Toss Bank has introduced a service for sole proprietors to check where their business income stands.

Toss Bank said on June 8 it has launched 'Check Your Business Income Ranking' for sole proprietors. The function helps them see where their business income ranks among peers by industry, the owner’s age and years in business.

The service is available to real-name sole proprietors aged 17 or older who have a business registration certificate and are currently operating normally. Those whose businesses are suspended or closed are excluded.

Rankings are calculated based on business income shown on National Tax Service income amount certificates. Users can check their income ranking compared with similar sole proprietors by industry, owner age and years in business.

Results are provided by bands including top 9 percent, top 10 to 29 percent, top 30 to 49 percent, top 50 to 89 percent and top 90 to 100 percent. Each band is labeled with phrases such as 'The Start of a Legend,' 'Unicorn Prospect,' 'Hidden Master,' 'Steady Grower' and 'Tomorrow’s Leader.'

Users can also check not only their current business income but an estimated income level needed to reach a higher band. It shows how much more annual income they would need to increase to reach the top 10 percent in the same industry.

Along with income rankings, the service also introduces financial products needed by sole proprietors. Within the service, users can check products such as a sole proprietor account, a sole proprietor vault and the Yellow Umbrella Deduction that can be used for business operations and fund management.

A Toss Bank official said there were not many easy ways for sole proprietors to check where their businesses stand in the market. The official said the bank will start with income ranking checks to help customers better understand their business status and connect with needed financial services.