Why small business owners are moving banks
For too long, the needs of small business owners have been overlooked by big banks. Here are just some of the reasons they’re compelled to switch their business banking.
Fee for all
Business bank accounts can sometimes come with a laundry list of fees—monthly account fees, transaction fees, withdrawal fees, and fees you didn’t even know existed. These charges can add up quickly, especially when your business is still growing and every dollar counts.
Some small business owners, tempted by the savings, might use personal bank accounts for their business. But mixing your personal and business finances can cause some serious headaches. Not to sugar-coat it, keeping your business and personal accounts separate is simply more professional. It’s easier to set up your business banking properly now, than to untangle the jumble of transactions later.
And if the ATO comes knocking for an audit, you’ll be glad your business finances are neatly separated. The right business bank account can save money, time and stress.
Overpromising and underdelivering online banking
Online and mobile banking is all about convenience. It’s a way to do your business banking from anywhere at any time. So, what’s the point of online banking if you still have to wait on hold for customer service, or print and return forms for a finance application?
A good online or mobile banking platform should do it all, with such simplicity you can just follow your nose.
Service, hello?
When things go wrong, you’ve got every right to expect good service from your bank, despite the trending shift to online banking.
Many small business owners switch banks purely for the poor service they receive, be it waiting endlessly in a call centre queue or a lack of empathy and understanding about their business needs.
Quality service should be a non-negotiable, regardless of the size of your business.
Switching banks is easier than you think
The common belief is changing banks is painful, even if it’s just to switch bank accounts.
But anticipation is often worse than participation. The task becomes smaller once you start.
It’s now much easier to shift banks. With online statements you can identify all your direct debits in a few minutes, and, thanks to PayID, transfer balances to your new accounts in the blink of an eye.
Why Business+ is worth the move
You know that shameless plug we mentioned earlier? Well, here it is...
Business+ is Great Southern Bank’s new digital business banking platform, built specifically with smaller, small businesses in mind.
So, what makes it worth your valuable time?
100% digital business banking
Unlike most business bankings, Business+ lets you do all your banking online or in-app, from sign up to signing loan contracts and everything in between. There are no branch visits or call centre queues to contend with.
You can open business bank accounts in seconds, and they come with payment limits up to $100,000 per day, ample for most small businesses.
Low fees and high interest
Our Business+ Account and Business+ Saver have $0 monthly fees making them ideal for everyday banking and bucketing your savings so you’ll never scramble to pay a bill again.
And, to sweeten the incentive to switch, the Business+ Saver interest rate of 4.90% p.a. is one of the best in the market. There’s no minimum balance and you’ll earn top interest on every dollar.
No compromise on support
Just because you’re online, doesn’t mean you’re on your own.
With Business+, you can live chat (with real people) and get your questions answered and problems solved. Live chat support is available Mon - Fri: 8am - 8pm (AEST).
Is your business ready to change banks?
Changing banks might not be the grind it used to be, but it’s still not a decision to take lightly. You still need the motivation and make some effort to get the job done.
If you’re ready and willing, here’s what you need to do to enable the switch to Business+.
1. Check if you’re eligible
If you’re considering Business+, check to see if you’re eligible.
2. Open a business bank account
Download the Great Southern Bank Business+ app or visit Business+ online to create your business profile and open a business bank account in just a few minutes.
You can also invite your other business owners (if you have any) to sign on to your business bank accounts.
It only takes about 20 minutes to sign up and open your account.
3. Notify your customers
Make sure you let your customers know that you’ve switched bank accounts and give them your new details.
Then, check any service providers or vendors to see if you need to let them know about the change.
4. Direct debits and payments
Depending on your business, this can be the crux of the change. Here’s what you can do to make the process easier:
Direct debits - Review old statements to find your debits that need to be transferred to the new business account.
Transferring payees – Set up all your regular payees in Business+.
Update bank feeds - Cancel and update your bank feeds from your old accounts to your new ones. This makes sure there are no gaps in your accounting software records.
5. Close your old accounts
Checked off all the above? Great! Now you can close your old business bank accounts and enjoy banking built for smaller, small businesses.
Banking relationships should last years. But if your bank isn’t working for you, changing to a bank that lowers your costs and your headaches is the effort.
Remember to check out our Business Hub. You’ll find heaps of free resources and plenty of helpful information to keep your business humming.
