Switching Business Bank Accounts

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Libby James
Merchant Services Expert

Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media.

Switching Your Business Bank Account Made Easy

Welcome to our insightful blog where we demystify the process of changing your business bank account. Switching providers might seem like a daunting task, but the benefits can be substantial. Whether you’re looking to save costs, enhance service quality, or navigate challenges like adverse credit, we’ve got you covered. In this comprehensive guide, we’ll walk you through the reasons businesses make the switch, provide practical tips on the process, and highlight the advantages of changing your business bank account provider. Discover how Merchant Advice Service can be your ally in finding the right solution for your business needs. Let’s embark on this journey to financial empowerment and optimal banking experiences!

Benefits of Changing Business Bank Accounts

Many business owners find the idea of changing their business bank provider daunting, but the benefits are well worth considering. Here are some common reasons why businesses choose to switch their banking services:


Unhappy with Costs: If you’re dissatisfied with the costs associated with your current business bank account, exploring alternatives could lead to significant savings.


Unhappy with Service: Quality service is crucial for any business. If you’re not satisfied with the level of service from your current provider, it’s worth looking for one that meets your expectations.


Notice of Changes: Sometimes, a business may receive notice from their bank due to changes in terms, conditions, or risk appetite. This could prompt the need to find a more suitable alternative.


Poor or Adverse Credit: Businesses with poor credit histories, such as CCJs or missed payments, may face challenges. However, there are alternative providers that do not conduct credit checks, providing an option for those with adverse credit.

Save Costs by Switching

Business bank accounts come with various costs, including monthly service fees and transaction charges. Regularly reviewing and comparing these costs can lead to significant savings, especially as your business grows.


Served Notice? Find an Alternative

Receiving notice to terminate your current business bank account can be challenging. However, it doesn’t mean you won’t find a suitable alternative. Different banks have varying criteria, so explore options that align with your business activities.


Switching with Adverse Credit


If your business has faced credit challenges, switching banks might be necessary. Some providers do not perform credit checks, but it’s essential to communicate openly about your financial history during the application process.


Before applying, consider providing details such as:


Amount outstanding/owed

Date of the adverse event

Reasons behind the adverse credit

Proof of repayment

How to Make the Switch

Switching your business bank account is a straightforward process. Some banks offer services to amend standing orders and bills on your behalf. Once your new account is active, inform your current provider, and the switch can be completed in just a few hours.


Benefits of Changing Providers

Here are some key benefits you can experience by changing your business bank account provider:


Cost Savings: Find accounts with lower costs and fees.


Improved Service: Explore options with better customer service.


Ease of Use: Some accounts may be more user-friendly for your business needs.

How Merchant Advice Service Can Help

At Merchant Advice Service, we specialise in assisting business owners in finding suitable alternatives when changing their business bank accounts. Our experts can guide you through the application process, helping you make informed decisions.


Request a Call Back to learn more about how we can help you find the right business banking solution for your needs.


Frequently Asked Questions

Commonly Asked Questions
How often should I review my business bank account costs?
Regularly review your costs, especially as your business grows, to ensure you’re getting the best value.
Can I switch my business bank account if I have adverse credit?
Yes, there are alternative providers that do not perform credit checks, but be transparent about your financial history.
How long does the switch process take?
The switch can take just a few hours once your new account is active.
What information do I need to provide for adverse credit applications?
Provide details like the amount owed, date of adverse events, reasons behind adverse credit, and proof of repayment.
Are there banks that do not charge monthly service fees?
Yes, some banks offer business accounts with no monthly service fees.
Can I switch if my current bank serves notice?
Yes, explore alternative providers that align with your business activities.
How do I inform my existing provider about the switch?
Once your new account is active, contact your current provider to initiate the closure process.
What benefits can I expect from changing my business bank account?
Potential benefits include cost savings, improved service, and enhanced ease of use.


Switching your business bank account can transform your financial health and streamline business operations. By opting for accounts with improved customer service and user-friendly features, businesses can experience enhanced cash flow and customer retention.


Don’t stay unhappy with high costs or poor service; explore financial services that align with your long-term goals. Remember, a great customer service experience can significantly impact your bottom line. In the short term, you might save money with lower interest rates or no service fees. 


Listening to customer feedback about products and services ensures you choose an account that your customers expect and respect. Always consider the customer journey when making these critical financial decisions. It’s a good idea to regularly review your banking needs – it could lead to substantial benefits for your business.

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Libby James

Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!

With the help of some of the industry’s best, Libby began to research acquiring banks, complex terminology/regulation, and the problems customers experience within merchant services and payment gateway markets. She spent years on sourcing solutions for complex clients, which previously others were unable to assist with. Libby established relationships with brokers and banks which would soon form the cornerstone of Merchant Advice Service. As a result Libby has been featured in high-profile publications across the web.

Libby is proud to be the entrepreneur’s champion, supporting start-up businesses regularly. Her industry insights can often be found on LinkedIn where she provides free of charge advice and money saving pointers. It’s safe to say she has her finger on the pulse of everything card payments related.

Libby speaks of her experience in founding and running Merchant Advice Service…

‘Merchant Advice Service is one of my greatest achievements to date. We help business owners to overcome card processing issues which can become detrimental to their business. We assist SME’s in finding suitable card payments solutions, helping them create their vision. Each and every day is different, exciting and fore filling. As technology advances I can’t wait to see the way in which the merchant services market advances, and I’m pleased that our business will play a part in educating company owners along the way.’

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