what bank for business

Discussion in 'Business Accounting, Tax & Legal' started by CO2, 9th Oct, 2016.

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  1. CO2

    CO2 Member

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    Just looking for a recommendation for a bank with a Business account.

    Currently i have accounts with Suncorp and Macquarie but might be keen to try another bank.

    Trading revenue will be just short of a mill and all by card very little cash. No merchant facilities either at this stage. Not sure exactly what I should be looking for in regards to facilities. Most things seem to be don't online now. So a good platform to work with and maybe low fees because its start up?

    thanks
     
    CO2, 9th Oct, 2016
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    So you are looking at a POS terminal (in-store) as opposed to online facility?

    I know people are speaking fairly highly of the new Commbank POS terminals "Albert" etc

    Merchant Services - In-store Payment - Commonwealth Bank

    I haven't used them myself (other than as a customer), and I don't know if there are any issues or how the costs compares to other solutions.
     
    Simon Hampel, 9th Oct, 2016
    #2
  3. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    We use Commonwealth Bank, primarily as we need to be able to have bank cheques collected in obscure places and they have a bigger footprint then the others. We found a couple of great staff and have followed them across inner city branches.
     
    RPI, 9th Oct, 2016
    #3
  4. CO2

    CO2 Member

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    thanks

    No just a generic bank account as payment system is unique to the contract. Prob more interested in fees etc but will ask around
     
    CO2, 11th Oct, 2016
    #4
  5. bob shovel

    bob shovel Well-Known Member

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    Cba have a basic transaction account for $10pm. You can set it up online yourself
     
    bob shovel, 12th Oct, 2016
    #5
  6. Redwood

    Redwood Well-Known Member

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    I use BOQ due to a due to a traditional r'ship and Macquarie for a few other accounts. I find Macquarie pretty easy.
     
    Redwood, 12th Oct, 2016
    #6
  7. Srini Ranganathan

    Srini Ranganathan Active Member

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    I did this recently and found CBA, ANZ and NAB expensive. They all had a $10/month account but even charged for receiving funds online. Ended up going to Westpac which seems cheaper with low transaction costs and still only charged the $10/month fee.

    The local business banker I met has been very efficient so far and easy to deal with via email or phone.
     
    Srini Ranganathan, 12th Oct, 2016
    #7
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I use Bendigo - which has no monthly charges, but 20c fee per transfer/bpay.
     
    Terry_w, 17th Oct, 2016
    #8