Your credit score can be boosted by a history of on-time payments. Your credit score may undergo as a result of late payments.

Spending Tracker

Spending Tracker is a free tool that pinpoints where money is going for entrepreneurs that want to analyze their spending to build realistic budgets. Small company owners may use straightforward software to examine how costs have been distributed over time, allowing them to choose if they need to automate a basic but time-consuming operation or hire another employee. Users may link their bank accounts and establish goals for each budgeting area to measure their success over the course of a month or year.

Many business costs may appear to be driven by the cost of doing business with consumers or the industry’s financial situation, yet entrepreneurs have control over their spending. The free app’s simple visualization and synchronization capabilities — company partners, for example, may connect their phones to the same account — make it obvious when a certain category is consuming earnings or really funding others, allowing businesses to make the most of their money.

While banks and financial institutions may have made some entrepreneurs nervous, there are a number of applications available to assist small company owners with financial duties, saving money, and maximizing profits. These three free apps might assist entrepreneurs in moving forward with their businesses.

By Anurag Rathod

Anurag Rathod is an Editor of, who is passionate for app-based startup solutions and on-demand business ideas. He believes in spreading tech trends. He is an avid reader and loves thinking out of the box to promote new technologies.