Open Reviews

Pros

Open Money made it extremely easy for us to manage our foreign transactions related to online portals like Shopify, G Suites, etc. The interface is pretty convenient and the ability to create different expense cards based on the expense category really helps in managing and tracking all the marketing expenses.

Cons

The integration process did have some glitches at first but nothing major that cannot be solved with some tweaking. Rest everything was pretty seamless.

Pros

It is a cloud based platform, so there is no worry about losing the data. (The previous app I used, had a sync issue and had to redo six months of accounts again.) I went for it for two reasons:
1. The annual package was attractive with a business credit card and access to a website building platform.
2. It has many automations related to payments so I do not have to reconcile records manually (in most cases).
With a majority of my customers preferring digital payments, multiple modes of payments facilitate timely receipts of payments which are a most for a small business.
The data can be imported to Tally which my CA loves the most. You can even allow access solely for accounting purpose.

Cons

1. They need to design the platform to suit a businessperson's needs (to whom they are trying to sell it).
2. Often on weekends, NEFT mode of payment has issues which get sorted only on Monday mornings. No customer support on weekends. Failed payment reversals take eternity.
3. PAIN to use on a mobile phone. Cannot import contacts. UI on mobile feels like a website adjusting full version to mobile.
4. Customer care often has text book replies.
They are improving but are a still a long way from being user friendly.

Alternatives Considered

Razorpay

Reasons for Choosing Open

For the sole reason of linked virtual bank account and business credit card.

Reasons for Switching to Open

Cost effective and transparent pricing. Real time settlements except for cards.

Pros

Easy to use , user friendly , Customer support is quick

Cons

Mobile features are good , But needs a more clarity on IF someone wants to transfer directly to acc

Pros

I love that it's an all in one software. I can create professional invoices for free and my clients can directly pay with a link via card or netbanking or UPI. So the choice of payment is at the users discretion but for me, all my business payments come in one place and the status of the payment gives me clarity without having to keep checking my bank statement at all times. So big bonus for account reconciliation which for small businesses is a headache!

Cons

Unable to categorize virtual cards. I have to keep an offline record of which virtual card is for which purpose, like - marketing, food, etc.

Alternatives Considered

Razorpay, PayU and Zoho Books

Reasons for Switching to Open

These products provide only payment gateway. However, Open is a one stop shop solution. Plus Zoho Books was very expensive for a startup.

Pros

It allows me to make bulk payments and review transactions and balances of all the banks I have accounts in, in one single place.
As I manage multiple accounts of my own, Open Banking makes it easy for me to also view their accounts and make transactions from a single page without having to log in and out in ten different places and bother myself with the account details and passwords every time.
It also has an extremely convenient system for filing TDS and GST. Some things now I can save my business hours on.
They also offer expense cards that can be used with virtual accounts that they provide to reduce the risk factor involved with it.
They have connected Tally software with their systems and automated the entries made into the system so I don’t have to enter it every time I make a transaction.
The one thing that tops all of this is the Founder Card that they have provided me with which can be used as both credit and debit card. Wherein I could use the money in my account, but I also get a credit limit for my expenses.

Cons

I need one feature where we can use the same account but with multiple users.

Pros

1. Easy to use, quick and effortless addition of payee, etc....
2. No waiting or cool down time at the time of first transfer.
3. Minimal transction value.

Cons

1. takes little time to credit the amount to benificiary account, needs a improvement (mainly while we transfer IMPS transfers)
2. RTGS options not available.

Pros

When we started, we were facing lot of challenges managing our estimates, invoices, collecting payments, etc. And then we got to know about Open Money. After using Open Money I can comfortably say that the platform has eased out all our challenges of making vendor payments, collecting payments, invoicing on the go and so many others. Founders One Card is a blessing in disguise for an SME like us.

Cons

So far we haven't faced any challenges while using Open Money.

Pros

I like to use open because of the ease of transactions it provides to me. Plus, it makes the accounting as well very easy.

Cons

I think it needs to be a bit more secured. Like the user should be logged about after sometime if the system remains idle.

Pros

Ease of use, UPI money transfer , mobile app for payments.

Cons

The pricing can be lesser for multiple users. More number of banks to be added as partners

Pros

very easy for accounting & largest neo banking

Cons

Android Version And Support Team Is Very Poor

Pros

All that is needed to operate one's business is available with open

Cons

Subscription plans should be more cheaper

Pros

This tool has virtual bank account with all payment features a company requires, invoicing, payment links , payment reminders bulk payouts etc…

Cons

May 24* 7 support will help much as this is kind of banking platform too

Pros

Invoicing, expense cards, credit card, business account

Cons

More customisation in invoicing, need atm withdrawal for founder cards

Alternatives Considered

Microsoft Excel

Reasons for Switching to Open

All features in one platform

Pros

You can create virtual cards very easily & use them anywhere you want.
Very easy to use
detailed statement of every card

Cons

Sometimes some transactions get failed and deducted from open but they are reversed back in 1-3 days

Pros

Its feature set and simplicity of use. The menus are easy to use.

Cons

Credit card reviews could be faster. Allowing for upgrades.

Pros

Easy to use, virtual cards, very responsive customer support.

Cons

I want to be able to pay my employees whenever I want. Right now, it only allows me to pay them once a month.

Pros

Open Money, features are very easy to use, we can make our accounts, ledgers, vendors payment very easily its saves our time a lot! they also have very responsive customer service

Cons

We did'nt find any problems yet in open money

Pros

In open office app more thing good but it's graphics tools very useful

Cons

More thing in software that's I like graphics tool and other things

Pros

User friendly and customizable and we are using it for marketing and other corporate actyivites for payments ans services

Cons

Nothin much more geographies will add more benefits to business

Pros

Easy configuration and usage are probably the best features

Cons

Its rough around the edges and need a bit more polish and some essential features need to be added.

Pros

Virtual card and expense card features are very Good.

Cons

Adding beneficiary procedure and time taken for getting fund credited to the account

Pros

I really like the functionality & realisability of this tool. The interface is easy to understand. Billing & invoicing processes are smooth. The method of assigning payout links is almost automated mostly hence helps one to save a lot of time. It makes the whole financial reporting & transactions easy and of great benefit to the company.

Cons

It would have been even better if it had a function to import or integrate data to and from another platform.

Pros

Various Virtual card make it easy to give every department .

Cons

Everything is best according to our use .

Pros

Open.money is one of the best business banking platform. I liked that they provided all the necessary tools like invoicing and accounting and bunch of other tools. Mostly I liked the cards feature that are very useful for transacting online rather than using our personal cards.

They have been very supportive in understanding the use of platform. I would recommend this platform.

Cons

User Interface could be improved in the future.

Pros

Ease of doing and user friendly for the Day to day activities.

A complete comprehensive package to all the business transactions at a glance and have dashboard at the month end.

Cons

Taking time to thoroughly understand all the features available.Need crystal clear training for better usage to get maximum benefits.