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what bank for business

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

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  1. CO2

    CO2 Member

    Joined:
    3rd Oct, 2016
    Posts:
    6
    Location:
    Brisbane
    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
     
  2. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    24th Aug, 2016
    Posts:
    159
    Location:
    Sydney
    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.
     
  3. RPI

    RPI Well-Known Member

    Joined:
    31st Aug, 2016
    Posts:
    74
    Location:
    Brisbane
    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.
     
  4. CO2

    CO2 Member

    Joined:
    3rd Oct, 2016
    Posts:
    6
    Location:
    Brisbane
    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
     
  5. bob shovel

    bob shovel Active Member

    Joined:
    2nd Sep, 2016
    Posts:
    28
    Location:
    Straya
    Cba have a basic transaction account for $10pm. You can set it up online yourself
     
    CO2 likes this.
  6. Redwood

    Redwood Member

    Joined:
    5th Sep, 2016
    Posts:
    5
    Location:
    Melbourne
    I use BOQ due to a due to a traditional r'ship and Macquarie for a few other accounts. I find Macquarie pretty easy.
     
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  7. Srini Ranganathan

    Srini Ranganathan Active Member

    Joined:
    5th Sep, 2016
    Posts:
    36
    Location:
    Melbourne
    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.
     
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  8. Terry_w

    Terry_w Active Member

    Joined:
    30th Aug, 2016
    Posts:
    42
    Location:
    Sydney
    I use Bendigo - which has no monthly charges, but 20c fee per transfer/bpay.