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.

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.


Switching 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.


Benefits 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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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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