Interest win for small business

Written on the 30 November -1

Suncorp launches new prouct for small business

SMALL business owners can now earn interest on their EFTPOS transactions every day of the week through Suncorp's new Cashflow Accelerator solution.

Unlike most EFTPOS deposit systems, Suncorp's Cashflow Accelerator product ensures all business customers' deposits are processed daily, seven days a week.

Deposits are not held over the weekend or public holidays - they are settled that day and in turn, earn interest sooner.

Cashflow Accelerator processes EFTPOS deposits 364 days a year, compared to most other banks that settle as few as 260 days of the year, providing Suncorp customers with an extra 100 interest-earning days per year.

Suncorp Group's executive business banking Stuart McDonald says the new EFTPOS solution is a key part of Suncorp's strategy to assist business owners manage their cashflow.

"According to the recent

Banks and Finance Providers and the Small Business Market Research Report 1, cashflow is the number one concern of business owners that keeps them awake at night," says
Mr McDonald.

"EFTPOS is a vital cashflow management tool, but until now it has been purely functional, with no additional benefits.

"As a result, there is no loyalty and high switching in the EFTPOS market."

Mr McDonald says Cashflow Accelerator links a low-cost EFTPOS system with a high-interest transaction account.

"Most businesses currently have their EFTPOS earnings deposited into a low-interest account so any excess cash flows have to be manually transferred into another high-interest account," he says.

"With the Cashflow Accelerator, our customers' EFTPOS is linked directly to the Suncorp Business Investment Account Options - a high-interest transaction account offering a 5.9 per cent return,"
he says.

"Since our customers' earnings are deposited daily into this account with no minimum balance, and interest is calculated daily, it's like earning extra revenue on revenue.

"This high-interest account also operates as an everyday transaction account, offering full branch, Internet and phone access.

"It not only improves the functionality of EFTPOS - it establishes the system as a new revenue stream for business," Mr McDonald says.

Suncorp, a top 25 Australian company, is an integrated financial services provider operating banking, insurance and wealth management businesses.


Latest News

BABY STEPS FOR BELLAMY'S IN TURNAROUND

GREEN shoots are appearing in the Bellamy's Organic (ASX: BAL) business in the early days of its turnaround.

T...

LOSSES MOUNT AT SLATER AND GORDON

SLATER and Gordon's losses continue to mount following its disastrous entry in to the UK market. The compa...

NVC PLAYS A DIFFERENT GAME, AND WINS

AS its profits rise, National Veterinary Care's (ASX: NVL) focus on training over retail is proving to be a wi...

SUPERLOOP $2M LOSS DOES LITTLE TO KILL SLATTERY'S CONFIDENCE

BEVAN Slattery (pictured) is optimistic that Superloop's (ASX: SLC) financial position is promising, despite t...

Related News

HOW TO TAKE CONTROL OF YOUR CAREER THROUGH TRAINING

GIG economy, remote working, and freelance Friday are more than just buzz terms; our workforce is changing, and so...

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter