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

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter