Changing business bank account
Most business owners worry when it comes to switching business bank provider, however there are benefits in doing so. The reasons some choose to move their business banking include some of the following;
- Unhappy with costs
- Unhappy with service
- They’ve been served notice due to a change in the bank’s terms and conditions and risk appetite
- They have poor/adverse credit
Switching bank accounts to reduce costs
Each business bank account comes with varying costs. Ordinarily business owners will pay a monthly service cost and fees per transaction. Over time these can increase, therefore regularly shopping around is worthwhile – especially if your business has grown in size and turnover. Moving business bank accounts throughout the lifetime of your company can have a huge impact on expenses.
Served notice by business bank provider
Switching accounts because you’ve been forced to is never easy, however just because you’ve been served notice to terminate your current business bank account doesn’t mean that you won’t be able to find a suitable alternative. Banks and building societies have varying criteria as to what type of business activity they will accept, constantly balancing the overall risk portfolio. Sadly, this means that if you fall out of updated criteria changes, notice will be served.
FIND ALTERNATIVE BUSINESS BANKINGSwitching business bank account due to adverse credit
If you’ve recently experienced adverse credit such as CCJ’s, IVA’s, or missed payments you may need to switch your business bank account. There are alternative providers who don’t credit check before opening an account. Prior to applying it’s worthwhile talking your application through and providing the following, to ensure you fit criteria and maximize your chances of being accepted;
- Amount outstanding/owed
- When the adverse occurred
- Reason for adverse – did an event cause it?
- Proof of repayment
All of this information can be found on your credit check, available HERE.
How to switch business bank account
Changing business bank account is easy, with some banks and building societies offering a service to amend standing orders and bills on your behalf. Once the new account is live, you can let your existing provider know that you wish to close your business bank account. The switch over process can then begin and can take just a matter of hours.
SWITCH TODAYBenefits of changing business bank account provider
Having looked at the reasons business owners switch bank accounts, here are just some of the benefits;
- SAVINGS in terms of costs and fees
- IMPROVED SERVICE – if you are unhappy with the level of service experienced with your current provider, the likelihood is you can find better service elsewhere
- EASE OF USE – you may find other accounts are easier to manage
How Merchant Advice Service can help
Merchant Advice Service regularly help business owners who are looking at changing business bank account to find suitable alternatives, through our partnering banks. To apply, speak to our experts today.
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